"The more time I spend researching $BR , the more I feel the market is fixated on secondary effects rather than the root causes.
Most participants track liquidity flows, Total Value Locked (TVL) growth, and yield opportunities. While these metrics are undoubtedly important, they are often the result of decisions made early on through governance.
This is why I have been closely monitoring @Bedrock .
Governance not only determines the direction of the protocol but also influences the allocation of incentives, which ultimately shapes the flow of capital.
What I find intriguing is that liquidity arbitrage typically emerges only after these signals become visible. Governance participants, on the other hand, are much closer to the decision-making layer.
From an investor’s perspective, this creates an overlooked dynamic: Governance arbitrage may precede liquidity arbitrage.
The market is watching the liquidity.
I am watching the factors that drive it."
