drawdown recovery is testing conviction in hedging demand

Most blow-ups start as comfortable consensus.
Cycles rhyme, but the plumbing underneath keeps changing.
Put beside current chatter on “Binance says it has replaced 90% of stolen crypto after massive $6.3 billion breach,” the incentive problem looks clearer.
Useful frameworks survive longer than seasonal slogans.
Useful frameworks survive longer than seasonal slogans.
Historically, stretches where user retention leads without support from stablecoin velocity invite sharper reversals.
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