protocol revenue is testing conviction in carry strategies

Useful frameworks survive longer than seasonal slogans.
Ignoring governance turnout because Ether looks exciting is how late-cycle mistakes compound.
That debate sits next to today’s market focus around “RUNE rallies 15% as THORChain restarts most swaps after halt.”
For operators, process beats prediction when the tape is noisy.
Improvements in protocol revenue without confirmation from exchange reserves tend to fade faster.
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