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The market capitalization of USDT has surpassed 83 billion USD, but the market is still in a sideways trend. Recently, the market capitalization of USDT has continued to rise, once again breaking through the 83 billion USD mark, and is very close to the historic high reached in early May 2022. Typically, as the largest stablecoin by market share, the increase in USDT's market capitalization is often seen as a precursor to a bull market. However, this time the increase in USDT's market capitalization has not driven the overall market trend to rise synchronously, with mainstream crypto assets like Bitcoin still in a sideways adjustment phase. So, where exactly has the newly issued USDT gone? How much has entered the trading market? Through a comprehensive analysis of the changes in USDT's market capitalization, on-chain data, and trading data, we have identified the following key points: 1. As of June 3, the total market capitalization of stablecoins is approximately 12.92 billion USD, a slight decrease of 0.87% over the past month, and a decrease of 6.22% since the beginning of this year.

Discussion on the Fragmentation of Liquidity in the Era of Layer 2 As Ethereum shifts towards Layer 2 centered expansion solutions, coupled with the rise of various tools, a large number of public chains are rapidly developing. Many entities hope to build their own chains to represent different interest claims and seek higher valuations. However, the emergence of numerous public chains has made it difficult for the ecosystem's development to keep pace with the public chains, resulting in many projects facing difficulties in the early stages. With the help of various technologies, many well-known companies and institutions have launched their own Layer 2 or public chains. Nowadays, the funding and technical barriers to building a chain have been greatly reduced, and the monthly cost of operating a chain based on certain technology stacks is about $10,000. The future will undoubtedly be an era of coexistence of multiple chains. Although these emerging chains may choose interoperability for communication, it is difficult for them to operate on the same chain due to the large number of downstream applications behind them.

With the continuous development of blockchain technology, Conflux is becoming an emerging public chain project worth following. As a high-performance blockchain network, Conflux has shown potential comparable to Solana. The upcoming Conflux 3.0 version is expected to support a processing capacity of up to 15,000 TPS, while also featuring cross-chain capabilities, AI integration, and compatibility with real-world assets. In terms of stablecoins, Conflux has adopted an innovative approach. By pegging to the Renminbi, Conflux is collaborating with AnchorX to advance cross-border settlement under the "Belt and Road" initiative. This move not only showcases Conflux's ambition in financial innovation but also reflects its contribution to the facilitation of international trade. What sets Conflux apart is its combination of advanced blockchain technology, stablecoin logic, and national credit backing. Currently, the price of Conflux is approximately $0.22, and this valuation does not seem to fully reflect its technological strength and the potential value of its application scenarios. With the gradual rollout of RMB-related applications based on Conflux and the addition of more commercial nodes, Conflux is expected to become an important force driving the development of the Asian crypto economy. It not only represents a significant innovation in Blockchain technology but also reflects China's innovative capacity and influence in the global Blockchain field. For investors and tech enthusiasts who follow the development trends of Blockchain, Conflux is undoubtedly a project worth continuous attention. It may play an increasingly important role in the future cryptocurrency ecosystem, especially in the Asian market.

FriendTech has emerged in the downturn of the crypto assets market, attracting attention with its high-quality user base, airdrop expectations, and strong resource background. However, participants should be wary of risks such as profit Bots, price fluctuations, and contradictions in profit models, and should invest cautiously.

The Fed maintained interest rates, and although economic uncertainty still exists, the crypto market reacted calmly. Bitcoin and Ethereum prices remained stable, with institutional funds continually flowing in, facing a Bull vs Bear Battle. On-chain data indicates an increase in Bitcoin scarcity, an increase in long-term holders, and future demand may drive prices up.