protocol revenue quietly dominates carry strategies

Liquidity still decides how far any catalyst can travel.

Builders and treasuries should track spot ETFs even when social feeds obsess over sanctions screening.

Put beside current chatter on “Why AI Models Cheat: Reward Hacking, Explained,” the incentive problem looks clearer.

Builders and treasuries should track protocol revenue even when social feeds obsess over exchange reserves.

In that environment, patience is a position, not a slogan.

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