#美国就业数据表现强劲超出预期 【₿ How Stablecoins Activate Growth Momentum in the Bitcoin Ecosystem】

Bitcoin has been on the sidelines for over a decade, maintaining its position as a store of value with rock-solid stability. But to truly energize the ecosystem, a self-reinforcing growth mechanism is needed. That’s the mission of stablecoins — not just assets, but a system capable of self-driven growth.

How does this self-driving mechanism work? The core logic boils down to three key points:

**First, the foundation of trust must remain unshaken**

Over-collateralization > 130% on-chain reserves. This is not just a number game; it’s a real gold-backed promise. Users can verify, audit, and see transparency on-chain. This verifiable over-collateralization creates the first wheel of the flywheel — capital is willing to flow in.

**Second, the value anchoring must be precise and stable**

1:1 USD peg, no drifting, no running away. This ensures that any application or trading pair can operate based on this fixed value standard. Without price volatility worries, developers can focus on building, and users can use with confidence.

**Third, network effects are accelerators**

Deep integration with Bitcoin’s Layer2 networks — this is critical. Stablecoins leverage Layer2 to connect to the mainnet, creating momentum that allows capital and liquidity to flow efficiently into various ecosystem applications. As more applications emerge, holders of stablecoins can access more yield opportunities.

Holding equals earning. This is an embedded acceleration engine. Capital circulates, appreciates, and recirculates within the ecosystem. In the long run, this forms a self-reinforcing positive cycle:

Stable assets attract capital → Capital fuels applications → Applications generate yields → Yields enhance stability → Attract more capital

With each cycle, participants feel the benefits of growth. From governance rights to incentive priorities, the fruits of ecosystem growth are shared among participants.

**What stage is the Bitcoin ecosystem at now?**

It has moved from merely being a store of value to a new stage of dynamic growth. To break through the scale threshold, more than just technology is needed — an economic mechanism capable of self-driving. Stablecoins are not just supporting players; they are the central axis of this economic flywheel.

So the question is: to activate this flywheel, where should the initial, most critical driving force come from? Is it the protocol’s own stable returns that attract capital, or the network effects generated by integration with leading DeFi applications? Both are important, but which one should lead, and is the sequence correct? The order determines how fast the flywheel can spin.