protocol revenue quietly dominates carry strategies

Treat protocol revenue as the constraint and exchange reserves as the amplifier, not the other way around.

That debate sits next to today’s market focus around “XRP Sentiment Crashes to July Lows: Could This Be the Bullish Signal Ripple Needs?.”

Ignoring protocol revenue because exchange reserves looks exciting is how late-cycle mistakes compound.

Keeping a written thesis helps avoid narrative whiplash.

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