您可能沒有註意到，但是雪崩的C鏈最近再次流行。

雖然大多數生態系統的TVL正在緩慢下降，並且市場主題擠滿了AI，Restaking和Meme，但C鏈卻悄悄地反彈了這一趨勢

Recently, C Chain has become a hot topic again.

最近，C鏈再次成為熱門話題。

Most ecosystems' TVL is slowly declining, and the market is discussing AI, Restaking, and Memes. However, C Chain has quietly rebounded against the trend: active addresses have increased for three consecutive weeks, the TVL of mainstream protocols has risen again, and even the "forgotten" old project BENQI has returned strongly.

大多數生態系統的TVL正在慢慢下降，市場正在討論AI，恢復和模因。但是，C鏈已經悄悄地反抗這一趨勢：主動地址連續三個星期增加了，主流協議的TVL再次上升，即使是“被遺忘的”舊項目，Benqi也恢復了強烈的回歸。

At the same time, Avalanche launched a Visa virtual card, the Core wallet supports gas-free operations, and the on-chain infrastructure continues to upgrade - these signs all hint at one fact:

同時，雪崩發行了一張簽證虛擬卡，核心錢包支持無氣的操作，並且鏈基礎設施繼續升級 - 這些跡像都暗示了一個事實：

The value of infrastructure is being repriced.

基礎架構的價值正在重新定位。

Smart money has already quietly boarded the train. They don’t tell stories or chase trends, but they always walk ahead of others.

聰明的錢已經悄悄地登上了火車。他們不會講故事或追逐趨勢，但是他們總是走在別人的領先地位。

What is "smart money"? It's not the richest, but the longest-lived

什麼是“聰明的錢”？這不是最富有的，而是壽命最長的

Many people think that smart money is “whales,” but in reality, “smart” ≠ the biggest wallet, but the highest long-term winning rate.

許多人認為聰明的錢是“鯨魚”，但實際上，“聰明”≠最大的錢包，但長期獲勝率最高。

Their three magic weapons:

他們的三種魔術武器：

Bet calmly, without greed or fear: Don't be aggressive in a bull market, and don't be pessimistic in a bear market. Only those who can survive three rounds of bull and bear markets can be called alive.

冷靜下來，沒有貪婪或恐懼：不要在牛市上積極進取，不要在熊市中感到悲觀。只有那些能夠在三輪公牛和熊市中生存的人才能被稱為活著。

Risk control comes first, returns come second: Don’t look at how high the APY is, just care whether the protocol code has been reviewed.

風險控制首先，回報是第二：不要查看APY有多高，只是在意是否已經審查了協議代碼。

The chain is transparent and the liquidity is controllable: we are not afraid of locked positions, but we are afraid that they are locked but not told to the users; we are not afraid of falling, but we are afraid that there is no place to check the data.

鏈條是透明的，流動性是可控制的：我們不怕鎖定位置，但我們擔心它們被鎖定但沒有告訴用戶；我們不怕跌倒，但我們擔心沒有地方檢查數據。

These people are more like a hybrid of fund managers and hackers in Web3: they understand financial modeling and can read smart contract codes. They don’t talk much, but their actions often become the vane of the ecosystem. For example, the recent surge in BENQI’s liquidity is one of the choices made by these “quiet smart people” on the chain.

這些人更像Web3中的基金經理和黑客的混合體：他們了解財務建模並可以閱讀智能合同代碼。他們說話不多，但是他們的行為經常成為生態系統的葉片。例如，最近的Benqi流動性激增是連鎖店這些“安靜的聰明人”所做的選擇之一。

The "risk-avoidance posture" of smart money: Don't be crazy, just be "Buddhist"

聰明的錢的“避免風險的姿勢”：不要瘋了，只是“佛教”

In the second half of 2024, when the market was volatile and sentiment was low, smart money began to deploy stable income agreements.

在2024年下半年，當市場波動且情緒低落時，聰明的錢開始部署穩定的收入協議。

For example, BENQI, an old project in the Avalanche ecosystem: TVL soared to US$520 million, of which Liquid Staking's $sAVAX reached nearly 10 million AVAX, setting new highs almost every day.

