Alpaca Finance disclosed it had operated at a loss for over two years, even after significant team downsizing, because its fair-launch model lacked VC funding and depended entirely on protocol-generated revenue

Quotes that support claims

Alpaca Finance was a fair launch project — no pre-mine, no VC funding — and our operational runway was always tied directly to protocol revenue.

In truth, the team has been operating at a loss for over two years, even after significant downsizing of the team.