user retention is rewriting assumptions about medium-term allocation
Cycles rhyme, but the plumbing underneath keeps changing.
Historically, stretches where user retention leads without support from stablecoin velocity invite sharper reversals.
Put beside current chatter on “Greece Passes Crypto Tax Law With 10% Gains Levy, 15% on Staking and DeFi,” the incentive problem looks clearer.
The loudest story is not always the decisive one.
Historically, stretches where RWA tokenization leads without support from protocol revenue invite sharper reversals.
The loudest story is not always the decisive one.
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