Here's the translation: Regarding the dedicated chains launched by Strip, Circle, and Tether, here are two perspectives: 1) Impact on Ethereum layer 2: Layer 2 solutions have been consistently trying to inherit mainnet security safely, yet they overlook a fact that for major clients like Strip, Circle, and Tether, the core demand for Mass Adoption is not decentralized security, but full-stack control from minting to settlement. Moreover, the commercial interests such as Sequencer revenue, MEV, and gas fees that can be directly pocketed have no reason to be shared with L2. More critically, when facing regulatory inquiries or "compliance" issues requiring urgent handling, dedicated chains can obviously meet TradFi risk control requirements more quickly and efficiently. Therefore, this is absolutely another blow to the Ethereum layer 2 strategy. L2 originally hoped to introduce real users and transaction volume through stablecoins and RWA assets, but these asset issuers are directly bypassing them. Ironically, the more "orthodox" L2 is technically, the less commercially attractive it becomes, as these technical innovations seemingly solve Ethereum community concerns but not stablecoin issuers' pain points. 2) Impact on Ethereum mainnet: The impact on Ethereum mainnet depends on the perspective. In my view, stablecoin giants creating dedicated chains are essentially building an efficient payment settlement layer, which precisely confirms Ethereum's position as a global financial settlement layer. These dedicated chains can indeed optimize point-to-point payment throughput and latency, but they lack true interoperability. When complex cross-asset financial operations are involved, the required atomicity and composability can only be achieved in Ethereum's unified state machine. Crucially, DeFi derivatives market innovation depends on permissionless liquidity aggregation. For instance, Uniswap V4's Hook mechanism, Aave's cross-pool risk management, GMX's synthetic asset model, etc., all require access to multi-source liquidity, which cannot generate synergy on closed stablecoin chains and naturally cannot showcase the innovative charm of permissionless DeFi infrastructure. Therefore, Ethereum will ultimately play a dual role: both a neutral settlement layer between these dedicated chains (similar to SWIFT's clearing function) and the foundational layer for DeFi innovation (providing composability for complex financial products).