On-chain activity is back. Transactions are flowing, fees are stacking up, and dashboards glow green again. By the numbers, the system looks alive.
Yet beneath the surface, value feels strangely absent.
Profits are being diluted across too many protocols, too many tokens, too many incentives chasing the same attention. The network earns, but ownership fragments. Usage grows, while most tokenholders capture very little of what’s being created.
This is the quiet contradiction of the current cycle movement without concentration, participation without payoff. A market that works harder than it rewards.
It’s whether you’re watching metrics, or deliberately positioning where value can no longer escape dilution?
$BTC (+0,08%)
$ETH (-0,61%)
$XRP (-0,34%)
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