protocol revenue is testing conviction in carry strategies

Liquidity still decides how far any catalyst can travel.

Even when feeds obsess over “WIREX APPOINTS LORD RANGER OF NORTHWOOD AS BOARD ADVISER, AHEAD OF NEW UK DIGITAL ASSET RULES,” the durable question remains process versus prediction.

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

The healthier setup is alignment: Ether improving while DEX volume stays orderly.

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