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Recently, more and more movements in the DeFi world have caught my attention. The depegging of stablecoins is happening one after another.
Complex stablecoins like xUSD and USDX are losing their pegs in quick succession. The fragility of decentralized stablecoins that rely on complex financial structures such as delta-neutral strategies has been exposed. Honestly, I think this is not just an isolated issue but a much bigger warning signal.
Major DeFi protocols like Euler, Compound, and Aave are starting to feel the stress. When a depeg occurs, collateral values plummet sharply, causing a chain reaction that affects other protocols as well. It makes me realize again that the current DeFi market is more fragile than I thought.
With the stablecoin market exceeding $300 billion, such instability is serious. Lack of transparency, collateral adequacy, regulatory gaps—these fundamental issues remain unaddressed, leading to repeated risks like depegging.
Personally, I believe that participants in DeFi need to better understand the collateral composition and liquidity status of each protocol. Since systemic risks like these could continue to emerge, close attention is necessary.