欧洲约会的酸角

Linea is the 'emotional bottom layer' of Ethereum.


Have you noticed that the fluctuations in the Ethereum ecosystem are very large:




Fees skyrocketing




On-chain congestion




Interaction failures




New users being discouraged




DApp costs being uncontrollable




Mainnet pressure intensifying instantly




In these extreme situations,

users need a 'bottom layer',

to ensure that the experience does not collapse.


The positioning of Linea is actually:

The emotional bottom layer of the Ethereum user experience.


Mainnet congested? Use Linea.

Mainnet fees rising? Use Linea.

Mainnet too heavy? Use Linea.

Applications afraid to deploy on mainnet? Use Linea.

New users afraid of the mainnet? Use Linea.


When an ecosystem has a bottom layer,

it can truly support more users, more applications, and more traffic.


The role of Linea is not to replace Ethereum,

but to accommodate Ethereum's 'experience overflow'.


This is an invisible but highly valuable chain.


#Linea @Linea.eth $LINEA

Linea is the key for Ethereum to enter the 'consumer internet era'


Web3 applications, if they want to reach end users,

must meet three conditions:


① Must not be expensive

② Must not be laggy

③ Must not be difficult

④ Must be secure

⑤ Must be compatible with Ethereum


The mainnet cannot achieve the first three items;

many L2s cannot achieve the last two items.


Only Linea meets all of them:




Low cost




High stability




Fully compatible




User-friendly experience




ZK security




Mature toolchain




In the future, when there are:




On-chain games




On-chain social




On-chain content platforms




On-chain e-commerce




On-chain payments




On-chain virtual identities




Their users will not enter through the 'mainnet',

but through the 'experience entry'.


This entry is Linea.


Its significance far exceeds L2 itself,

but serves as the key for Ethereum to enter the 'consumer internet era'.


#Linea #Linea @Linea.eth $LINEA

Linea = The chain that resembles a 'product' the most in the Ethereum world


Chains usually do not resemble products.

They are like protocols, like technology, like base layers.

They do not actively optimize the experience, nor do they proactively lower the cognitive barrier.


But Linea is different.

Linea is very much like a 'product':




User-friendly interface




Smooth wallet




Stable latency




Seamless deployment




Eco-friendly




Consistent costs




Extremely light user experience




Understandable functionality




You will feel that it is not a chain written by engineers,

but a chain designed by product managers.


This is very rare across the entire L2 track.

Many L2 technologies have many highlights,

but 'experience highlights' are zero.


Linea, on the contrary:

Experience highlights far exceed technology highlights.


And this is exactly the capability that users need the most.

#Linea @Linea.eth $LINEA

Plasma will become the "commuting railway" of the stablecoin world.


You don’t fly every day, but you take the subway every day.

You don’t use high-performance smart contracts every day, but you transfer funds every day.

You don’t play with complex on-chain applications every day, but you need stablecoin liquidity every day.


This is the logic behind the existence of XPL.


Other chains are like highways:




Complex




Fast




Wide use




High threshold




XPL is like the subway:




Fixed routes




Stable costs




Never congested




Used daily




Huge capacity




Reliable and straightforward




You won’t avoid the subway because it’s not “cool,”

you will rely on it every day because it is reliable and necessary.


Stablecoins will eventually enter the "subway era,"

which means:

High frequency, small amounts, real-time, ultra-low cost, mass-market era.


The infrastructure of this era is called Plasma.


Plasma will become the "commuting railway" of the stablecoin world.》**


You don’t fly every day, but you take the subway every day.

You don’t use high-performance smart contracts every day, but you transfer funds every day.

You don’t play with complex on-chain applications every day, but you need stablecoin liquidity every day.


This is the logic behind the existence of XPL.


Other chains are like highways:




Complex




Fast




Wide use




High threshold




XPL is like the subway:




Fixed routes




Stable costs




Never congested




Used daily




Huge capacity




Reliable and straightforward




You won’t avoid the subway because it’s not “cool,”

you will rely on it every day because it is reliable and necessary.


