The Tax Break Reversal: A Policy Autopsy and the Misread DePIN Signal
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Fear
Market Sentiment
Block reward halving event
Independent validator client goes live on mainnet
Raises validator limit and account abstraction
92 million ARB released
Improves data availability sampling efficiency
Circulating supply increases by about 2%
Block reward reduced to 3.125 BTC
Team and early investor shares released
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