custody rails is overpricing retail participation

Liquidity still decides how far any catalyst can travel.

Put beside current chatter on “Stripe Lets US Businesses Send Stablecoins to Wallets in 160,” the incentive problem looks clearer.

Builders and treasuries should track custody rails even when social feeds obsess over miner behavior.

Builders and treasuries should track open interest even when social feeds obsess over cycle psychology.

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