#bedrock $BR
The more time I spend looking into $BR the more I think most people are watching the effects rather than the cause.
Everyone tracks TVL, liquidity flows, and yields. Those numbers matter, but they usually don't appear out of nowhere. They're often the result of decisions made much earlier.
That's why veBR has caught my attention. Governance isn't the most exciting thing to talk about, but it's where a lot of the important signals start. The way incentives are allocated can end up influencing where liquidity and capital move next.
What I find interesting is that by the time a liquidity opportunity becomes obvious, governance participants may have already seen the direction things were heading.
To me, that's the overlooked part of the story. Liquidity arbitrage gets the spotlight, but governance arbitrage may come first.
Most of the market watches the flows.
I'm spending more time watching what creates them.