🚨 Some new stablecoin projects are already struggling. After digging through the top 50 stablecoin projects, here’s what I’ve noticed so far 👇 ✅ The good news (for DeFi users) There are tons of opportunities to capture value. Many of these projects don’t have strong moats or unique positioning—which means if you know how to stay at the top of the food chain, you can farm yield from others. Every protocol has its own strategy or angle to try and win. If you can spot the ones with actual potential (or at least understand how to extract value), it can be a fun game. ⚠️ The bad news (for the projects themselves) A lot of them won’t make it. Without a clear moat or differentiated positioning, they’ll struggle to attract and retain users. If you’re building in this space: highlight what makes you different right on your app, give people a reason to care, and how users should farm. Some of these projects are just vaults or wrappers in stablecoin form. If you're a user, your job is to figure out what’s real, what’s just hype, and where adoption might actually come from. 🌊 The opportunity New liquidity will keep flowing into this space. If you know how to ride the wave, you’ll win. Hint: PT normal ones, loop good ones, and ignore bad ones I’ll share more on how I approach this stablecoin game soon.