[DISCUSSION] Revenue-based financing for DeFi without loans or token dilution

Hi everyone,

I’m researching a structural problem in DeFi and would really appreciate criticism.

Today, DeFi protocols that generate on-chain fees basically have 3 options to get capital:

- Sell governance tokens (dilution)
- Take overcollateralized loans (capital inefficient)
- Rely on VCs (centralization, long cycles)

There seems to be no native way to turn future on-chain revenue into upfront capital without debt.

So I’m exploring a simple idea:

A protocol could sell a fixed percentage of its future on-chain fees for a fixed time period (e.g. 20% for 12 months), enforced directly by smart contracts.

Key properties of the model:
- No fixed repayments
- No loans
- No token issuance required
- Revenue is routed automatically on-chain
- Investors take pure revenue risk

Very high-level architecture:
- A revenue escrow contract that captures protocol fees
- A bond-like NFT representing the right to X% of fees for Y time
- A small good-faith deposit (ETH/USDC) to prevent bypassing the escrow
- No subjective governance or human arbitration

This is NOT a product yet and not an investment offer.
I’m not raising funds or selling tokens.

I’m trying to answer one question:
→ Is this economically or technically flawed in a fundamental way?

I’d especially appreciate criticism on:
- Incentive alignment
- Attack vectors
- Whether this is meaningfully different from existing DeFi primitives
- Why this would or wouldn’t be used in practice

If this is obviously naive or broken, please say so.
That’s exactly what I’m trying to learn.

Thanks for reading.