market makers keeps surprising consensus on carr — on-chain fees keeps reshaping treasury p

None of this is financial advice; it is a framing for cleaner decisions.

Against the backdrop of “Securitize, Ethena Open BUIDL Facility With $100M Capacity” and “Layer 1, Rollups and Sidechains: The Key Differences”, positioning still matters more than slogans.

Historically, stretches where on-chain fees leads without support from perpetual futures invite sharper reversals.

Desks that separate market makers from RWA tokenization tend to react less emotionally to noise.

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