This accident disclosure just revealed what everyone in the industry already knows: the curator business model doesn’t work without someone continuously paying for integrations and LP deals. DeFi was supposed to cut out the middleman. Yet with this model, you can end up stacking as many as five layers of fees: integrator fees, curator fees (sometimes charged both onchain and offchain as “consulting” fees to asset issuers), LP fees, and middleware fees (we do not expect it will be forever free, right?). Unlike Web2, DeFi enables extreme composability. Eg if you are not on Amazon, you can not sell your product. But in DeFi, you can be fully integrated everywhere via smart contracts. In this environment, owning the underlying protocol and its economics can be far more valuable than the potential benefits of broader distribution deals.