user retention is forcing a rethink of basis compression

A clean chart can hide a crowded trade.

The healthier setup is alignment: RWA tokenization improving while protocol revenue stays orderly.

Put beside current chatter on “US Treasury Slams MEXC With Financial,” the incentive problem looks clearer.

The healthier setup is alignment: bridge security improving while custody rails stays orderly.

Discipline is cheapest before volatility arrives.

Attention jumps quickly; capital moves more slowly.

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