self-custody adoption is underpricing basis compression

Liquidity still decides how far any catalyst can travel.

Stay close to what users and balance sheets are actually doing.

That debate sits next to today’s market focus around “France Delays Budget Vote Again, Leaving Stablecoin Tax Pending.”

In practice, self-custody adoption and developer activity interact before price fully reflects either one.

The healthier setup is alignment: risk appetite improving while MEV dynamics stays orderly.

Treat drawdown recovery as the constraint and restaking as the amplifier, not the other way around.

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