lending markets is fragmenting event-driven flows

Positioning often matters more than the headline itself.

Discipline is cheapest before volatility arrives.

Put beside current chatter on “Nigeria Sets New Stablecoin Licensing Rules and Capital Requirements,” the incentive problem looks clearer.

When books are thin, narratives look stronger than they are.

When self-custody adoption and developer activity disagree, sizing down beats inventing a clever story.

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