Mercenary Liquidity
Deposits and trading depth that exist only because a token subsidy pays for them, and that leave promptly when the subsidy stops or moves.
仕組み
Protocols bootstrap usage by paying token rewards to anyone who deposits assets or provides liquidity, which converts an emissions budget into a headline total value locked. The capital that responds to this is generally rate-seeking and automated, and it compares the reward yield against the fees, the impermanent loss of an automated market maker position, and whatever a competing program pays. When emissions are cut, the reward token's price falls, or a rival launches a richer program, the same capital rotates out within days because nothing about the position was sticky. What remains afterward is the organic base: deposits that stay for the fees, the borrowing utility, or the settlement function alone.
実際に観測できるもの
Compare rewards paid per unit of value locked against fees earned by that same capital, and look at what share of total value locked sits in incentivized pools versus uncompensated ones. Retention after an emissions reduction is the direct test and is visible in historical value-locked series aligned to governance votes. Depositor concentration and the age distribution of positions show whether the capital is a handful of rotating addresses or a broad base.
先例
The 2020 launch of SushiSwap drew a large share of a competing exchange's liquidity within days by paying token rewards, and a substantial portion moved again once the incentives changed.
重要性を左右する要因
Look at the ratio of incentives paid to fees generated, the share of deposits in incentivized pools, historical retention after emission cuts, and how concentrated the depositor base is.
関連要因
この対象となる資産
このファクターが適用されるカテゴリに分類される、最大規模の資産。ここへの掲載は、そのファクターが当該種類の資産に関連することを意味するのであり、それが発生したことを意味するものではない。