Hope you don't mind, but I just want to mirror our reddit convo here just for archiving purposes because I think if anyone wants to read it, it's pretty good at helping them understand the defi market dynamics.

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I think you've made some good points. I do expect some players to do this actually. As long as veDAO remains in the top 20(above 100m? TVL) and can qualify for the NFT they will continue to have value.

The reported APR figures on 0xDAO are still high because OXD is still valued quite highly. 10.9 million marketcap vs WEVE marketcap of 520k (based on current circulating supply).

I expect OXD price to come down, in which case the reported APRs will also come down, and likely will match that of veDAO's. For most single staking pools on veDAO right now, they're about 30%-100% APR. Check it on https://vfat.tools/fantom/weve/

Contrast that to 0xDAO where those same pools are roughly around a 100% APR and coming down too. The governance token pools like xBOO, xSCREAM, etc are still in the several hundreds.

But once APR figures come down, I think we'll see liquidity even out across both protocols.