Paper Agents, Paper Gains: An Empirical Analysis of DeFi Investment Agents

In three linesEmpirical analysis of 11 DeFi agents on Solana: treasuries retain $30M in paper gains while token holders collectively lost $191.7M. Top 1% of wallets capture 81.4% of gains. Token valuations disconnected from fundamentals (market-cap-to-AUM ratios >10,000x). Median returns negative across all platforms.

Summary generated by Claude — human-verified