dEX volume is testing conviction in narrative durability

When books are thin, narratives look stronger than they are.

Meanwhile, self-custody adoption can either confirm the move or expose it as temporary.

Put beside current chatter on “BitMart founder says security team ‘severely understaffed’ after new hack,” the incentive problem looks clearer.

When books are thin, narratives look stronger than they are.

Treat macro liquidity as the constraint and lending markets as the amplifier, not the other way around.

Meanwhile, validator economics can either confirm the move or expose it as temporary.

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