Stablecoins will eventually enter the "subway era,"

which means:

High frequency, small amounts, real-time, ultra-low cost, mass-market era.


The infrastructure of this era is called Plasma.


@Plasma #Plasma $XPL

Why do businesses in the real world choose XPL over other L2s?


The logic of business choices is completely different from that of crypto users.

Crypto users look at:




TPS




Gas




Speed




Narrative




Businesses look at:




SLA (Service Stability)




Cost Predictability




Operational Control




Failure Rate




Integration Difficulty




Risk Transparency




Stability of Upgrades




You will find that these are all strengths of XPL:




Not congested




No jump fees




Not pending




No rollbacks




API Standardization




Constant Costs




Extremely Stable Structure




Single Choice, Easy Integration




Businesses are not here to "bet on narratives",

but to "run businesses".


What XPL provides to businesses is not "chain capabilities",

but "operational infrastructure capabilities".


The capabilities you can find in the business worldview,

XPL has them all.

The gimmicks you can see in crypto narratives,

XPL has basically none.


This is actually its biggest advantage.


@Plasma #Plasma $XPL

The real competition for stablecoins is in "service capability", not "chain capability" — Plasma understands this best


Now the stablecoin race has entered the second half.

The issuance of USDT and USDC has basically stabilized.

The future competition direction is not "who issues more",

but rather "who provides better service".


For stablecoins to win, there are three core service capabilities:

① Transfers must not fail

② Costs must not fluctuate

③ Cross-border transactions must not lag


These three are precisely what traditional chains cannot achieve.

But the underlying structure of XPL is built around these three points.


The outcome for stablecoins has shifted from:




Whose marketing is stronger




Whose bank custody is more




Who gets listed on exchanges faster




To:

Whose on-chain infrastructure is closest to the "true payment experience".


Plasma is far ahead in this regard:




Stable costs




Fixed latency




Extremely high success rate




No fluctuations in operation




Predictable structure




No complex contracts required




The future of stablecoins is not about running on the "strongest" chain,

but rather on the most "reliable" chain.


XPL is that kind of chain.


@Plasma #Plasma $XPL

The advantage of Morpho is not "decentralization," but "de-rigidity"


In the eyes of ordinary users, decentralization is for security and transparency.

But in my opinion, the real innovation of Morpho lies not in "decentralization,"

but in — de-rigidity (De-Rigidity).


Traditional lending pools have a rigid structure:




Rigid interest rates




Rigid risk models




Rigid liquidation mechanisms

- Rigid usage




Rigid yield structures




Rigid counterparty relationships




Everyone shares the same pool, and everyone follows the same rules.

This is a system lacking elasticity.


Morpho brings a flexible structure:




Interest rates adjusted in real-time according to matching




Risk is diversified across multiple relationships




Funds flow more freely




Liquidation is more independent




Interest rates are smoother




Lending behaviors are more predictable




A flexible structure means:

The more complex the system, the more stable it becomes.


The more complex traditional pool structures are, the more fragile they are.

The more complex Morpho's structure is, the better it can absorb shocks.


This is precisely the direction of the future development of on-chain finance —

From rigid automata to flexible systems.


#Morpho $MORPHO @Morpho Labs 🦋

Why must the traditional financial "counterparty logic" inevitably be rebuilt on-chain? Morpho is the first step


The financial system in the real world is built on "counterparty logic":




Loans have banks




Banks have credit departments




Debts have buyers




Buyers have investment preferences




Lending has risk levels




Terms have prices




Credit has stratification




On-chain, however, it has long been taking a completely opposite path:

Decounterpartyization (pooling).


The side effects of pooling are:




Risk is opaque




Returns are unclear




Counterparty relationships are blurred




It is impossible to construct credit ratings




It is impossible to construct term structures




It is impossible to construct interest rate curves




In other words:

Pooling keeps on-chain finance forever stuck in the "primary stage."


