layer-2 networks is underpricing desk risk limits

Mapping developer activity against user retention is a simple way to stress-test a thesis.

Stay close to what users and balance sheets are actually doing.

That debate sits next to today’s market focus around “Joe Carlasare on “Extreme Fear” in Bitcoin: “I’m A Buyer Here”.”

Revisit assumptions weekly; markets change faster than slogans.

Improvements in NFT liquidity without confirmation from self-custody adoption tend to fade faster.

Risk is easiest to ignore precisely when it is most expensive.

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