RWA tokenization is rotating through treasury policy

Most blow-ups start as comfortable consensus.

Ignoring governance turnout because Ether looks exciting is how late-cycle mistakes compound.

Put beside current chatter on “Bitbase Launches Bitbase 2.0, Moving from Trading Platform to Value Platform,” the incentive problem looks clearer.

Mapping governance turnout against Ether is a simple way to stress-test a thesis.

Ignoring MEV dynamics because risk appetite looks exciting is how late-cycle mistakes compound.

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