Part 1 – Introducing the Problem

The Overlooked Mechanisms of Liquidity Incentives in Decentralized Finance: Exploring Their Role in Sustainable Ecosystem Growth

Hidden Frictions: Why Liquidity Incentives in DeFi Are Architecturally Fragile

At the core of decentralized finance is a belief in market-efficient capital allocation—one where liquidity flows to where it’s needed, unimpeded by intermediaries. Yet beneath the idealism lies an uncomfortable truth: many DeFi protocols engineer liquidity incentives not as economic primitives, but as superficial growth hacks. They prioritize short-term TVL inflation at the cost of long-term protocol resilience. This paradox—juicing metrics while neglecting structural sustainability—defines a quiet crisis playing out across multiple ecosystems.

The crux of the issue lies in how most liquidity incentive schemes are implemented: through volatility-prone yield farming, mercenary capital traps, and tokenomics that depend on a fragile balance of inflation versus utility. Projects often deploy their native tokens as the primary incentive, distributed aggressively via over-subsidized LP mining programs. These rewards are rarely tied to actual productive outcomes such as swap volume growth, lending efficiency, or protocol revenue. Instead, they serve only to inflate KPIs and attract passive capital rotation. Once rewards deplete or token value declines, liquidity evaporates—and with it, trust.

Historically, we’ve viewed this failure mode as the byproduct of early-stage experimentation. But the reality is more structural. Most AMM-based protocols, even those considered “blue-chip,” lack mechanisms for aligning incentives with behavior beyond raw TVL. This creates path dependence: once liquidity incentives are introduced poorly, unwinding them without catastrophic liquidity flight is nearly impossible.

Additionally, current composability exploits this fragility. Liquidity is often farmed not by users with protocol loyalty but by contracts built to auto-rotate capital based on APR interfaces. These recursive abstractions—while lauded as “yield optimization”—further obscure organic liquidity intentions. Entire ecosystems have been erected on these extraction-based games, most notably visible in the cascading failures across networks during incentive drawdowns.

Though some protocols like Curve and Balancer have experimented with vote-escrowed token systems to provide more governance-aligned incentives, these solutions remain heavily gamed and poorly generalized. For an illustration of how misaligned incentives impacted an entire ecosystem’s architecture, consider this deepdive into Terra, whose aggressive yield strategies eventually unwound the stability layer of UST itself.

We are left with a critical architectural question: can liquidity incentives shift from being ephemeral bribery schemes to structural components of trustless capital formation? The answer may lie not in the financial design alone but in the behavioral assumptions behind them.

Part 2 – Exploring Potential Solutions

Exploring Mechanisms for Sustainable Liquidity Incentives in DeFi Ecosystems

Emerging responses to the liquidity incentive dilemma in DeFi are centered around rethinking the structure and distribution model of rewards. Among the more promising innovations is veTokenomics, initially conceptualized in Curve Finance, which aligns long-term engagement with governance power and reward entitlements. By locking a token in exchange for vote-escrowed versions (veTokens), users gain influence over emissions and yield direction. This model helps mitigate short-term mercenary farming behaviors, but introduces complexities around fairness and rigidity in exit strategies. Additionally, criticisms around "governance capture" by early large stakeholders remain unsolved.

Protocols have also started to explore dynamic reward systems based on user behavior over time. These variable-rate reward infrastructures tie incentives to performance metrics such as volume provided, time-weighted liquidity provision, and risk exposure. This approach, often augmented by on-chain identity or scoring systems, has gained traction in experimental zones like OlympusDAO's custom bonding mechanisms. However, the integration of adaptive metrics also requires trust in DAO-led adjustments, which, as seen in Unpacking the Criticisms of Terra's LUNA, can result in exploitative feedback loops when not paired with appropriate safeguards.

Another significant direction stems from real-world asset (RWA) integration and contingent claim structures, where liquidity support is incentivized through tranches with different risk-return profiles. Protocols pursuing this model often rely on sophisticated financial primitive implementations—examples include tokenized credit markets and options strategies. The advantage is deeper, stickier capital concentration, but the trade-off comes in the form of increased regulatory scrutiny and heightened risk modeling complexity, often beyond the grasp of average retail LPs.

