For each project: Net Contribution = treasury-captured revenue − fully loaded costs (infra, security, legal, labor, contractors, overhead). Volume, TVL, \& hype are not revenue if the protocol does not retain fees. Token incentives \& subsidies are also real economic costs.
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For each project: Net Contribution = treasury-captured revenue − fully loaded costs (infra, security, legal, labor, contractors, overhead). Volume, TVL, \& hype are not revenue if the protocol does not retain fees. Token incentives \& subsidies are also real economic costs.