As a Web3 observer deeply involved in the industry, I firmly believe that "certain returns" are the ultimate moat for top players in the market. Binance's recently released March Proof-of-Reserve (PoR) data once again demonstrates textbook-level transparency to the entire industry. The data shows that the reserve ratios for BTC, ETH, and SOL have all been consistently maintained above 100%, providing a solid foundation for 1:1 redemption. However, the real details are hidden on page six of the report: the reserves of the stablecoin USD1 are officially included for the first time, and of its staggering 4.595 billion circulating supply, over 87% is held within Binance. This extremely high data stickiness directly explains the recent surge in USD1 trading activity. Clearly, USD1 is no longer just a safe-haven asset; it is rapidly eroding the existing market share through its deep integration with Launchpool policies.