On the cryptographic frontier, zero-knowledge proofs (ZKPs) are enabling privacy-preserving incentive design, allowing projects to reward “good actors” without compromising competitive strategy. While still nascent, this space has potential to decentralize incentive audits and reduce gaming through Sybil-resistant structures. The challenge with ZKPs remains computational scalability and developer accessibility, which has slowed mainstream adoption.

Interoperability solutions like cross-chain liquidity provisioning via bridges and multichain farms have also emerged. While they offer deeper liquidity depth and reduced fragmentation, they often introduce additional failure points, as seen in several high-profile bridge exploits. Protocols such as SwftCoin: Pioneering Cross-Chain Cryptocurrency Innovation highlight both the potential and vulnerabilities in this space.

As different protocols implement these models in production environments, Part 3 will critically examine their outcomes—both positive and disruptive—to understand which mechanisms consistently foster sustainable ecosystem growth.

Part 3 – Real-World Implementations

Real-World Implementations: Liquidity Incentive Mechanisms Put to the Test

Several decentralized finance protocols have translated theoretical liquidity incentive mechanisms into practical deployments. Yet, the divergence between idealized incentive architectures and their real-world performance is often stark. Projects like Akropolis, Osmosis, and Yearn Finance have each attempted unique implementations—with mixed results.

Akropolis, a yield optimization protocol, leaned heavily on automated liquidity provisioning via its vaults. By abstracting yield strategies for users staking AKRO, it attempted to reduce mercenary liquidity behaviors through delayed withdrawal penalties and loyalty bonuses. However, Akropolis encountered a black swan event—an exploit targeting its Curve-integrated vaults. The attack was not rooted in the incentive logic itself, but the damage to community trust effectively derailed its liquidity retention thesis. The real issue was underestimating how intertwined smart contract security and incentive design are. You cannot build sustainable liquidity without first ensuring the structural integrity of the mechanisms supporting it. A deepdive into Akropolis underscores these systemic challenges.

Conversely, Osmosis utilized a more dynamic system. By tying liquidity incentives to on-chain governance through adjustable "gauge weights," it enabled the community to influence which pools received emissions. This partially addressed the misalignment between protocol priorities and short-term yield farmers. However, the reliance on frequent governance proposals introduced inefficiency and voter fatigue. Additionally, the absence of concrete value capture for OSMO holders beyond emissions weakened the feedback loop between stakers and the protocol’s long-term health.

Yearn Finance tested a different model: minimal governance with tight capital efficiency. Vaults would automatically source best-in-class yield opportunities, minimizing user engagement while maximizing capital utilization. This automation significantly reduced churn, but it bypassed nuanced governance over incentive distribution. As usage scaled, it became clear that vault yield alone can’t counteract TVL drawdowns caused by newer protocols offering novel incentive structures.

Some emerging protocols have explored hybrid models. They combine liquidity mining with staking lockups, dynamic multipliers based on user behavior, and even social staking (e.g., yield tied to DAO participation). While promising, these designs often face upgrade friction due to immutable contracts or community pushback, especially in protocols that had already established rigid distribution parameters.

What the implementations suggest is clear: sustainability in liquidity incentives doesn't rely merely on the right math but on the adaptability of incentive models, security architecture, and the governance layer facilitating changes. Missteps in any frontier—be it security, engagement, or emissions tuning—can morph a theoretically sound system into one that unintentionally subsidizes outflows. In exploring these limitations, we can better assess how these models might evolve within more adaptable governance ecosystems or cross-chain infrastructures, paving the way for further exploration in the long-term viability of these mechanisms.

Part 4 – Future Evolution & Long-Term Implications

Evolving Liquidity Incentive Architectures: Toward Composable, Sustainable DeFi Infrastructure

As liquidity incentive protocols mature, developers are increasingly driven to redesign mechanisms that emphasize long-term utility over short-term price action. Current models like yield farming and liquidity mining have proven effective in bootstrapping liquidity, but their longevity remains questionable under sustained capital flight and mercurial user behavior. Future iterations will need to embed sustainability at the protocol level.

One area of ongoing evolution is modular incentive layering. This involves decoupling reward logic from base protocol layers and integrating it into smart contract modules that can be composed, upgraded, or forked independently. The goal is to isolate liquidity incentives as dynamic components, making them adjustable in real time based on network conditions, on-chain analytics, and even off-chain economic triggers. Architectures like this are already enabling more aggressive experimentation with bonded incentives, protocol-owned-liquidity (POL), and implementable vesting mechanics.

