2025-12-28 12:20:32

The valuation logic of stablecoins needs to be re-examined; simply applying traditional internet methodologies is not appropriate.

The most interesting part is the distribution layer. In this stage, value capture is actually the most substantial. Why? Because distribution is traffic, and traffic is the most valuable resource in any ecosystem. Players like Coinbase and PayPal have become industry leaders primarily because they control the access point to users. I agree about 30% with this logic—distribution is indeed crucial, but stablecoins themselves also have other dimensions of value creation.

The key is to ask clearly: where exactly is the core value of stablecoins? Is it in technical credit endorsement? in the practicality of the application ecosystem? or in the expansion of network effects? Only by considering these dimensions together can we arrive at a reliable valuation. Simply applying internet company PE multiples or DAU-based valuation methods definitely won't work.

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MoonWaterDroplets

· 13h ago

Distribution layer is indeed valuable, but it's not as absolute as you might imagine. --- Stablecoins are inherently ambiguous; various dimensions are competing. --- Thirty percent agree haha, this ratio feels quite realistic. --- The problem is, I can't figure out which dimension truly holds the pricing power. --- The traditional internet formulas can't be directly applied; we need to find another way. --- The idea that traffic is king doesn't fully apply to stablecoins either. --- Asking where the core value lies is a good question, but also the hardest to answer. --- Using PE multiples and DAU metrics is just self-deception. --- It's right that Coinbase is holding the choke point, but the logic for stablecoins seems different. --- Besides distribution, there are also credit endorsements and ecosystem practicality; there are too many dimensions.

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SneakyFlashloan

· 13h ago

The distribution layer has indeed been hyped up too much, but the real value of stablecoins still lies in that credit endorsement. --- Wait, is the logic that traffic is the most valuable really universally applicable to stablecoins? Feels a bit off. --- The core value dimension wasn't clearly explained, yet they dare to estimate the valuation. No wonder project teams are just cashing in. --- The analogy of Coinbase choking is a bit exaggerated; stablecoins are not solely issued by them. --- The PE multiple conversion method definitely needs to be discarded, but no one has provided a better alternative. --- Credit endorsement, ecological practicality, network effects—just listing them isn't enough; they need to be quantified. --- Recognizing 30% of distribution is actually underestimating; without traffic, how can one be a leader? --- Ultimately, there's no consensus on the valuation framework; everyone plays by their own rules.

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GasFeeSurvivor