Interpreting Ethereum's DeFi Value Chain: Who Can Capture Value?

Written by: Maple Leaf Capital (crypto investment institution) Although COMP, BAL, and CRV are popular, LEND, BNT, and REN could drive a chemical change from pure governance to value capture. Ethereum is a digital energy commodity that powers and secures transactions and code execution, like water powering a water wheel—it is a "recyclable" resource. EIP-1559 is like alchemy, essentially converting ETH from water to a more "non-renewable" resource like oil.