developer activity still sets the tone for retail participation

Treat developer activity as the constraint and user retention as the amplifier, not the other way around.
Most blow-ups start as comfortable consensus.
That debate sits next to today’s market focus around “Ether ETFs Face Another $99.9M Outflow as Demand Stays Uneven.”
Keeping a written thesis helps avoid narrative whiplash.
Cycles rhyme, but the plumbing underneath keeps changing.
Mapping market makers against RWA tokenization is a simple way to stress-test a thesis.
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