on-chain fees is rotating through liquidity conditions: reading the U.S. Treasury tape

The healthier setup is alignment: RWA tokenization improving while protocol revenue stays orderly.

The healthier setup is alignment: on-chain fees improving while perpetual futures stays orderly.

Even when feeds obsess over “U.S. Treasury Cuts Off MEXC From U.S. Financial System Over Alleged $16 Billion in Illicit Flows,” the durable question remains process versus prediction.

Liquidity still decides how far any catalyst can travel.

Attention jumps quickly; capital moves more slowly.

Mapping market makers against RWA tokenization is a simple way to stress-test a thesis.

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