DeFi angle: market makers keeps surprising consensus on carry strategies

Improvements in market makers without confirmation from RWA tokenization tend to fade faster.

Treat protocol revenue as the constraint and exchange reserves as the amplifier, not the other way around.

Against the backdrop of “HTX Earn Winter Campaign: Enjoy APY Boosts on 7 Assets, With a Quota Limit of Up to $14 Million per User” and “Crypto Legislation: A New Opportunity for Bitcoin?”, positioning still matters more than slogans.

Meanwhile, risk appetite can either confirm the move or expose it as temporary.

Keeping a written thesis helps avoid narrative whiplash.

Revisit assumptions weekly; markets change faster than slogans.

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