When RWA became popular, the scale of stablecoins expanded rapidly, and DeFi began to flourish, the biggest problem of BTC was the lack of infrastructure to support the stablecoin ecosystem. This year, the total scale of US dollar stablecoins increased from 190 billion to 264.1 billion, which is not a big increase. However, the TVL of major DeFi protocols doubled, including but not limited to AAVE, Pendle, Curve, Hyperliquiqui, Ena, Lido, Uniswap, etc. Ethereum's deflation is expected in the future.