Saturn absorbed $100 million in less than a month, Ethena once generated a scale of billions by capturing funding rates, DBS also has opportunities in this field, but the problem with Basis Trade is that it will be limited by market capacity bottlenecks after scale growth, and STRC's revenue will not be compressed as the scale expands. In fact, Ethena's logic is not falsified, it simply cannot rely solely on Basis Trade to create a mainstream stablecoin, This strategy needs to operate within a certain capacity and be adjusted according to market conditions. The strategy based on STRC theoretically does not have this limitation. On the contrary, as the scale grows, micro strategies can raise more funds, increase holdings of BTC, and enhance market confidence. The risk perception of STRC as a credit tool decreases. As long as the micro strategy flywheel is still spinning, this logic can exist. The operating model is that Galaxy is responsible for purchasing STRC off-site, Clear Street is responsible for custody and clearing, and Securitize is responsible for compliance tokenization. In the DeFi market, PT USDat has a yield of 8% and PT USDat has a yield of 12%. However, during the period when on chain security is being tested, the market sentiment is too poor. If liquidity is active on the chain, the growth rate should not exceed the current level.