Capital Efficiency Curve

As liquidity depth increases, marketing intensity declines.

Growth transitions from paid activation → economic compounding.

Scalability Logic

Protocol does not scale by adding more users.

It scales by increasing:

• Volume per trader
• Trade size
• Liquidity depth
• Fee efficiency

The distribution model strengthens as:

• APR remains sustainable
• Slippage decreases
• Pro traders increase activity

Risk Controls

Growth programs scale only if:

• CAC within target
• Payback ≤ 8 months
• No APR dilution