One of the biggest changes in DeFi is happening quietly.


Stablecoins are no longer competing to be the one you hold.
They’re competing to become the one everything else depends on.
@SkyEcosystem’s latest move is a good example.
By supporting liquidity for both @sparkdotfi and @Uniswap’s stablecoin FX layer, USDS is becoming part of the infrastructure.
That has two sides:
① More integrations create stronger network effects.
② More integrations also create shared points of failure.
If USDS liquidity becomes deeper, everyone connected benefits.
If it’s repriced or pulled, those dependencies show up just as quickly.
Sometimes the biggest risk isn’t the protocol you’re using.
It’s the liquidity layer underneath it.
UNI-0.48%
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