帖子
Fatima Gul
“Annualizing today’s transaction fees assumes the market will stay hot forever.”
DeFi researcher Ignas made a sharp point: projecting long-term returns from peak trading activity ignores how quickly markets cool down.
The model is simple:
Trading volume → fees → buybacks/burns → token demand → higher price → more trading.
But the volume has to keep coming.
Coinbase’s trading volume fell 74% from Q4 2021 to the following year. Meme tokens can suffer even deeper drawdowns.
