您可能没有注意到，但是雪崩的C链最近再次流行。

虽然大多数生态系统的TVL正在缓慢下降，并且市场主题挤满了AI，Restaking和Meme，但C链却悄悄地反弹了这一趋势

Recently, C Chain has become a hot topic again.

最近，C链再次成为热门话题。

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.

大多数生态系统的TVL正在慢慢下降，市场正在讨论AI，恢复和模因。但是，C链已经悄悄地反抗这一趋势：主动地址连续三个星期增加了，主流协议的TVL再次上升，即使是“被遗忘的”旧项目，Benqi也恢复了强烈的回归。

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:

同时，雪崩发行了一张签证虚拟卡，核心钱包支持无气的操作，并且链基础设施继续升级 - 这些迹象都暗示了一个事实：

The value of infrastructure is being repriced.

基础架构的价值正在重新定位。

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

聪明的钱已经悄悄地登上了火车。他们不会讲故事或追逐趋势，但是他们总是走在别人的领先地位。

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

什么是“聪明的钱”？这不是最富有的，而是寿命最长的

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

许多人认为聪明的钱是“鲸鱼”，但实际上，“聪明”≠最大的钱包，但长期获胜率最高。

Their three magic weapons:

他们的三种魔术武器：

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.

冷静下来，没有贪婪或恐惧：不要在牛市上积极进取，不要在熊市中感到悲观。只有那些能够在三轮公牛和熊市中生存的人才能被称为活着。

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.

风险控制首先，回报是第二：不要查看APY有多高，只是在意是否已经审查了协议代码。

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.

链条是透明的，流动性是可控制的：我们不怕锁定位置，但我们担心它们被锁定但没有告诉用户；我们不怕跌倒，但我们担心没有地方检查数据。

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.

这些人更像Web3中的基金经理和黑客的混合体：他们了解财务建模并可以阅读智能合同代码。他们说话不多，但是他们的行为经常成为生态系统的叶片。例如，最近的Benqi流动性激增是连锁店这些“安静的聪明人”所做的选择之一。

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

聪明的钱的“避免风险的姿势”：不要疯了，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，当市场波动且情绪低落时，聪明的钱开始部署稳定的收入协议。

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是雪崩生态系统中的一个旧项目：TVL飙升至5.2亿美元，其中Liquid Staking的$ Savax的$ savax达到了近1000万美元，几乎每天都会创造新的高点。

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

他们选择的不是“可以增加十倍”的硬币，而是：

APR stable: currently about 5.2%

APR稳定：目前约5.2％

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

资产可以重复使用：野蛮人可以参与贷款和积累而不会影响流动性

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

清晰的机制和透明操作：没有花哨的锁定条款

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

友好界面：即使是非技术用户也可以轻松使用

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.

您可能没有看过它，但是链上的数据并没有撒谎：有一个连续几天将Avax转换为Savax的地址，然后将其用于贷款周期，总计超过100万美元。这种**“收入合并复合利息” **组合是典型的“对死亡的恐惧，但不是闲置”的智能货币策略。

Not a discard, but a trump card

不是丢弃，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.

许多人错误地认为，雪崩促进子网多链意味着主链C链将被边缘化。但是现实是，C链正在成为基础设施构建的核心。

Check out these "silent moves":

查看这些“无声移动”：

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

雪崩签证虚拟卡现在在线：USDT / USDC / AVAX可用于直接支出，甚至可以链接支付宝。

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

核心钱包支持无气的操作：新用户体验的阈值大大降低了。

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

链链数据服务升级：开发人员和投资者可以单击查询合同和资产数据。

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

其背后的含义是，C链不是要炫耀，而是要吸收真实的用户和资产流入。

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.

对于聪明的钱来说，这是他们押注雪崩的核心逻辑：当每个人都在讲故事时，只有基础设施才是可以在周期中生存的真正装甲。作为早期基础设施的一部分，Benqi正在逐渐重新评估并重新定价。

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

稳定收入不仅是“等待牛市”的过渡解决方案

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，您会发现聪明的钱不是在特定项目上投资，而是投资于长期逻辑：

Stable returns are the moat during market panic periods.

稳定的回报是市场恐慌时期的护城河。

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

无论是Benqi的$ Savax，Lido的$ steth还是Frax的Sfrxeth，他们都在寻找“非交易资产”的新发行道路。

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

您还会发现他们一直在布置：

Frax focuses on stable pools such as sDAI to improve

Frax专注于SDAI等稳定池以改进