cross-exchange spreads is overpricing carry strategies

If both RWA tokenization and protocol revenue improve together, follow-through is more believable.

Ignoring cross-exchange spreads because order-book depth looks exciting is how late-cycle mistakes compound.

That debate sits next to today’s market focus around “Gnosis Pay breach exposes card numbers, home addresses and linked crypto wallets.”

In that environment, patience is a position, not a slogan.

Mapping protocol revenue against exchange reserves is a simple way to stress-test a thesis.

Treat cross-exchange spreads as the constraint and order-book depth as the amplifier, not the other way around.

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