protocol revenue keeps surprising consensus on weekend risk

Most blow-ups start as comfortable consensus.

The loudest story is not always the decisive one.

Put beside current chatter on “Binance’s Spot Market Share Drops to 42% After $6.3B Hack as OKX Gains,” the incentive problem looks clearer.

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

Most blow-ups start as comfortable consensus.

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