Can the stablecoin narrative save general-purpose public chains? The answer may still be no～ After converting my $APT position into stablecoins, I asked in the community: What protocols are worth participating in on Aptos right now? The response was very direct: Deposit-based DeFi, stablecoin APR can still reach around 20%. However, the following comment was: Stablecoins cannot support Aptos; now stablecoins already have dedicated chains, and there will only be more in the future. This reminded me of my recent thoughts on $ETH. Stablecoins are indeed the most essential on-chain asset, but in the future, they will only divert traffic from existing public chains. 🤔 Changes in stablecoin logic: 1️⃣ In the past, stablecoins relied on general public chains, becoming the main source of TVL and transaction fees. 2️⃣ Now, stablecoin projects are starting to build their own public chains, directly addressing payment and settlement needs. 3️⃣ In the future, the stablecoin TVL on general public chains will continue to be diverted, and revenue will be siphoned off. The most intuitive example is that after the Plasma TGE, the TVL surged to $5.4 billion in a short time. Where did this money come from? The answer is clearly from "moving in" from other public chains. 🤔 And the siphoning effect of dedicated stablecoin chains goes beyond this. 1️⃣ Zero Gas or extremely low Gas, meeting the high-frequency demands of payment scenarios. 2️⃣ Native subsidies and incentives, directly tied to the growth curve of stablecoins. 3️⃣ Ecosystem self-consistency, no longer relying on the liquidity of external public chains. For example, the recent USDC and USDe subsidy activities at Cosmos can completely be accomplished on their own public chain, naturally siphoning off from other public chains. Looking back at the cooperation logic between Aptos and USD1, it seems more like a transitional choice for USD1, as USD1 currently "does not" have plans to build its own public chain and can only expand liquidity through cooperation with general public chains. Similarly, the cooperation logic between Aptos and other stablecoins is basically consistent with that of USD1. For @Aptos, this is certainly a good thing, as it can attract funds in the short term (though not necessarily, as subsidies are needed; in fact, after Aave expanded to Aptos, it attracted very little funding due to insufficient subsidies, resulting in low mining yields), but it is not a moat. 🤔 So, can the stablecoin narrative save general-purpose public chains? 👉 Stablecoins are diverting Ethereum: Note: The above is for information sharing only, not investment advice. Please be sure to do your own research! DeFi enthusiast: BitHappy