加密seeker

How to Fight the Stablecoin War?

The outcome of the stablecoin war depends on 'who more efficiently distributes profits'.

Profits are the only engine for user growth, and Pendle offers the most compliant and efficient profit distribution solution.

Stablecoin L1, under the guise of institutional compliance, engages in distribution and profit generation. Profits can greatly facilitate user adoption. The Genius Act prohibits stablecoins from paying interest, but profit tools can circumvent regulations, needing to provide interest-generating functions for institutional users (compliance packaging), but cannot directly pay interest (which is illegal).

USDe relies on circulating loan issuance to reach the $10 billion mark within a month (profit-driven growth, but needs a legal path).
Regulatory circumvention: Tokenization of profits (compliance packaging of interest)​​
yUSDe (representing future profit rights of USDe)
Purchasing yUSDe ≠ receiving interest → instead, 'buying future USDe cash flow at a discount'.
Regulatory case: In March 2025, the SEC determined that yUSDe is a 'profit rights certificate' rather than a security.

Beyond the boundaries defined by rules lies a good arena for various firms to showcase their capabilities.

By the way, the latest proposal
The American Bankers Association (ABA) sent a letter to the Senate Banking Committee leadership along with 52 banking organizations, proposing amendments to the 'American Stablecoin National Innovation and Establishment Act' (GENIUS Act).
The banking organizations believe that there are loopholes in the restrictions on stablecoin issuers paying interest, which could be easily circumvented by exchanges, brokers, and other institutions. They warned that this could lead to stablecoins shifting from payment tools to value storage and credit mechanisms, which would affect market incentive mechanisms. The banking organizations suggested expanding the restriction on interest payments to digital asset exchanges, brokers, and affiliated entities.

Why will the altcoin season inevitably come?

Core Logic: “Altcoin season” is an inevitable product of market sentiment. Altcoins exhibit extremely high volatility and sensitivity to emotions. When the market enters a bull market, especially when Bitcoin (BTC) reaches or breaks its previous high and consolidates at high levels, it triggers a strong fear of missing out (FOMO).

Investor Sentiment and Behavior:

“Too Expensive” Mentality: After BTC breaks its historical high, new retail investors generally feel that “it’s too expensive to buy BTC now” and “they have already missed the bottom of BTC,” so they turn their attention to lower-priced, smaller market cap altcoins, fantasizing about replicating BTC’s “hundred-fold legend” with them.

The Fantasy of “The Next BTC”: People are eager to find “the next Bitcoin,” hoping that some small-cap altcoin can soar. This greedy sentiment seeking high returns permeates the market.

“Stories” and Trend Drivers: In the later stages of a bull market, various hotspots emerge (such as DeFi, NFTs, and blockchain games in 2020-21; earlier ICOs and fork coins), and various new conceptual narratives (“narratives”) can easily trigger short-term speculation and rapid capital rotation.

Community Contagion Effect: The fervent sharing of trading calls and profit displays on social media (Twitter, Discord, Telegram groups, short videos) and group chats spreads optimistic sentiment and FOMO like a virus, attracting more capital inflow.
#主流币轮动上涨
#山寨币谷歌热度创五年新高

Curve's mechanism of low slippage and low fees is more friendly than uni v3 in large transactions.

Curve's bill market is the most important infrastructure for RAW in the future.

Falling out of cost-effectiveness, the current business income and 3 years of profit are the market value.

In the future, RAW asset transactions will greatly increase crv's business income.

CRV's economic model is also very practical, and it can share business profits.
Uni is still floating in the air to see the mood of the team

Each version has its own god. The son of this cycle is meme.
Those who don’t hold meme are just running along. This will continue in the second half of the year.
#memecoin

Any coin that is open for staking is an IQ test

You care about its interest (including airdrops), and it cares about your principal

In the last cycle, the public chain track was the king.

However, in this cycle, areas such as public chain infrastructure performed poorly, mainly due to insufficient demand for block space and failure to achieve large-scale adoption. The best performing track in the first half of the year was Meme, which was closely related to the rise of Solana (SOL). In the last cycle, the excellent performance of the public chain attracted a large amount of venture capital (VC), resulting in the proliferation of homogeneous projects, which was both cause and effect. The anti-VC wave promoted the rise of Meme, and Solana's high performance just fits Meme's needs.

However, with the explosion of Meme, Solana also encountered an overload problem similar to the previous round of Ethereum (ETH) DeFi Summer. Solana began to explore the second-layer diversion path. Although the methods are different, the final results are similar, and the market is still repeating the same pattern. Funds and investors gathered due to the money-making effect will also withdraw due to the money-losing effect.
In the absence of an outbreak of applications, there is a lack of actual demand. Most projects continue to unlock declines in the secondary market, and it is difficult to make profits in the primary market. Even with good liquidity, the decline is only slightly slower

In this case, the cost-effectiveness of participating in infrastructure airdrops is gradually reduced, which is also the fundamental reason why airdrops have been constantly FUDed recently, because there is no demand to support its value.

L2's high valuation and low circulation are just a superficial phenomenon.

L1 also has this problem, and apt, sui, and sol have been unlocked continuously.

The essence is that there is insufficient demand for block space and no large-scale application has exploded.

Gamefi, socialfi, RWA, etc., which were once thought to have exploded in this round, did not explode.

Only meme made sol rise, and other L1s were actually quite weak.

The public chain track was the king in the last cycle, and the application is the king in this cycle.

As legislation continues to advance and stablecoin regulation is implemented with clear boundaries, the issuance of stablecoins should accelerate, especially the euro stablecoin, which has expected external growth. Stablecoins are still the most practical application scenario.

The profiteering from the golden age eventually led to involution.

If you play a game that many people play, you will not win.
You will only win if you play a game that few people play.

Do the right thing with a high probability, find the right direction first, and then repeat it.

What LayerZero did is quite speechless. To receive the airdrop, you have to make a donation.

After all these operations, it is amazing that he has reached the point where everyone is calling for his downfall.