Morpho aims to reintroduce counterparty logic into on-chain finance.

On Morpho:




Each loan has a counterparty




Interest rates are formed from counterparty relationships




Risk is distributed in relationships, not in pools




Terms can be generated naturally




Credit can evolve gradually




Markets can establish a complete interest rate structure




This is key to the maturity of traditional finance.


If on-chain finance wants to evolve,

it must undergo the process from "pooling → counterpartying."


Morpho is the starting point of this process.


#Morpho $MORPHO @Morpho Labs 🦋

Morpho = The "Settlement Engine" of decentralized lending


I increasingly feel that Morpho's positioning should not be limited to "lending protocol".

It is more like a Settlement Engine.


Why do I say this?


Imagine the clearinghouses in traditional finance:




Matching transactions




Counterparty separation




Risk isolation




Interest rate bridging




Settlement guarantees




What Morpho does on-chain is strikingly similar to the structure of a clearinghouse.


Traditional lending pools bear a "storage function".

Users throw money into a large pool, and borrowers take from that large pool.

This is a crude structure.


What Morpho does is the "precise settlement function":




Each loan is an independent settlement unit




The assets and obligations of each counterparty are clear




Risk is isolated within the matching relationship




Interest rates are dynamically generated based on real supply and demand




The clearing process does not affect the overall market




This is no longer a lending protocol,

it's financial infrastructure.


Future on-chain finance will become increasingly complex:




Debt portfolios




Fixed-term products




Institutional credit




Risk hedging




Structured products




Liquidity layering




Lending derivatives




All of these require a "precise settlement layer".


Morpho is that layer.


What DeFi truly lacks is not a "larger pool",

but a "settlement logic more like a financial market".


And Morpho is filling that gap.


#Morpho $MORPHO @Morpho Labs 🦋

ZK is Linea's structural moat because it opens the door to the future of 'identity, privacy, compliance'.


Today, everyone uses Linea because it has a good experience and strong compatibility.

But in the future, everyone will use Linea because the things ZK can do will have increased.


Especially in three directions:

① Identity (ID)

ZK can achieve 'prove who you are' without exposing who you are.

② Privacy

Applications can verify your actions without needing to see the data itself.

③ Compliance

ZK allows regulators to verify compliance without needing to view user privacy.


These capabilities will become the core foundation of:




Social DApp




Games




On-chain business for enterprises




RWA




Payment systems.




And Linea has found the perfect balance between 'ZK + user usability'.


It is not the strongest ZK technology,

but it is the most usable ZK technology.


That is the moat.


#Linea @Linea.eth $LINEA

Why will Linea become the 'default landing chain for new applications'?


I have recently observed a trend:

When launching many new products, the first choice is no longer Ethereum, nor OP or ARB,

but Linea.


The reason is simple:

New applications need the 'easiest chain to use'.


Linea has three special advantages:

① The lowest user migration cost

Wallet compatibility, asset compatibility, contract compatibility.

② The smoothest developer deployment path

Almost no adjustments needed, rich ecosystem tools.

③ The lowest barrier to entry for user experience among all L2s

Smooth interactions, stable costs, quick response.


This leads many projects to draw a simple conclusion:

'We don't need the cheapest chain; we need the smoothest chain.'


Smooth,

is the greatest guarantee of user growth.

#Linea @Linea.eth $LINEA



Naturally, Linea becomes the default option.

The emergence of Linea illustrates a fact: users do not care about technology, they only care about whether it is "smooth to use"


In the past few years, the focus of the L2 war has been:

Whose technology is stronger?

Whose proof is faster?

Whose throughput is higher?


But the rise of Linea tells us:

What users care about is not these at all.


