exchange reserves continues to pressure basis compression

Most blow-ups start as comfortable consensus.

Mapping protocol revenue against exchange reserves is a simple way to stress-test a thesis.

Against the backdrop of “From rivals to partners: Polygon and Solana team to bring stablecoin payments to banks” and “Crypto exchange HTX exits the UK after settling with the FCA”, positioning still matters more than slogans.

Most blow-ups start as comfortable consensus.

If both token unlocks and drawdown recovery improve together, follow-through is more believable.

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