Looking at this picture, I have to say a few words: In 2021, SOL was 233 yuan, with a market capitalization of 71 billion; now it has fallen to 126 yuan, with the market capitalization still at 71 billion. The price has been cut in half, but the valuation remains unchanged—what looks like a crash is actually the ecosystem doing subtraction.

Why is this happening? The number of tokens has indeed increased, but the ecosystem is also changing. Back then, SOL was relying on hype; now there are real users, real transactions, and real developers supporting it. Many people only look at K-lines, while smart people look at the industrial logic behind market capitalization.

This matter touches on a deeper question: in the crypto market, where the token economics is constantly changing and prices fluctuate dramatically at any time, how can one find a stable value reference system that won't be diluted and is not affected by market sentiment?

Speaking of this, it reminds me of the design concept of USDD. What it does perfectly answers this question:

**First Perspective: How to Align Market Capitalization and Value**

USDU does not engage in inflation games. It requires a collateralization rate of over 130%, backed by liquid assets such as BTC and TRX, with each token's value firmly pegged to 1 dollar. Regardless of whether it is a bull or bear market, its actual value always corresponds to an equal amount of real assets. This is similar to the logic of SOL shifting from "hype-driven" to "data-driven".

**Second Perspective: What is Trust Built Upon**

All collateral assets are placed on the chain and can be checked in real-time. There is no black box operation, no human adjustments. Stability is no longer just a slogan, but has become a verifiable on-chain fact.

This design is indeed worth pondering.