DAO Revenue Sources
Not all governance tokens are created equal. Understanding how DAOs generate and distribute revenue helps identify tokens with real value accrual.
Common Revenue Sources
- Trading fees: DEX swap fees, perpetual trading fees
- Lending spreads: Interest rate differential
- Liquidation fees: Fees from position closures
- Service fees: Bridges, NFTs, oracles
Key Takeaways
- Distribution methods include direct fee sharing, ve-tokens, buybacks, and treasury growth
- Real yield is paid in ETH/USDC from actual revenue, not token emissions
- Top real yield protocols: GMX, Curve, Maker, dYdX
- P/E ratios help compare value across protocols