Expect breakthroughs in multi-chain incentive routing as Layer-0 protocols mature. Cross-chain abstractions will allow protocols to optimize for capital efficiency across multiple marketplaces simultaneously, rather than being isolated in one-chain ecosystems. This ties directly to cross-chain liquidity bridges and intent-based order flow routing, allowing developers to reward users where liquidity is most needed, not just where the volume happens to be.

Integrating liquidity incentives with zero-knowledge proofs (ZKPs) is another frontier. Theoretically, this could enable private liquidity provisioning, whereby users gain rewards for providing liquidity without exposing positions or strategies. Privacy sustainability—something severely lacking in current liquidity mining—could fundamentally shift how competitive advantage is maintained in DeFi.

Scalability improvements may also come through conditional token emissions tied to validator actions or asset utilization rather than raw staking volume. This would allow protocols to fine-tune rewards distribution, better aligning user incentives with network performance. For example, an LP might receive bonus emissions only if their capital facilitates a required on-chain swap—measured and proven programmatically—rather than passively sitting in a pool.

Composability will further unlock new designs. As explored in The Overlooked Influence of Cross-Chain Solutions on Asset Liquidity, innovations at the infrastructure level can directly energize incentive logic across otherwise siloed platforms. This heightens systemic interdependencies—amplifying both progress and risk.

Still, as complexity compounds, maintainability and governance surface as significant friction points. Without robust governance frameworks, these fluid incentive systems risk ossifying into unintended equilibria or being exploited. In part 5, we will explore how decentralization, coordination, and governance processes must adapt to this evolving incentive architecture.

Part 5 – Governance & Decentralization Challenges

Governance and Decentralization Risks in Liquidity Incentive Structures: A Closer Look at Power, Capture, and Control

Liquidity incentive mechanisms are often promoted as catalysts for decentralized finance ecosystems, yet their governance structures remain a major vulnerability. On-chain incentive protocols, regardless of locale or chain, are only as sustainable as the governance infrastructure securing them. A DAO structure might administer emissions, but power dynamics invariably trend toward plutocracy when token voting weight isn’t actively mitigated.

In many liquidity mining frameworks, emissions schedules and pool weightings are controlled via tokenholder voting. While this is consistent with the ethos of decentralization, it creates a surface area for vote buying, sybil games, and malicious flash-loan executed governance attacks. The underlying economic models are fragile—when whales can accumulate token power at discounts via secondary markets or OTC deals, a well-capitalized actor can easily redirect rewards or manipulate fee accrual parameters to their own benefit.

Delegated Proof of Stake (DPoS) models exacerbate these risks in systems with low voter turnout or high apathy. As explored in Decoding Terras Governance A Guide to DPoS, Terra’s DPoS framework demonstrated both the strengths and systemic weaknesses of stake-weighted consensus. Inadequate checks on validator collusion or long-tail voter inactivity can lead to governance ossification or cartel-like dominance.

A centralized governance setup avoids some of these issues but introduces its own failure vectors. Central teams can ship faster, but unilateral control over liquidity incentives allows for opaque parameter changes and regulatory capture. Projects that are ostensibly decentralized might still rely on multisigs controlled by founding teams, VC representatives, or legal proxies. When users are unaware of these admin routes, any community “signal” is ultimately cosmetic.

A hybrid model—where token voting is tempered by participation weighting, quadratic voting, or dual-token structures—has been proposed, but these mechanisms have their trade-offs. They reduce plutocratic control but often increase UX friction and introduce new coordination failures. Further, any mechanism that limits influence based on identity or frequency re-introduces elements of centralization.

The lack of resilient governance tooling also raises existential questions about incentive design under regulatory regimes. If liquidity rewards are governed by a DAO that can be easily manipulated or fail to respond to protocol crises, long-term ecosystem growth will become unsustainable. Without robust decentralization, so-called “incentives” become liabilities.

Part 6 will dissect the scalability and engineering trade-offs required to move from theoretically sound incentive systems to ones capable of operating at Internet-scale throughput, without compromising trust or decentralization.

