i just checked the ongoing incentive programs of a few defi protocols curve $93m (3.8% of fdv/year) aave $80m (1.7% of fdv/year) morpho $32m (1.6% of fdv/year) fluid $15m (2.6% of fdv/year) euler $10m (2.6% of fdv/year) only raw data from defillama though doesn't include the fact that some of these protocols do private lp deals from their labs entity though or one off "marketing" expenses for cefi integrations

with fluid all the incentives are transparently voted on by governance 0 private LP deals

what i like with fluid is that all the incentives are voted on transparently through governance there's 0 private LP deals with curators, liquid funds etc. makes it easier to research the true profitability of a protocol