Let's talk about stablecoins. The stablecoin market has grown very rapidly this year, with Ripple, PayPal, and Stripe all starting to issue stablecoins. During the last bull market cycle, there were also a large number of stablecoin projects emerging. The difference is that the last cycle focused on protocol layers, while this cycle is dominated by institutions. In the previous cycle, protocol layers were more inclined to attract liquidity by accumulating CRV or CVX for bribery voting, whereas in this cycle, institutions directly provide subsidies on Aave and deploy funds on Curve themselves.
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