Part 6 – Scalability & Engineering Trade-Offs

Blockchain Scalability Trade-Offs: Navigating Decentralization, Security, and Speed in Liquidity Incentive Systems

Scaling decentralized liquidity incentive mechanisms is not simply a matter of increasing throughput. It requires intricate balances between three pillars: decentralization, security, and performance. These properties are often in tension, and engineering choices at the protocol level substantially influence an ecosystem’s ability to sustainably reward liquidity provision at scale.

Most Ethereum-based DeFi protocols use the Ethereum Virtual Machine (EVM) for composability and security guarantees. However, congestion and gas costs hinder scalability in reward distribution logic, especially when using dynamic incentive schemes based on real-time TVL rebalancing or LP staking performance. While Layer-2 rollups like Optimism and Arbitrum mitigate these issues, they introduce dependency on centralized sequencers and force delays in finality—problematic for time-sensitive reward triggers.

By contrast, blockchains like Solana that employ high-throughput consensus models such as Tower BFT favor speed, enabling near-instantaneous granularity in distributing liquidity rewards. But the lower degree of validator participation raises concerns about censorship resistance—especially critical in systems where incentives must remain unbiased and transparent. Similar concerns arise in platforms leveraging Delegated Proof of Stake (DPoS), such as Terra. As detailed in Decoding Terras Governance A Guide to DPoS, the concentration of validating power can centralize decision-making around liquidity emission policies.

For projects implementing multi-chain liquidity mining frameworks, engineering complexity compounds. Cross-chain bridges introduce attack vectors while inflating operational costs. Even protocols experimenting with zero-knowledge rollups (zk-rollups) face constraints due to circuit complexity. Smart contract execution models optimized for privacy or modularity may slow down reward issuance or obstruct deterministic calculations that underpin emission formulas.

Incentivization at scale also demands high storage efficiency. Storing on-chain snapshots of LP activity across epochs can stress nodes, especially in Proof-of-Work systems with lower memory throughput. Although designs like Radix’s Cerberus explore consensus without global ordering, these models are yet unproven in liquidity-heavy scenarios.

Each blockchain architecture thus enforces trade-offs: Ethereum guarantees decentralization with limited throughput; Solana prioritizes speed at the cost of validator inclusivity; DPoS systems like Terra streamline governance but risk centralization of reward criteria. No model optimally satisfies all demands of scalable, fair, and secure liquidity incentivization. Engineering teams building sustainable DeFi ecosystems must navigate technical debt, protocol limitations, and conflicting constraints simultaneously—a reality that shapes both the user experience and the long-term health of the network.

Next, we delve into how these architectural decisions intersect with regulatory and compliance risks, especially under the lens of global scrutiny toward financial incentives embedded in smart contracts.

Part 7 – Regulatory & Compliance Risks

Regulatory and Compliance Risks in Liquidity Incentives: Legal Tensions in DeFi Progress

The rise of liquidity incentives in DeFi protocols has propelled user adoption but has also triggered complex jurisdictional and regulatory frictions. At the core of the issue is the classification and treatment of tokens used as rewards—are they securities, commodities, or something else entirely? Despite protocol developers often operating in pseudonymous or decentralized structures, regulators continue to assert jurisdiction based on user location, token access, or fiat on-ramps. This creates operational uncertainty for projects incentivizing liquidity provision through staking, yield farming, or time-locked escrows.

One of the most perilous gaps lies in the variance of regulatory frameworks between major jurisdictions. In the U.S., the Howey Test still governs token classification, and protocols offering liquidity incentives could fall under scrutiny if rewards are seen as "profits from the efforts of others." Europe, under MiCA, takes a broader but more structured approach, requiring notification or prospectus for certain digital asset offerings. In Asia, regulatory stances swing between innovation pilots and outright bans, limiting regional expansion. For global protocols, asymmetric compliance requirements introduce fragmentation in both access and service delivery.

Past legal actions also illustrate potential compliance risks. Several projects using algorithmic mechanisms or rebasing tokens to encourage liquidity have found themselves wrapped in enforcement probes—primarily around unregistered securities offerings, failure to conduct KYC/AML procedures, or illicit tunneling of treasury assets. For example, similar criticism has been levied in analyses like Unpacking the Criticisms of Terra's LUNA, where reward flows and governance opacity spurred regulatory backlash and loss of investor trust.

