DeFi angle: open interest quietly dominates carry strategies

Treat open interest as the constraint and cycle psychology as the amplifier, not the other way around.

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

Against the backdrop of “Binance, Deribit revoke SignalPlus API keys after fake Teams invite attack” and “Crypto Market Trims $140 Billion as BTC Slips Below $76K”, positioning still matters more than slogans.

Keeping a written thesis helps avoid narrative whiplash.

Meanwhile, cycle psychology can either confirm the move or expose it as temporary.

Improvements in protocol revenue without confirmation from exchange reserves tend to fade faster.

Keywords: mistakes · Acting as a Pathbreaker in the Digital Asset Market · Capturing Investment Opportunities in Blockchain Development