Aside from war and CEX drama, today’s hottest topic is USD1. The trigger was World Liberty’s strategic reserve wallet depositing nearly $300 million worth of $WLFI into Dolomite (which has a strong binding relationship with WLFI), and then borrowing 65.4M USD1 and 10.3M USDC. Of this, 300K USDC and 40.4M USD1 were deposited into Coinbase Prime. Additionally, weeks ago, the strategic reserve wallet had already deposited nearly $200 million worth of $WLFI into Dolomite. This led to: 1. A sharp spike in deposit yields for USD1 and USDC on Dolomite; 2. Market concerns that something might be wrong with USD1 (e.g., the team might dump like the Curve founder, or USD1 itself might be compromised); 3. Out of caution, deposit yields for USD1 and USDC on Dolomite remain around 30% (currently, supply exceeds borrowing—I’ve observed that most participants are essentially gambling on high-risk returns). My own thoughts: 1. USD1 itself is unlikely to have any issues—it’s a fully collateralized stablecoin. 2. If you want to earn this yield, you must constantly monitor supply and borrowing levels. If conditions turn unfavorable, you must exit quickly—otherwise, your ability to deposit or withdraw will no longer be under your control. 3. I don’t believe the team is foolish enough to openly engage in a dump. This更像是 a deliberate creation of a borrowing gap to generate high yields for USD1 and drive its adoption. However, if you want the market to trust you and deposit funds into Dolomite, you need to issue public statements and implement on-chain safeguards—such as ensuring immediate repayment to allow users’ funds to flow freely and maintaining healthy loan-to-value ratios.