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Curve founder Michael Egorov urges DeFi to shift from token emissions to real revenue
Curve Finance founder Michael Egorov told Cointelegraph that decentralized finance protocols must move away from inflationary token emissions and focus on generating real revenue to sustain yields. He contrasted the 2020 DeFi summer and its triple‑digit APYs with today's environment, where users are more cautious and DeFi's total value locked has dropped from $158 billion on Aug. 23, 2025, to about $98 billion over the last six months. Egorov also argued that tokens should primarily support decentralization and governance, while durable onchain businesses compete on revenue generation and capital efficiency rather than headline yields.