Opinion · Nov 12, 2026 00:21 UTC

DeFi angle: perpetual futures is testing convict — user retention is forcing a rethink of m

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

Put beside current chatter on “Katana Plans Revenue,” the incentive problem looks clearer.

Positioning often matters more than the headline itself.

If weekend thin books deteriorates while stablecoins looks fine, the tape often turns defensive first.

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