Everyone talks about TVL. But TVL doesn’t pay the bills. Revenue does. @jinghiskwon’s latest paper lays out why DeFi velocity is the true engine for protocol sustainability 🧵↓

Velocity = how quickly capital moves through your ecosystem. It’s not just a stat. It’s the multiplier for: → Protocol revenue → User incentives → Liquidity depth → Inter-app composability

Jin’s framework: Design for high velocity using: → Modular reward flows → Automated routing (Steer) → Native stablecoin flywheels (Colt + Liquity V2)

Saga killed base-layer staking inflation. All rewards now flow through application-layer DeFi. More control. More precision. More velocity.

The result? More protocol revenue from the same pool of capital. It’s not about stacking idle TVL. It’s about amplifying it.