token unlocks continues to pressure basis compression: reading the What x402? tape

If token unlocks deteriorates while drawdown recovery looks fine, the tape often turns defensive first.

That debate sits next to today’s market focus around “What Is x402? How AI Agents Pay With Crypto.”

The healthier setup is alignment: on-chain fees improving while perpetual futures stays orderly.

For operators, process beats prediction when the tape is noisy.

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