Based on past experience, the activity of "giving benefits to users" will decrease or even stop in bear markets, as landlords do not have much surplus food. After a 122 day hiatus, Binance has finally launched a new round of Launchpool (Issue 72), with the previous round (Issue 71) dating back to November 25. Comparing the data changes of these two times, some interesting information can be found: 1. Changes in the power structure of stablecoins Previously, USDC and FDUSD were supported, but starting from this period, USDC (with a pool of 10%) has been retained, while FDUSD has been completely withdrawn and replaced by USD1 and U (with a pool of 5%). (Figure 1) I think this should not only be a change in cooperation partners, but also a structural upgrade of the stable coin strategy: from the previous relative binding to a single platform stablecoin, to a multi camp, layered, and modular USD liquidity architecture. 2. Potential purchasing power within the exchange decreases The total lock up amount of FDUSD and USDC in the previous period was 2.78 billion US dollars; And this period's U lock up is 290 million US dollars, USD1 lock up is 680 million US dollars, USDC lock up is 1.05 billion US dollars, totaling 2.02 billion US dollars; A decrease of 27.3% indicates that although Binance has provided many airdrop benefits and high interest returns, it still cannot stop the net outflow of funds in the overall trend, that is, the potential purchasing power remaining on the exchange is declining. (Figure 2) This is consistent with what we have seen from on chain data: since early December 25, mainstream stablecoins on exchanges are experiencing the most severe net outflow in nearly three years of this cycle. But the good news is that the trend of significant net outflows since February 16th is gradually weakening. 3. Most users still trust USDC more As of now, the number of USD1 participants is 12000+, with an average investment of 5.6w USD per person; The number of participants in USDC is 339+, with an average investment of 3.2w US dollars per person. It indicates that ordinary investors still hold more USDC. (Figure 3) Although Binance has continuously introduced high interest rates for holding USD1 and receiving airdrop rewards from WLFI. But it seems that there is still a large portion of users who believe more in USDC that has been tested by bull and bear cycles. After all, no one wants to have their bottom copied before the bear market reaches its bottom, and the fear of 'what if' users of new assets is understandable. ----------------------------------------------- Additionally, there is a small detail: for those who hold USD1, they need to transfer the USD1 originally placed in their "Leveraged Account" and "U-Standard Contract Account" to their spot account in order to participate in the event. And this resulted in the loss of 1.2 times the reward bonus that could have been enjoyed. Have all the actuaries calculated which option can maximize profits? Welcome to leave a comment and discuss in the comment section.