X @Ignas | DeFi

Tempo: Bullish or bearish $ETH is the key question.ETH isn't dominating stablecoin transfers, so early cannibalization is small. The biggest loser looks like Tron, then Solana, Polygon and L2s.Ethereum stablecoin usage is mostly yield and DeFi based, plus long-term holding.But Stripe choosing an L1 over an L2 reduces demand for ETH holding and fee burning.Stripe also owns the full stack: Bridge, Privy and now Tempo. That funnels users and volume into Stripe’s ecosystem instead of Ethereum blockspace.On top, ...