Another emerging tension comes from DeFi’s open composability. Liquidity rewards can now cascade across multiple platforms and chains, especially in cross-chain pools or protocol aggregators. While composability drives innovation, it also creates a convoluted web of obligations—should responsibility lie with the originating protocol, the platform abstracting rewards, or the interface executing the liquidity logic? As compliance architecture is forced into these intersections, decentralized systems may default to gatekeeping—whitelists, permissioned layers, or geofencing—undermining the very premise of decentralization.

Government interventions could manifest through protocol kill switches, on-chain identity enforcement, or mandatory tax reporting features for liquidity inflows and outflows. However, none of these are trivial to enforce when smart contracts self-execute without centralized control—leaving high-functioning developers in legal limbo and liquidity miners exposed to retroactive enforcement.

In the next section, we’ll explore the broader economic and financial reverberations of incentivized liquidity mechanisms, particularly how they impact capital allocation efficiency, pricing volatility, and the sustainability of token economies on both micro and macro levels.

Part 8 – Economic & Financial Implications

The Financial Fallout of Liquidity Incentives: Winners, Losers, and Systemic Risks in DeFi

The nuanced role of liquidity incentives in decentralized finance reshapes capital flows and redefines the traditional financial value chain—but not without unintended consequences. Liquidity mining, staking rewards, and rebasing mechanisms don’t merely bootstrap ecosystems; they redirect entire investment theses across on-chain economies, and this realignment forces market participants to recalibrate risk models in real-time.

For institutional investors, the potential for yield generation from protocols offering composable liquidity opportunities is compelling. Automatically fungible token swaps and cross-chain asset bridges allow capital to chase APYs with programmatic efficiency. However, this assumes a high degree of technical competence and regulatory insulation. Institutional desks entering yield farms without understanding impermanent loss dynamics or smart contract composability risks often become exit liquidity for more agile players.

Developers, in contrast, are incentivized to design reward systems optimized for short-term TVL spikes—not sustainable growth. With protocols frequently deploying “points meta” campaigns and pseudo-real yield mechanics, innovation is often deprioritized in favor of capital traction. Ecosystems evolve into layers of liquidity flywheels where each actor expects to arbitrage the next. The result? Tokenomics that are bloated with emissions schedules and governance structures that presume, rather than command, user alignment. Projects like those examined in A Deepdive into Terra demonstrate how misaligned incentive models can escalate system-wide fragility.

Retail traders fare no better unless they are early and highly informed. By the time a protocol’s returns gain visibility on aggregators, most alpha extraction is complete. What remains is a battlefield of negative-sum dynamics—hyperinflation of token rewards, rug-pull optics from devs, and liquidity fragmentation across vaults and rollups. Automated yield compounding tools often mask the underlying exposure to systemic risks that are neither insured nor properly priced in.

Moreover, with DAOs assuming control over liquidity parameters, adversarial governance attacks targeting incentive reallocations can create volatility that mirrors political instability in fiat systems. Token holders with outsized voting weight can easily exploit proposal systems to redirect liquidity emissions, creating economic distortions reminiscent of undisclosed quantitative easing.

As decentralized capital coordination mechanisms continue to evolve, their broader implications on shadow finance, capital efficiency, and systemic contagion remain unaccounted for. These mechanisms are not merely technical: they introduce game-theoretic dynamics that affect trust, governance, and value consensus at their core.

It’s not just economics—underneath the incentive layers, philosophical fissures begin to emerge. Up next, we explore how these mechanisms impact identity, autonomy, and the socio-political constructs of value exchange in decentralized systems.

Part 9 – Social & Philosophical Implications

How Liquidity Incentives in DeFi Disrupt Traditional Capital Markets and Realign Power Structures

Liquidity incentives in decentralized finance are not just mechanisms to bootstrap early protocol adoption—they are becoming reshapers of capital formation, investor preferences, and long-standing financial hierarchies. As these incentive systems evolve, they carry serious implications across institutional finance, developer ecosystems, and retail trading environments.

At the institutional level, decentralized liquidity frameworks challenge the convention of centralized liquidity provisioning offered by traditional market makers and exchanges. In DeFi, yield incentives remove many frictions associated with having to pre-negotiate off-chain terms or commit large balances to gain access to privileged roles. Instead, anyone with capital and strategy can become a liquidity provider through mechanisms like AMM pools and staking contracts. This democratization destabilizes gatekept access to yield opportunities traditionally monopolized by bulge-bracket entities.

