Will stablecoins break the token flywheel?
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最新报道：The crypto ecosystem's evolution from Bitcoin as internet reserve asset to Ethereum's world computer ambitions highlights scaling challenges driving layer-1 competition. The "fat app thesis" suggests value accrual through tokenized applications, though settlement layer limitations and misaligned incentives persist. Polymarket's success over Augur demonstrates stablecoins' critical role in enabling onchain financial activity by eliminating FX risk. As stablecoins become crypto's unit of account, new token models must evolve beyond utility tokens toward meaningful user rewards and governance, though current airdrop structures risk creating unsustainable flywheels in a stablecoin-dominated economy.
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