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3/ While there are many phenomenal DeFi protocols, there are not many valuable DeFi assets. That is, the protocol would work just fine without the asset, and the asset does not capture value in the protocol.

4/ Capturing value is important - and this is because it helps to build a strong community around the network. Nation states, after all, are just strong communities united by common values and interests. Protocols that fail to capture value will fail to form communities.

5/ Earlier, I claimed that $ANC's value capture mechanism would be superlinear to the growth of AUM. $ANC captures a part of the staking rewards accruing to the staking assets the protocol holds (10-20%), and uses said rewards to purchase $ANC assets on Terraswap.

6/ ... The purchased $ANC is then distributed to users that stake and participate in the protocol's governance.

7/ From a cashflow perspective, $ANC captures rewards linear to the growth of the protocol's AUM. $ANC effectively has turned decentralized banking into a user ownership economy, with a 100% propensity to dividend.

8/ The reason why I suspect $ANC will capture superlinear value is because its reward mechanism transfers value to the strongest believers in the network. In this grand experiment to create an unmanipulated source of savings yield, you, the user, is going to be in control.

9/ Happy birthday, $ANC, and I can't wait to meet you in 45 minutes 🚀

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@teachmewinning