Who understands, family! Right now, in the crypto world, when discussing ETH, nine out of ten people are struggling with 'can it break the previous high' and 'should we buy the dip,' but few have noticed a more terrifying fact — this thing is no longer just a simple smart contract platform; it has secretly turned into the 'underground settlement center' for global dollar liquidity! Every day, $90 billion to $100 billion of stablecoins are being transferred back and forth, which is higher than the GDP of many small countries. This scale really makes people's scalp tingle.
As someone who has been tracking on-chain data for nearly 6 years, I have to say this: Many people criticize Ethereum for its high transaction fees and slow transfers, thinking that 'new public chains can easily outclass it,' but the results of large funds voting with their feet do not lie. Do you think those institutions and whales are foolish? They are willing to spend dozens or even hundreds of dollars in gas fees just to transfer USDT or USDC on Ethereum? The core is two words: reliable.
Here are some valuable insights for everyone; understanding this will help you grasp how deep Ethereum's moat is. Firstly, the stablecoin transfers it handles daily are primarily dominated by USDT and USDC, which together account for over 90%. Don't underestimate these transfers; they aren't just a few hundred or thousand dollars from retail investors, but rather significant amounts flowing in millions and tens of millions. Why don't these funds choose new chains that offer 'instant deposits and zero fees'? The answer lies in 'settlement certainty' and 'credibility'.
Some might want to argue: 'Isn't it just transferring a coin? What certainty do you need?' Let me tell you, this is crucial in large transactions. You might think a little delay is fine when transferring 100,000 dollars, but try transferring 100 million dollars. What if there's a fork on the chain, the project team runs away, or the transaction gets stuck? Who can bear the loss? Ethereum has withstood the test of so many years; whether in technical stability or community consensus, it is currently the most 'resilient'. Its credibility is not built on white papers but is earned through countless transactions and crises it has endured, which is what the big whales value most—a 'safety cushion'.
There is another crucial logic that many people get wrong: it is not stablecoins that have made Ethereum successful, but rather Ethereum that has provided a 'reliable value carrier' for stablecoins. Think about it, stablecoins are essentially 'blockchain versions of the dollar', and their core function is to solve the liquidity problem in the cryptocurrency market. However, if the chain that carries them is unreliable, then stablecoins, no matter how stable, are useless. It's like storing your money in a bank that could collapse at any moment; even if it's in dollars, you won't sleep soundly, right?
I know many new public chains are vying for the stablecoin business, promoting themselves with extravagant claims like 'speed increased by 100 times' and 'fees reduced by 99%'. But to be honest, these are just 'added advantages', while Ethereum holds the key card of 'providing crucial support'—security and trust. For large funds, 'a bit slower and a bit more expensive' is far more cost-effective than 'unsafe and uncertain'. It's like flying; you wouldn't choose an unverified small plane just because the economy class is 10 minutes slower, right?
Finally, let me say something heartfelt: when assessing the value of a public blockchain, don't just look at the rise and fall of coin prices; you must also consider its actual 'real utility'. The nearly hundred billion in stablecoin transfers on Ethereum daily is the strongest 'proof of utility'. Those who shout that 'Ethereum will be eliminated' likely haven't witnessed the scene of substantial funds flowing on the chain.
Of course, I’m not saying Ethereum is perfect; high fees are indeed a hard flaw, but this precisely indicates that its ecosystem is too crowded and demand is too strong. If future upgrades can continuously land and solve the congestion problem, its moat will only deepen.
When you use stablecoins, do you prioritize speed or security? Have you ever encountered issues with transactions due to choosing the wrong chain? Let's discuss in the comments! Follow me, and next time I will share more about how nearly a hundred billion in stablecoins flows between various addresses daily, and what secrets the big whales are hiding! Follow me @链上标哥 so you don't get lost!
