cross-exchange spreads remains the swing factor for narrative durability

Useful frameworks survive longer than seasonal slogans.

Ignoring open interest because cycle psychology looks exciting is how late-cycle mistakes compound.

Against the backdrop of “USDY, OUSG and Ondo Stock Tokens Compared” and “Jupiter Lend Explained: Deposits, Borrowing and Withdrawals”, positioning still matters more than slogans.

Cycles rhyme, but the plumbing underneath keeps changing.

If user retention deteriorates while stablecoin velocity looks fine, the tape often turns defensive first.

Improvements in cross-exchange spreads without confirmation from order-book depth tend to fade faster.

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