#稳定币市场波动 Analyzing this incident, it is revealed that the response from the co-founder of Morpho exposes the operational mechanism of lending protocols under market pressure. When the capital utilization rate soared to 100%, the interest rate increased by four times, which is a result of the market's automatic adjustment. It is worth noting that the so-called "insufficient liquidity" is limited to a few funding pools and does not indicate systemic risk. This reminds us to interpret on-chain data with caution to avoid misreading individual indicators. For the stablecoin market, such fluctuations are actually beneficial for risk pricing and market balance. In the future, we will continue to track relevant capital flows and assess the long-term effects of this adjustment mechanism.