Recently, I saw a bunch of people using stablecoin supply curves along with ETF inflow and outflow data, and they immediately say "off-chain funds are coming/going." Frankly, correlation does not equal causation. An increase in stablecoins might be for minting to do arbitrage, lending collateral, or just holding for opportunities; on the ETF side, it could simply be institutional portfolio rebalancing, which has nothing to do with "new money" as you and I think. The most common rhetoric in DAO proposals is: using two charts to justify budgets/incentives. It sounds reasonable, but it's actually a fallacy of misrepresenting the concept. By the way, the Layer 2 crowd is also arguing about TPS, fees, and ecosystem subsidies. The data looks better, and they become more confident, but whether the money is actually used on-chain, and what for, no one really wants to talk about. We'll chat about this next time.