Operationally @redstone_defi is the strongest it's ever been but token is at all-time lows.
The disconnect is that staking rewards are paid in $RED right now, not protocol revenue and you're earning inflation, not fee capture.
Two things I'm watching before touching this👇
1. The upcoming RED announcement
- fee capture from institutional feeds changes the thesis
- more staking mechanics doesn't
2. April 6 early backers unlock
- 26.4M RED from investors who entered pre-TGE
- Current price is 72% below TGE (I'm watching what happens to float that week)
The announcement is the only thing that moves this thesis. Watch that.
