#稳定币市场竞争 Seeing Ethereum complete this transformation, I feel quite reassured. Moving from an experimental network to a global infrastructure, this process is not achieved overnight—two major hard forks, three adjustments to the Gas limit, and the gradual maturity of Layer 2 solutions—all are steps in refining the foundation.

What impresses me most is the change in the stablecoin market. With a supply of $300 billion and an annual trading volume of $46 trillion, Ethereum accounts for 54% of the market share. What do these numbers reflect? It indicates that institutions are truly starting to do business on this chain. The involvement of major players like JPMorgan and BlackRock shows that asset security and compliance frameworks have been recognized.

But I want to remind everyone that even the most robust infrastructure requires us to stay rational. Seeing the ecosystem data—DeFi lock-up worth $93.9 billion, Uniswap's annual trading volume surpassing $1 trillion—it's easy to get caught up in the excitement of this growth. The key is to stick to your own position management principles. As the infrastructure improves, the responsibility for risk management becomes even more on us.

In the long run, Ethereum transforming from a "future vision" into "actual operational infrastructure" is a change worth being patient about. Competition in the stablecoin market will become more intense, and the options and judgment space will expand. But the prerequisite is that we must maintain a clear mind and a stable mindset to face these changes.