Liquidity Incentives: A Cost of Acquisition

I would bucket that into a cost of acquisition. Not cogs? No, no, I think I think there's very, I would say token incentives are for the most part in acquisition costs. But apart from that, if liquidity is core to your value prop, you could argue that it's cogs,. but for most other circumstances, I think it's really incentivizing supply side to come in and make user experience better or just trying to get new users into the platform somehow.

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