Trend · Nov 5, 2026 06:01 UTC

protocol revenue keeps surprising consensus on carry strategies

Ignoring protocol revenue because exchange reserves looks exciting is how late-cycle mistakes compound.

Cycles rhyme, but the plumbing underneath keeps changing.

That debate sits next to today’s market focus around “Bitbase launches ORIGIN, distributing 1M points every week.”

That is why watching protocol revenue alongside exchange reserves usually explains more than chasing every alert.

Improvements in NFT liquidity without confirmation from self-custody adoption tend to fade faster.

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