What users care about is:




How fast the wallet opens




How expensive the transfer fees are




Whether the DApp responds




How smooth the interaction is




How high the error rate is




How troublesome cross-chain transactions are




The feeling that Linea gives users is:

"Like Ethereum, but much more comfortable."


It is this sentence that brought users in.


Technology is not the language of users.

Experience is.


What Linea captures is the experience, not the technology.


This is the key to its ecological explosion.


#Linea @Linea.eth $LINEA

XPL will become the stablecoin "backend settlement layer," rather than the frontend application layer.


To understand the position of XPL, you must first understand the "network hierarchy."

Web3 does not require every chain to be user-facing.

Some chains should be application-facing, some should be enterprise-facing, and some should be system-facing.


The positioning of XPL is very clear:

It is not a chain for users, but a chain for backend applications.


In other words:




Wallets will call XPL to complete stablecoin transfers.




CEX will call XPL for internal clearing.




Merchant systems will call XPL for payment confirmation.




Payment companies will call XPL for cross-border settlement.




But ordinary people may never "directly use XPL" from start to finish.

This happens to be its advantage:

Excellent infrastructure is always hidden behind the scenes.


When a user clicks "send stablecoin" in the wallet:




You think it’s the chain.




You think it’s L2.




You think it’s a cross-chain bridge.

But behind the scenes, it is actually XPL running.




This is the ultimate goal.

To become the underlying TCP/IP of the "stablecoin internet" —

invisible, yet omnipresent.


@Plasma #Plasma $XPL

Plasma is the first chain to place 'user experience' at the core of stablecoin infrastructure.


Most chains prefer to discuss technology:




ZK




ABCI




TPS




Throughput




Index speed




Testnet scores




But users don’t care at all.


Ordinary stablecoin users only care about three things:

① Will it fail?

② Is it fast?

③ Is it expensive?


Plasma is the first chain to put 'experience' ahead of technology.

Every design detail revolves around:

Making the user experience of stablecoins more reliable than Web2.


You will find its design is extremely restrained:




No complex ecosystem




No large-scale dApps




No complex contracts




No multi-functional narratives




It only does one thing:

Make stablecoins easy to use.


This sounds ordinary, but is extremely rare in the industry.


The chains I am most optimistic about in the next three years are not those that 'can do everything',

but those that 'do one thing to perfection'.


XPL is exactly that kind of chain.


@Plasma #Plasma $XPL

The "seven-second problem" that stablecoins must solve before entering the mainstream, XPL is addressing


The payment industry has an important metric:

7-second experience threshold.

This means:

If a transfer takes more than 7 seconds, no one is willing to wait.

More than 15 seconds causes anxiety,

more than 30 seconds users will think it has failed,

more than 60 seconds users will get angry.


Stablecoin transfers cannot cross this threshold on most chains.

Either:




High fees




High volatility




Easily pending




Cannot confirm success




XPL's design philosophy is:

Not to pursue the fastest, but to pursue “stability within 7 seconds.”


This is the most important standard in the payment industry:

Not needing extreme speed, but needing extreme consistency.


When XPL achieves:




Always 2~3 seconds




Never fails




Never has skyrocketing fees




Does not get stuck in pending




Experience stable to the point of being predictable




Only then can stablecoins truly possess “payment capability.”


This is more valuable than TPS.

Because payments require “press → success,”

not “press → maybe success, maybe failure.”


What XPL aims for is this real-world threshold.


@Plasma #Plasma $XPL

Why do institutions adopt Morpho first? The reason is simple: controllability


The biggest concern of institutions in DeFi is not interest rates, nor security,

but: controllability (Controllability).


They need to know:




Where the returns come from




Where the risks come from




Who the counterparties are




How liquidation occurs




Whether the model is reliable




Whether the market is predictable




However, the structure of traditional lending pools is:




Counterparties are unknown




Source of returns is unknown




Risk exposure is unknown




Interest rate mechanisms are hard to predict




Institutions cannot use it at all.


