The stablecoin regulatory framework will become the first clear US cryptocurrency regulatory policy in July/August this year, making the stablecoin track the hottest trend in the current cryptocurrency industry. Just this week, World Liberty Financial and Fidelity Fund of the Trump family announced that they would bow into the stable currency track. Practitioners jokingly say that the last letter of stablecoin symbols (USD_) is running out of time. However, many retail investors do not think much of stablecoin projects in their hearts, believing that they are a game between institutions and whales, and questioning whether investing in stablecoin projects can have a chance to turn things around like speculating on meme coins. In fact, it is possible. The answer to investing in the stablecoin track in this cycle is no longer the algorithmic stablecoin of Luna UST in the previous cycle, but through YT leverage in interest derivatives markets such as Pendle to amplify returns. For example, Usaul in Q4 of the 25th year. If you think YT is too complicated to play, another method is to intervene in stablecoin projects early and obtain chips at low cost. New stablecoin projects are constantly emerging in the market, which is dazzling. But fishing requires going deep into the water. Where is the depth of the water? Berachain (Bear Chain) has officially launched its PoL (Liquidity Mechanism). And Berachain happens to have a stablecoin called Gem 💎， NECT, the second largest native stablecoin in the ecosystem. Users deposit their assets into Beraborrow's "Dens" and cast NECT based on the collateral value, typically requiring over collateralization to maintain stability. Beraborrow supports a variety of collateral, including Bera native tokens (such as iBGT), liquid collateral derivatives, and blue chip assets (such as WBTC, WETH, OHM). Unlike other lending agreements such as Aave or Compound, NECT's lending is interest free, and users only need to repay the cast NECT principal to redeem the collateral. NECT has a very high adoption rate in Berachain's DeFi ecosystem, integrating with bear chain leading DeFi protocols such as Kodiak and Dolomite. Beraborrow's TVL now exceeds 400M+, ranking third in the CDP protocol segment, only behind SKY Avalon。 If compared to SKY (formerly MakerDAO), it is known that the market value/TVL ratio of MakerDAO is approximately 0.27 (10.2/37.9). Assuming that the market value/TVL ratio of the two remains the same, the valuation of Beraborrow is approximately $102 million. The valuation of DeFi protocols is influenced by factors such as market sentiment, liquidity, and user adoption. The market value/TVL ratio valuation method has limitations and is only for reference. Beraborrow's native token POLLEN will raise funds on Fjord on March 28th, and then launch tokens on the bear chain's head DEX Kodiak. The specific details are as follows: -March 28th 20:00-March 31st Beijing time -Fundraising 1.05m at a valuation of $42m FDV -Allocate 2.5% of the total supply (10.5m POLLEN) -Fixed price 0.1/POLLEN -Chain: Arbitrum -Payment Token: USDC -Maximum purchase per address: 250k POLLEN -Unrestricted warehouse pay attention to ⚠️： Given the $42m FDV set by Beraborrow IDO, there is approximately double the profit margin compared to the market valuation of $102 million. In addition, POLLEN's launch did not use Fjord's common LBP Dutch auction mechanism but was sold at a fixed price, and the fundraising amount was only 1.05m. It is expected that there will be a situation where the quota will run out in seconds. Interested friends, remember to prepare USDC, Gas fees, and RPC nodes in advance.