Vitalik Buterin has a point: prediction markets restrict price ranges to 0 to 1, which can effectively curb speculation and eyewash. The logic behind this is harsh—true freedom requires clear boundaries.

Looking at the stablecoin sector again, you will find an interesting reversal: the truly viable stablecoins are precisely those that actively "go on-chain".

Why is the crypto market so crazy? To put it simply, it's infinite reflexivity. Emotions drive up prices, and prices amplify emotions, ultimately forming an irretrievable death spiral. However, by using on-chain over-collateralization and public reserve proof to anchor value at 1 dollar, it seems to be a constraint, but in reality, it's the most sophisticated defense.

Price stagnates, and speculators have no way out. Emotions become ineffective, and the market can then calm down. Providing a definite "1" is necessary to support the real demands of DeFi lending and trading.

This is the difference. Some stablecoins pursue appreciation and traffic, ultimately becoming eyewash. Some stablecoins abandon delusions and provide the most certain anchor point in the storm. In a market full of bubbles, those who can recognize this truth are the ones who truly profit.