#稳定币市场与应用 After reviewing Ethereum's 2025 summary, I have to say honestly — this time is different.

Remember those years when we chased after high prices? Every time a new concept or application launched, we followed the trend and rushed in, only to be cut multiple times. The same goes for stablecoins. How many projects have we seen that used the name stablecoin to raise funds? But now, the data is clear: over $300 billion in supply, $4.6 trillion in annual trading volume. This is real financial infrastructure, no longer just gambling chips.

What worries me most is this prosperity — Ethereum has transformed from a testnet into a global infrastructure, with traditional financial giants like JPMorgan and BlackRock all jumping in. At this point, I become more cautious. Why? Because the entry of institutions means increased ecosystem segmentation. More and more small projects riding the hype and gold-rush traps under the banner of Layer2 will emerge.

The development of stablecoins also illustrates this point — security and compliance have become mainstream narratives. This is a good thing, but it also means that those "high-yield" and "risk-free" stablecoin lending products should be approached with caution. The higher the yield, the more you should ask why. If you can't find a reason, better not to touch it.

Having gone through so many cycles, I’ve learned one thing: mature infrastructure is a long-term signal, but short-term risks are often hidden in the details of prosperity. Those who survive long on-chain know that the most profitable are never the trend followers, but those who can discern what to engage with and what to avoid.