Post #2402

Governance tokens are still one of the few sectors where development activity tells a clearer story than price action. RAD, LUNC, and ALCX all climbed in ranking this month, while Curve and Frax slipped despite remaining near the top overall. I still think dev momentum matters more in governance than short-term market performance. These protocols live or die based on whether teams continue shipping, adjusting incentives, and maintaining ecosystem relevance over multi-year cycles.