protocol revenue keeps surprising consensus on hedging demand

Desks that separate drawdown recovery from restaking tend to react less emotionally to noise.

Better questions beat louder opinions when regimes shift.

That debate sits next to today’s market focus around “Treasury Cuts Crypto Exchange MEXC Off From US Financial System.”

Mapping protocol revenue against exchange reserves is a simple way to stress-test a thesis.

The healthier setup is alignment: lending markets improving while NFT liquidity stays orderly.

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