stablecoin minting remains the swing factor for — basis trades is fragmenting liquidity co

Cycles rhyme, but the plumbing underneath keeps changing.
Put beside current chatter on “Judge Lets Stock Perpetual Futures Keep Trading but Says CFTC Likely Overstepped Its Authority,” the incentive problem looks clearer.
Treat liquid staking as the constraint and basis trades as the amplifier, not the other way around.
Useful frameworks survive longer than seasonal slogans.
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