protocol revenue quietly dominates carry strategies

Most blow-ups start as comfortable consensus.

Treat protocol revenue as the constraint and exchange reserves as the amplifier, not the other way around.

That debate sits next to today’s market focus around “Anchorage Positions Itself as Custody Backbone of US.”

Most blow-ups start as comfortable consensus.

Treat stablecoins as the constraint and dollar strength as the amplifier, not the other way around.

Keywords: CEX · mining pool · stablecoin · stretches