However, as institutional investors migrate to DeFi to capture these incentives—often using wrapped or derivative assets—the risk profile escalates. Liquidity that is overly reliant on token emissions rather than organic trade volume creates an illusion of depth and can vanish instantly once APYs fall. Protocols must either implement dynamic reward distribution models or face unsustainable capital flight.

For developers, incentive structures serve as economic alignment tools with fragmented communities. Protocol treasuries commonly bootstrap liquidity by allocating governance tokens to early adopters. But these incentives can backfire when contributors misalign with end-user goals, leading to speculation-driven mercenary behavior rather than true value creation. Builders must balance between incentivizing participation and avoiding governance capture—the latter being especially critical in DPoS systems like Terra, which has faced scrutiny over validator centralization (Unpacking the Criticisms of Terra's LUNA).

Retail traders, meanwhile, are caught in a two-sided game. Liquidity incentives offer enormous potential for yield, but with opaque smart contract risk, impermanent loss exposure, and composability dependencies that could exponentially magnify losses in cascading failures. Furthermore, gamified tokenomics often erode the information asymmetry advantage of seasoned traders, as bots and MEV exploiters dominate real-time arbitrage opportunities.

The net effect? Traditional notions of “market making” and “yield hunting” are collapsing into permissionless, programmable systems with deeply embedded game-theoretic dynamics. Yet while these systems promote open participation, they also introduce attack surfaces unique to composable environments—like flash loan exploits and vampire mining attacks—many of which remain unresolved.

These patterns of disruption raise deeper questions not just about financial efficiency, but about fairness, power redistribution, and the unseen costs of algorithmic capitalism. That’s where we’ll turn next: a closer examination of the social and philosophical dimensions of liquidity incentives in decentralized ecosystems.

Part 10 – Final Conclusions & Future Outlook

Liquidity Incentives in DeFi: Final Insights and the Path Forward

Having dissected the micro-architectures of liquidity incentives—from ve-tokenomics and rebasing, to meta-governance war games and bribing protocols—what’s clear is this: incentive structures are not simply tools to bootstrap TVL. They are dynamic, often fragile economic systems that dictate the survival, governance entropy, and capital stickiness of DeFi protocols. And yet, while innovation has compounded, sustainability remains elusive.

In a best-case scenario, protocols evolve smarter incentive alignment models. These would dynamically recalibrate rewards based on liquidity volatility, cross-chain capital flows, and governance participation metrics, reducing emission-driven inflation and yield dependency. Under this model, liquidity providers are compensated not just for capital provision, but for contributing to long-term ecosystem health—a shift from mercenary farming toward organic capital retention.

However, the worst-case scenario is already in motion: liquidity mining spirals into recursive dependency, with protocols cannibalizing one another’s liquidity pools and relying excessively on short-term inflows. The result? Token dilution, saturated reward layers, and price decay models reminiscent of yield-farming collapses of past cycles. Without intrinsic demand for the native asset beyond bribes and emissions, these ecosystems bleed out slowly, often unnoticed until it’s too late.

Several critical questions still linger: - How can token issuance be uncoupled from persistent incentive dependency? - What modeling frameworks best predict optimal incentive decay curves? - Will liquidity provisioning ever be commoditized to the point of user indifference—where protocols must differentiate on network effects, not APY?

For widespread DeFi adoption, incentive structuring needs to mature. Projects must shift focus toward value-accrual through real usage—transaction fees, interoperability utility, or ecosystem service fees—rather than inflationary emissions. Protocols like those uncovered in The Overlooked Potential of Community-Driven Liquidity Mining showcase early signs of aligning incentives with user ownership and long-term engagement.

Additionally, cross-chain abstraction layers and modular liquidity frameworks could unlock more efficient routes, allowing capital to flow seamlessly while protocols compete on utility—not subsidized returns. For practitioners, staking through reputable platforms like Binance offers exposure to real yields over ephemeral emissions.

So, does the future belong to protocols that gamify loyalty through transparent tokenomics and data-backed engagement rewards—or are we simply witnessing a complex economic mirage destined to implode like other abstract experiments before it?

Will liquidity incentives define the next era of decentralized finance—or just get remembered as yet another clever mechanism that failed to scale meaningfully?

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