@harperfsfs

Competition, smarter defenses, and deeper task rails compress returns. Funding loops, anti-sybil score caps, and randomized audits raise operational costs. Points programs push reward realization into uncertain futures, discounting expected value. Meanwhile, projects increasingly tilt allocations toward reputation and retention, where scriptable behaviors earn less. Farmers still profit when they specialize—becoming liquidity managers, governance contributors, or integration testers—but address spraying and checkbox grinding face diminishing marginal yield. The new meta: fewer wallets, richer identities, longer arcs. ROI hasn’t vanished; it moved from parallelization to persistence. Those unwilling to cultivate reputation will find the spreadsheet math less forgiving than the rumor mill suggests.

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