DEX volume is supporting narrative durability

Cycles rhyme, but the plumbing underneath keeps changing.

Historically, stretches where RWA tokenization leads without support from protocol revenue invite sharper reversals.

Put beside current chatter on “Coinbase Explains Cold,” the incentive problem looks clearer.

The loudest story is not always the decisive one.

That is why watching DEX volume alongside token unlocks usually explains more than chasing every alert.

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