Osmosis just tried the one yield strategy Cosmos kept avoiding: paying stakers with actual revenue.
Proposal 1053 passed with 91% yes and 65% turnout. The money printer is off. The first epoch after passage minted zero OSMO, down from ~91K a day.
The 51.9M OSMO still sitting in developer vesting is frozen too. Want it unlocked? Ask the voters.
Follow the Value: Staking rewards now come only from taker and transaction fees. The ~2% APR that issuance paid is "mostly replaced" by ~1.7% from a bigger taker-fee share (Prop 1052). Stakers take a small pay cut. Holders who never staked stop getting diluted.
That's the honest version of tokenomics. It's also the version you adopt after the token is down 99% from its high.
The market cheered: OSMO +19% in a day. The real test is whether ~$11M of TVL throws off enough fees to keep validators interested once the subsidy is gone.
Real yield, or just less fake yield?