protocol revenue is supporting short-term positioning

Liquidity still decides how far any catalyst can travel.
Treat protocol revenue as the constraint and exchange reserves as the amplifier, not the other way around.
Put beside current chatter on “Binance Details $6.3B Hot,” the incentive problem looks clearer.
Risk is easiest to ignore precisely when it is most expensive.
Risk is easiest to ignore precisely when it is most expensive.
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