DEX volume is testing conviction in retail participation
Improvements in DEX volume without confirmation from token unlocks tend to fade faster.
Keeping a written thesis helps avoid narrative whiplash.
Treat staking yields as the constraint and validator economics as the amplifier, not the other way around.
Ignoring staking yields because validator economics looks exciting is how late-cycle mistakes compound.
Treat DEX volume as the constraint and token unlocks as the amplifier, not the other way around.
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