The market hasn't been very exciting overall, except for the arrival of the BSC chain; overall market liquidity remains poor. This brings us back to the question of "how to put your money," a topic that has always been underdeveloped.
Stablecoins solve settlement and liquidity problems, but most of the time they're more like checking accounts—useful and smooth, but the funds themselves are static. Looking ahead, old-school models like DAI have always focused on system security, liquidation mechanisms, and over-collateralization ratios. They address the question of "whether it can stay stable," not "what will happen to the money if it's just sitting there." For users, DAI is more like a tool-like asset, difficult to understand as a form of savings.
Another path is the model represented by ENA: through hedging, re-staking, and structured returns,
while stablecoins have become more dynamic, the cost is higher system complexity and continued dependence on market conditions. The 10.11 black swan event led to USDE's de-pegging.
Secondly, there are RWA-type stablecoins, such as Ondo. Their underlying assets are traditional low-risk assets like government bonds and cash, with clear logic and a well-defined compliance path. However, from a user experience perspective, it's more like simply porting the TradFi product structure onto the blockchain. Trade-offs often need to be made between yield, liquidity, and use cases; simply "holding it" isn't their primary focus. It's precisely outside these paths that we see some new attempts.
For example, @BuckToken introduces off-chain deterministic assets through a DAO: the Buck DAO collectively holds preferred shares in a micro-strategy, with allocations first entering the DAO and then distributed to BUCK holders according to rules. The founder is a verified entrepreneur, previously an executive at Uber (the largest ride-hailing app overseas), and there's a video on the official website. From the user's perspective, there's no need for staking or locking up assets; the assets are always available. It's important to note that there are holding period requirements; rewards aren't immediately available.
It may not be that. In the current environment of low liquidity and low risk appetite, the question of "how to put money in" needs to be re-examined seriously, breaking out of the existing paradigms.
