Just finished reviewing the chart of stablecoin supply, and then looked into the fee rates and retention of several protocols. The only reminder in my mind was: don’t automatically assume “it’s going to rise” just because two lines are moving up together. The money coming into ETFs doesn’t necessarily all flow on-chain; many are more like off-chain sentiment gauges. When they heat up, it doesn’t mean it will rain immediately.

Recently, new L1/L2s have started offering incentives to boost TVL. Long-time users complain that “mining, selling, and taking profits” isn’t without reason. Short-term data looks good, but whether people stay depends on more than just the numbers; we’ll see in a couple of weeks. Anyway, I now prefer to focus on the on-chain flow of stablecoins and the actual revenue of protocols. Slowly picking up some durable shells—being impatient won’t help.