Cap App

LPs are LPing for yield. The opportunity cost IS the loss. LPs paid for points in foregone yield (there was 5-15% APY yield available in other places with similar or even lower risk) the same way you paid in YT premium. Both groups paid, but only one got refunded. And the logic of WHO got refunded is completely backwards: YT buyers are the most SPECULATIVE participants in any points program: you buy a decaying asset knowing you eat 100% of it if the drop underdelivers. That is the trade, and it's why YT was priced the way it was. If I buy YT to farm points and the project never airdrops, I lose everything while LPs only lose the airdrop part. Cap turned that upside down: the only non-losers are the YT speculators, made whole while the people who provided the actual working TVL get 0. Also, what YT holders received isn't an airdrop, it's a refund of a losing bet. Nobody refunds your losing options premium. So if the standard really is "nobody loses from our mistake," it applies to the LP/holder yield deficit against the Feb 4 published rates just as much as to your YT cost basis. There's genuinely no principled reason for this ordering other than 1) the biggest YT bags sitting with team-adjacent wallets and 2) YT buyers understandably preferring the version where only they get paid.