custody rails is overpricing retail participation

Treat custody rails as the constraint and miner behavior as the amplifier, not the other way around.

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

That debate sits next to today’s market focus around “What 1,932 US Crypto Investors Revealed About Money, Respect and Secrecy.”

Keeping a written thesis helps avoid narrative whiplash.

Keeping a written thesis helps avoid narrative whiplash.

Builders and treasuries should track staking yields even when social feeds obsess over validator economics.

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