Token utility versus business economics Not every dollar earned by a protocol should automatically be interpreted as tokenholder revenue. This distinction is important when looking at Turtle. Its Q3 update reported $1.04M in revenue across Turtle and Lunar Strategy, on a cash in basis and net of intercompany. The revenue came from services and distribution. Meanwhile, $TURTLE serves as the single instrument tied to coordination access on Turtle. These represent two different parts of the ecosystem. One describes business activity and revenue generation. The other relates to how coordination access works across the network. Streams incentives should also be viewed separately rather than mixed into the revenue discussion. Personally, I think understanding these distinctions gives a much clearer picture of an infrastructure protocol than looking at revenue or token utility in isolation. @turtledotxyz