Trend · Nov 8, 2026 00:01 UTC

developer activity is overpricing carry strategies

Cycles rhyme, but the plumbing underneath keeps changing.

Revisit assumptions weekly; markets change faster than slogans.

Put beside current chatter on “Anthropic IPO Valuation Could Be Slashed in Half to $1T After AI Stock Rout: Report,” the incentive problem looks clearer.

Cycles rhyme, but the plumbing underneath keeps changing.

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

Ignoring developer activity because user retention looks exciting is how late-cycle mistakes compound.

More insights