on-chain fees is rotating through desk risk limits

Ignoring cross-exchange spreads because order-book depth looks exciting is how late-cycle mistakes compound.

Put beside current chatter on “Crypto Spends $176 Million on Midterms, But Only 13% of Voters See It as a Priority,” the incentive problem looks clearer.

Cycles rhyme, but the plumbing underneath keeps changing.

Useful frameworks survive longer than seasonal slogans.

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