When liquidity dries up, things like re-staking, shared security, and stacked yields all look like adding a cooler arrow to a more impressive PPT. Without users, even if those protocols’ finances look great, it’s just that the little water in the liquidity pool is going around in circles.



I wrote this down in my notes as one line: Survive first, then talk about buying the dip. Don’t tell me that “nesting dolls” is innovation—when there’s no liquidity, the dolls can’t even cover your principal.
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