Speaking of stablecoins, the stablecoin market has grown very rapidly this year, with Ripple, PayPal, and Stripe all starting to issue stablecoins. In the previous bull market cycle, there were also a large number of stablecoin projects. The difference is that the protocol layer was the main focus in the previous cycle, while this cycle was dominated by institutions. In the previous cycle, the protocol layer was more willing to attract liquidity by accumulating CRV or CVX bribes. In this cycle, institutions directly provided subsidies on Aave and deployed funds on Curve themselves.