#稳定币发展与应用 Recently, what's interesting is that Zama's privacy stablecoin has launched, with a single transaction cost of only $0.13. This is true technological implementation. I looked into it, and fully homomorphic encryption runs directly on-chain, completely hiding transaction amounts and balances. Compared to those schemes that require contract restructuring, this is indeed impressive.

Speaking of which, there are also quite a few controversies in the stablecoin space now. Lighter's distribution structure has attracted a lot of criticism—50% goes to the team and investors, only 25% is reserved for future airdrops, and the community's reaction has been somewhat negative. In contrast, Hyperliquid allocates 42.888% for subsequent airdrops, making the gap clear. This VC-led distribution model is indeed prone to pitfalls, especially with a 1-year cliff and 3-year unlock schedule.

But from an interaction perspective, now is actually an opportunity. Lighter's revenue has dropped by 82.5%, but trading volume only decreased by 60%, indicating that the farming effects have dissipated and real demand is emerging. This adjustment period is actually the most efficient time to earn—there are still incentives, less water content, and a clearer ROI on interactions.

Zama's focus on privacy is worth paying attention to. The low cost means the barrier has lowered. If you want to participate, OG NFT claims are also about to open. Early involvement in such infrastructure projects often offers greater returns. The stablecoin track will definitely have opportunities in 2026; the key is to choose the right direction.