Morpho's matching structure precisely meets institutional needs:




Each loan corresponds to a clear counterparty




Return structure is clear




Risk exposure is auditable




Interest rate changes are explainable




Liquidation logic is transparent




Market behavior is predictable




This allows institutions to see for the first time:

On-chain lending relationships can be as controllable as traditional finance.


When a protocol makes institutions feel 'controllable',

it will become the default infrastructure adopted by institutions.


Morpho has this capability.


#Morpho $MORPHO @Morpho Labs 🦋

Why is Morpho one of the few "the bigger, the more stable" systems in DeFi?


Most DeFi protocols have a structural problem:

The larger the size, the more concentrated the risk.


The larger the pool, the higher the single-point risk;

The more concentrated the liquidations, the more severe the fluctuations;

The more a protocol relies on a single model, the stronger its vulnerability.


But Morpho is the opposite:

The bigger, the more stable.


The reasons are simple:

1️⃣ The more matching relationships, the more dispersed the risk

2️⃣ The richer the funds, the more efficient the matching

3️⃣ The more borrowers and lenders, the closer the interest rates are to true supply and demand

4️⃣ The larger the market size, the smoother the prices

5️⃣ The multi-counterparty structure can better withstand extreme market conditions


This is a structural advantage completely different from AMM.


The AMM model is "single-point pressure amplification":




One interest rate curve




A set of pool parameters




A liquidation threshold




Morpho is "multi-point pressure absorption":




Each lending relationship is an independent unit




Overall risk is dispersed




Liquidation pressure is distributed among multiple counterparties




A larger market is actually more stable




This structure is common in traditional finance,

Called a Multi-Counterparty Market.


They all share the same characteristic:

Scale brings stability, not fragility.


Morpho is the first to successfully introduce this structure into DeFi.


#Morpho $MORPHO @Morpho Labs 🦋

The essence of Morpho is a "decentralized negotiation of interest rates and risks"


The interest rates of traditional lending protocols are "given to you by algorithms".

No matter how the market changes, you can only accept the rates set by the curve.

This is a type of "one-way pricing".


However, after Morpho emerged, prices began to turn into a form of "negotiation".

And this negotiation is decentralized, real-time, and market-driven.


On Morpho:




Borrowers want to find lower interest rates




Lenders want to find higher yields




The matching module looks for the "intersection" between the two




This intersection is the interest rate




With every market fluctuation, negotiations are conducted anew




This is essentially a type of "automated bilateral market negotiation system".


The problem with traditional pool models is:

Prices and supply and demand are not the same thing.

The larger the pool, the more distorted the prices;

The more idle the funds, the less the price reflects the market.


Morpho truly brings the price back to the essence of supply and demand.


This reminds me of the "negotiated loans" in real-world banks:

Prices are the results negotiated by both parties based on the market, term, and credit,

rather than being determined by a fixed interest rate table.


Morpho has successfully moved this financial behavior on-chain.


Its significance lies not in "increasing APY",

but in:

making prices become a market behavior again, rather than an algorithmic product.


#Morpho $MORPHO @Morpho Labs 🦋

A Young Master is still too abstract

#哈基米 $BNB

ZK is the technology of Linea, but the "smooth user experience" is its product


Many people focus on Linea's ZK technology,

but I believe what truly sets Linea apart is its "smooth experience."


The security and certainty brought by ZK are fundamental,

but Linea makes it "silky":




Wallet interactions are fast




RPC responses are stable




Cost is stable




Block time is smooth




Ecosystem deployment is simple




Cross-chain entry thresholds are low




This experience is not a direct product of technology,

but a product of "product capability."


This increasingly makes me feel that Linea's future will be closer to:

A platform that makes Ethereum livable and usable.


Not a chain for geeks,

but a chain that "everyone can open and use every day."


This is precisely what the Ethereum ecosystem has long lacked.


#Linea #Linea @Linea.eth $LINEA