Dimension 2
Business Model
What is the entity paid for, and by whom?
Guiding questions
- What service is provided — trading, credit, custody, issuance?
- Who pays the fee, and where does it go?
- Would the revenue persist without token incentives?
What the data can answer here
The split between base APY and reward APY shows, per pool, which part of the yield comes from usage and which from emissions.
Limit
The split describes the current state, not the intent: an emission can end tomorrow with nothing in today's figures announcing it.
Institutional questions
- Bank
- Is the revenue a service margin or a subsidy?
- Insurance
- What event would cut the revenue stream?
- Asset management
- Which part of the return is repeatable?
- Advisory
- What exactly produces the yield the client is shown?