Since everyone treats the stablecoin supply curve as an "off-chain capital button," I can't help but laugh... An increase in supply doesn't mean someone is immediately rushing in to buy coins; often it's just changing shells to arbitrage, market-making, or waiting on exchanges for opportunities. The same goes for ETFs; the fund inflow and outflow paths are as convoluted as my aggregated routing, so don't jump to causal conclusions just because two lines move in the same direction—it can easily lead you astray. I'm actually more concerned with the actual on-chain trading depth and slippage: when liquidity is thin, no matter how many narratives you tell, a single swap can slap you in the face. By the way, I see L2s arguing daily about TPS, fees, and ecosystem subsidies... Frankly, users only care about "don't overcharge me after I hit confirm," so don't mistake mouth-fighting for growth. That's all for now.