I am just curious what we think about PieDAO launching similar value proposition as us. YPIE is definitely quite similar to YETI, and how they are going to have underlying vaults for each GTs and meta-governance layer on top of it.
Currently, TVL for YETI at ~$4mm and YPIE at ~$200k
As this space gets more crowded, it feels like eventually whoever has larger TVL in their index wins with following flow:
more TVL --> more voting power/ influence in underlying GT protocols --> more value accrual to meta-gov token (i.e. CVP) --> more TVL (due to incentive scheme) --> virtuous cycle
But what I am not sure at the same time is how do you create sustainable TVL? Why one would put capital into PP vs. PieDAO? Yield incentive is one thing, if it can be competitive and sustainable.