I think these are fair observations. Thank you for them.
- It is seemingly fast. I would prefer this to take longer, but also internally the team has discussed this for some time. I even mentioned lowering incentives publicly in August. In my mind I treat is as an experiment how will LM influence TVL.
- Given reasons are the highlights, but there are contextual reasons that could have been voiced better. Externally, I think there’s not much mSOL use to incentivize in Solana DeFI right now and saving the dry powder for later feels like a smart move. Internally the team is working on redesigning team allocations to follow TVL and other milestones from simple time unlocks, which will improve MNDE emissions. But these are not ready yet and reducing LM was a simple enough piece of the puzzle that could have been shipped instead of waiting for the rest of the changes.