bitcoin’s execution layer comes down to three things (i) capital wants competitive yield without unnecessary risk (ii) traders want deep liquidity (iii) users want a seamless experience capital flows toward attractive risk adjusted returns. liquidity makes markets more efficient a better user experience lowers the friction of deploying capital if you can deliver on all three and it’ll becomes impossible for other layers to compete also @muneeb is pointing at an interesting game theory problem here (i) capital gravitates to the best risk-adjusted yield (ii) liquidity gravitates to where the capital is go on this side and you’ll be winner
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