The stock market looks at intrinsic value, but the discount mechanism for risk assets in the crypto market is completely different. Historically, BTC has rarely seen significant discounts, but the situation with ETH is worth pondering.
The key lies in two dimensions: whether the continuous buying funds can absorb the selling pressure, and whether the consensus for rising prices can truly solidify.
This year, the scale of stablecoins has increased from 190 billion to 264.1 billion, and the TVL of DeFi protocols has generally doubled. The growth of mainstream protocols like AAVE, Pendle, and Curve proves the infrastructural advantages of the Ethereum ecosystem.
The biggest challenge facing BTC is the lack of infrastructure to support the stablecoin ecosystem. When RWA becomes prevalent, this shortcoming will become even more apparent.
The deflationary mechanism of Ethereum, driven by the prosperity of DeFi, is expected to perform well in the future.
#ETH #BTC #DeFi #RWA
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