Regarding the launch of dedicated chains by Strip, Circle, and Tether, here are two viewpoints:

1) Impact on Ethereum Layer 2:

Layer 2 solutions are all striving to inherit the security of the mainnet more safely, yet they overlook a fact: the core demand from major clients like Strip, Circle, and Tether, which can truly bring mass adoption opportunities to L2s, is not decentralized security, but rather full-stack control from minting to settlement.

Moreover, the commercial interests of Sequencer revenue, MEV, and gas fees, which can be pocketed entirely, provide no reason to share the profits with L2. More critically, when regulatory inquiries or urgent "compliance" issues arise, dedicated chains can evidently meet TradFi's risk control requirements more quickly and efficiently.

Thus, this is undoubtedly another blow to the Ethereum Layer 2 strategy. L2 originally hoped to attract real users and trading volume through stablecoins and RWA assets, but these asset issuers have directly bypassed them. Ironically, it seems that the more "orthodox" L2 is technically, the less attractive it becomes commercially, as these technological innovations appear to solve issues of concern to the Ethereum community but do not address the pain points of stablecoin issuers.

2) Impact on the Ethereum Mainnet:

The impact on the Ethereum mainnet depends on the perspective taken. In my view, the stablecoin giants creating dedicated chains are actually establishing an efficient payment settlement layer, which solidifies Ethereum's position as the global financial settlement layer. These dedicated chains can indeed optimize the throughput and latency of peer-to-peer payments, but they lack true interoperability. When it comes to complex financial operations across assets, the required atomicity and composability can only be achieved within Ethereum's unified state machine.

The key is that innovation in the DeFi derivatives market relies on permissionless liquidity aggregation. For instance, Uniswap V4's Hook mechanism, Aave's cross-pool risk management, and GMX's synthetic asset model all require access to multi-source liquidity, which clearly cannot generate synergies on closed stablecoin chains, and thus cannot unleash the innovative appeal of DeFi infrastructure.

Therefore, Ethereum will ultimately play a dual role: as a neutral settlement layer between these dedicated chains (similar to SWIFT's clearing function) and as the foundational layer for DeFi innovation (providing the composability of complex financial products).

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