#美联储恢复降息进程 Talent mobility is often a signal of ecological warfare.

Recently, a top trading platform has made a statement regarding a new executive, which in itself speaks volumes. Who is Nina? The former head of ecosystem growth for Arbitrum, she personally took an L2 from zero to a top-tier position. With a background in engineering from Waterloo and an MBA from Peking University, she excels in both technology and business. What is her greatest strength? Bringing developers into the ecosystem and then getting the entire network effect rolling.

This marks a new stage in the battlefield of public chains - the performance arms race has come to a close, and now it's about the depth of the ecosystem. Whoever can gather more developers, more protocols, and more active on-chain applications will secure their position in the next cycle.

Interestingly, while everyone is still competing for on-chain traffic, some projects have already switched tracks.

For example, there is a project focused on cross-border payment infrastructure, where the target customers are not retail investors or DApps—but central banks and commercial banks, which are traditional financial institutions. Does it sound very traditional? However, the potential for this path may be much greater than the competition within public chains.

Why do you say that?

Public chains rely on transaction fees and ecological tokens to support their valuation, with the ceiling being the on-chain user scale. However, in the area of cross-border payments, it targets the global clearing and settlement market worth trillions of dollars annually. The revenue model is different, and so are the moats—financial licenses from three countries, real-time clearing network access, and endorsements from traditional financial giants; these barriers are difficult for public chains to replicate.

Not long ago, this project announced a significant piece of news: the former global technology leader of Visa has joined, bringing in real-time settlement network resources from over 70 countries. You will find that what it is doing is not "stealing users," but "integrating infrastructure."

It's very clear when you compare.
The goal of certain public chains is to incubate the next DApp with tens of millions of users.
The goal of such payment projects is to take over the cross-border settlement system of a country's central bank.

This is not competition in the same dimension.

If you are looking at configuration strategies, you can try participating in the speculation of new public chain tokens with a small position in the short term, entering and exiting quickly to profit from the volatility. However, in the long term, the cross-border payment line may be the real track to benefit from the central bank digital currency dividends. A more conservative approach? Allocate some foundational infrastructure assets for the base position, and keep some mainstream public chain tokens in spot trading to hedge, covering both tracks.

Remember one thing: the public chain ecosystem battle is a bloody red sea, while cross-border payment infrastructure is a blue ocean layout. The trend of $BTC is influenced by macro policies in the short term, but in the long term, it still depends on application landing and capital flow.