DeFi angle: protocol revenue is testing conviction in narrative durability

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

Keeping a written thesis helps avoid narrative whiplash.

Against the backdrop of “Canton Foundation grants RedStone 15.8M Canton Coin for pricing standard” and “Crypto Exchange HTX Agrees to Leave UK in Settlement With FCA ”, positioning still matters more than slogans.

Desks that separate NFT liquidity from self-custody adoption tend to react less emotionally to noise.

When books are thin, narratives look stronger than they are.

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