developer activity still sets the tone for carry — venture funding remains the swing factor

Risk is easiest to ignore precisely when it is most expensive.

Put beside current chatter on “Polymarket Sets $3.9M Refund Plan After Third,” the incentive problem looks clearer.

The healthier setup is alignment: RWA tokenization improving while protocol revenue stays orderly.

If both institutional desks and governance turnout improve together, follow-through is more believable.

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