例如，Benqi是雪崩生態系統中的一個舊項目：TVL飆升至5.2億美元，其中Liquid Staking的$ Savax的$ savax達到了近1000萬美元，幾乎每天都會創造新的高點。

What they chose was not the coin that "could increase tenfold", but:

他們選擇的不是“可以增加十倍”的硬幣，而是：

APR stable: currently about 5.2%

APR穩定：目前約5.2％

Assets can be reused: sAVAX can participate in lending and staking without affecting liquidity

資產可以重複使用：野蠻人可以參與貸款和積累而不會影響流動性

Clear mechanism and transparent operation: no fancy lock-up clauses

清晰的機制和透明操作：沒有花哨的鎖定條款

Friendly interface: even non-technical users can use it easily

友好界面：即使是非技術用戶也可以輕鬆使用

You may not have seen it, but the data on the chain does not lie: there is an address that has converted AVAX into sAVAX for several consecutive days, and then used it for loan cycles, totaling over one million US dollars. This **"income-collateral-compound interest"** combination is a typical "fear of death but not idle" strategy of smart money.

您可能沒有看過它，但是鏈上的數據並沒有撒謊：有一個連續幾天將Avax轉換為Savax的地址，然後將其用於貸款週期，總計超過100萬美元。這種**“收入合併複合利息” **組合是典型的“對死亡的恐懼，但不是閒置”的智能貨幣策略。

Not a discard, but a trump card

不是丟棄，而是王牌

Many people mistakenly believe that Avalanche's promotion of Subnet multi-chain means that the main chain C-Chain will be marginalized. But the reality is that C-Chain is becoming the core of infrastructure construction.

許多人錯誤地認為，雪崩促進子網多鏈意味著主鏈C鏈將被邊緣化。但是現實是，C鏈正在成為基礎設施構建的核心。

Check out these "silent moves":

查看這些“無聲移動”：

Avalanche Visa virtual card is now online: USDT / USDC / AVAX can be used for direct spending, and even Alipay can be linked.

雪崩簽證虛擬卡現在在線：USDT / USDC / AVAX可用於直接支出，甚至可以鏈接支付寶。

Core wallet supports gas-free operations: the threshold for new user experience is greatly reduced.

核心錢包支持無氣的操作：新用戶體驗的閾值大大降低了。

On-chain data service upgrade: developers and investors can query contract and asset data with one click.

鍊鍊數據服務升級：開發人員和投資者可以單擊查詢合同和資產數據。

The meaning behind this is that the C chain is not about showing off, but about absorbing real users and asset inflows.

其背後的含義是，C鏈不是要炫耀，而是要吸收真實的用戶和資產流入。

For smart money, this is the core logic behind their bet on Avalanche: when everyone is telling stories, only infrastructure is the real armor that can survive the cycle. And BENQI, as part of the early infrastructure, is gradually being re-evaluated and re-priced.

對於聰明的錢來說，這是他們押注雪崩的核心邏輯：當每個人都在講故事時，只有基礎設施才是可以在周期中生存的真正裝甲。作為早期基礎設施的一部分，Benqi正在逐漸重新評估並重新定價。

Stable income is not just a transitional solution to "wait for the bull market"

穩定收入不僅是“等待牛市”的過渡解決方案

If you zoom in, you will find that smart money is not investing in a specific project, but investing in a long-term logic:

如果您放大，您會發現聰明的錢不是在特定項目上投資，而是投資於長期邏輯：

Stable returns are the moat during market panic periods.

穩定的回報是市場恐慌時期的護城河。

Whether it is BENQI’s $sAVAX, Lido’s $stETH, or Frax’s sfrxETH, they are all finding new release paths for “non-trading assets”.

無論是Benqi的$ Savax，Lido的$ steth還是Frax的Sfrxeth，他們都在尋找“非交易資產”的新發行道路。

You’ll also find that they are continuously laying out:

您還會發現他們一直在佈置：

Frax focuses on stable pools such as sDAI to improve

Frax專注於SDAI等穩定池以改進