protocol revenue is testing conviction in retail participation

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

Builders and treasuries should track protocol revenue even when social feeds obsess over exchange reserves.

That debate sits next to today’s market focus around “ChatGPT Is Getting a GIF Maker Powered by OpenAI's Unannounced Images 2.6 Model.”

Desks that separate protocol revenue from exchange reserves tend to react less emotionally to noise.

Liquidity still decides how far any catalyst can travel.

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