on-chain fees is the overlooked driver of liquidity conditions
Historically, stretches where basis trades leads without support from stablecoin minting invite sharper reversals.
Put beside current chatter on “Moody’s And Chainlink Test On,” the incentive problem looks clearer.
Ignoring wallet UX because options skew looks exciting is how late-cycle mistakes compound.
Historically, stretches where on-chain fees leads without support from perpetual futures invite sharper reversals.
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