i just checked the ongoing incentive programs of a few defi protocols
curve $93m (3.8% of fdv/year)
aave $80m (1.7% of fdv/year)
morpho $32m (1.6% of fdv/year)
fluid $15m (2.6% of fdv/year)
euler $10m (2.6% of fdv/year)
only raw data from defillama though
doesn't include the fact that some of these protocols do private lp deals from their labs entity though or one off "marketing" expenses for cefi integrations
with fluid all the incentives are transparently voted on by governance
0 private LP deals
what i like with fluid is that all the incentives are voted on transparently through governance
there's 0 private LP deals with curators, liquid funds etc.
makes it easier to research the true profitability of a protocol
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