One of the four major market makers, GSR, offers high-interest deposits without VC initiation or team allocation. All tokens are mined by users @katana Dual flywheel analysis Economic cycle — Bridging assets earn interest on Ethereum, returns flow back to Katana as incentives → incentives deepen liquidity → trading/lending fees feed back into the treasury → reinvested to earn interest; Governance cycle — Lock KAT to get vKAT → vote to direct emissions to high-turnover markets → increased depth and fees → token price and staking willingness rise → more KAT gets locked. Simple + classic