Speaking of stablecoins, the stablecoin market has grown very rapidly this year. Ripple, PayPal, and Stripe have all started issuing stablecoins. In the last bull market cycle, there were also a large number of stablecoin projects emerging. The difference is that the last cycle was dominated by protocol layers, while this cycle is dominated by institutions. In the last cycle, the protocol layer was more willing to attract liquidity through accumulating CRV or CVX bribery, while this cycle sees institutions directly providing subsidies on Aave and deploying funds on Curve.