#稳定币市场与应用 The performance of Ethereum over the past year is indeed worth reviewing. From Pectra to Fusaka's two hard forks, and now the comprehensive maturity of the Layer 2 ecosystem, the upgrade logic of the underlying infrastructure is very clear—reduce costs, improve efficiency, and expand capacity. These seemingly technical details actually have a direct impact on copy trading strategies.

The data on stablecoins is very impressive: $300 billion in supply, an annual trading volume of 46 trillion, with Ethereum holding a 54% market share. In other words, institutions are accelerating on-chain deployment, and liquidity is genuinely gathering. Previously, I focused more on the trading logic of pure traders when copying trades, but now I realize that the advancement of infrastructure itself is a kind of underlying signal—when institutions like JPMorgan and BlackRock start deploying real applications on the mainnet, the market's risk boundaries are quietly shifting.

DeFi locking value reaches 93.9 billion, a 71% year-over-year increase, and Uniswap's annual trading volume exceeds one trillion, indicating that trading depth is improving and slippage costs for copy traders are decreasing. From a segmentation perspective, strategies related to stablecoins now have a better execution environment, which is worth re-evaluating some top traders who previously passed on due to cost issues.

However, caution is still necessary—improving infrastructure does not mean all strategies can run smoothly. It still depends on how specific traders utilize these tools and how they define risk. I will observe a few more cycles to see who truly profits from this wave of structural optimization.