The 15% of the market that’s not Tether and Circle has always been a colosseum for gladiators and gladiatrixes as much as anything else. But the show has been dull this cycle. No one appears especially skilled at making money, so we should at least demand entertainment. There’s been no Magic Internet Money or founders going to Twitter to tell economists to “have fun staying poor”. Sure, USDai and Ethena have been interesting for backing we’d not seen before, and MakerDAO/Sky’s spasms of senseless ponzinomics make you rubberneck as much as any roadside car fire. But animal spirits seem much diminished. I feel like everyone who has stepped out onto the sand is pretty feeble (loses money; lacks organic use) or lacks showmanship. Of course, what we *really* need is for someone to take a crack at disrupting the dinosaurs of Tether and Circle. Tether in particular has always looked extremely vulnerable to competition, and offers a promise to be a contest worth watching if anyone would actually try to do it — think of all the subplots and cinema inherent in jostling Tether out of the way in the most remote, dysfunctional, and financial-services-starved parts of the world. Much better than an unskilled knife fight for the 15% of the market that’s everyone else not named Tether and Circle.