protocol revenue keeps surprising consensus on narrative durability

Revisit assumptions weekly; markets change faster than slogans.

Against the backdrop of “BitMart founder says security team ‘severely understaffed’ after new hack” and “TSV Begins Tokenized CNTN Trades Under SEC Innovation Exemption”, positioning still matters more than slogans.

Attention jumps quickly; capital moves more slowly.

Improvements in protocol revenue without confirmation from exchange reserves tend to fade faster.

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