#借贷协议风险 After reading this article about stablecoin banks, I fell into deep thought.

On the surface, 1,000 new stablecoin banks seem to represent the prosperity of Web3—intense competition, emerging innovations, and more choices for users. However, upon deeper reflection, I realized a painful reality: we are repeating the old story of the internet bubble.

The fundamental issue lies not in the flashy features and cashback activities at the application layer, but in the vulnerability of the underlying infrastructure. When your stablecoin bank relies on just a few infrastructure providers, any failure in one part—such as payment channel outages, regulatory issues faced by card issuers, or disruptions in deposit and withdrawal channels—can cause the entire system to collapse in an instant.

This reminds me of the core promise of Web3: decentralization, reliability, and trustworthiness. However, many projects today are quite the opposite; beneath the seemingly decentralized surface, they rely heavily on centralized infrastructure. Isn't this just traditional finance 2.0 dressed in the guise of Web3?

The true game changers will not be those applications that cover up the cracks with cashbacks and benefits, but rather the projects that fundamentally build redundant, reliable, and 100% uptime infrastructure. What we need is a rock-solid foundation, not an ostentatious superstructure.

This is also why I have great respect for those teams that are working diligently on infrastructure – they may not be sexy, but they are laying the foundation for the future. The victory of Web3 will ultimately not be won by a beautiful UI, but by reliability.