Conclusions

• Revenue sources are transparent. The foundation of cash flow is DEX trading fees. Farming adds incentives on top of this “base” yield but does not itself create new revenue — it merely redistributes existing flows.

• Staking = a direct bet on STON without impermanent loss. Suitable when an investor needs pure exposure to STON and participation in governance (via ARKENSTON), with GEMSTON as a bonus mechanism. Staking profitability relies not on fees but on the design of governance/utility for derivative tokens and DAO decisions.

• Farming = pool fees + incentives, but with IL risk. For LPs, yield depends on trading volume/TVL and campaign parameters. Pairs with high asset correlation reduce IL, while volatile pairs require stricter risk management.

• Volume is the key to sustainability. Routing (via Omniston), pool depth, and professional market-making directly boost trading volumes — and thus LP commissions and protocol revenue.

• DAO parameters reshape the economy. Policies on protocol fee distribution (conversion into STON, share for burns/incentives/grants), referral program rates, and staking rules all determine supply dynamics and holder motivation. Transparency and predictability are critical in this area.