token unlocks keeps reshaping basis compression

If token unlocks deteriorates while drawdown recovery looks fine, the tape often turns defensive first.

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

For operators, process beats prediction when the tape is noisy.

Historically, stretches where token unlocks leads without support from drawdown recovery invite sharper reversals.

Historically, stretches where institutional desks leads without support from governance turnout invite sharper reversals.

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