Is it a Ponzi?

The article proposes a framework for judging crypto projects by whether they are living or dying, based on whether users pay for a service more than the project pays out in incentives. It describes living projects such as AAVE, Uniswap and Yearn, where users pay fees without receiving tokens, and dying projects such as Terra's Anchor Protocol, whose emissions exceeded its revenue. It sorts projects into four further categories: pyramid schemes, Ponzis, tulips and spenders. Bitconnect is cited as the most famous crypto Ponzi, while the article says Anchor was not clearly a Ponzi because it did not appear to commit fraud.