The Break in “Earn → Hold → Spend”

• Long, lossy paths: Multiple conversions/bridges/gas points cause drop-offs.

• Cost & uncertainty: Gas/FX/spread/fees stack; volatility increases spend hesitation.

• Missing credit/risk models: No standard reputation; hard to tier limits/risk for pay/tip/subscribe.

• Reconciliation gaps: On-chain events don’t map cleanly to off-chain ledgers, delaying rebates, revenue shares, and disputes.