#加密市场流动性危机 Looking back at this "black day" in the crypto market, I can't help but recall the collapse of Luna in May 2022. History is always surprisingly similar; high returns often hide significant risks. The 50% annual yield of USDe's circulating loan is reminiscent of the 20% yield promised by Luna back then, both betting that extreme situations won't occur. But the market will always remind us in the harshest way at some point: there's no such thing as a free lunch.

The recent incident has exposed not only the vulnerability of algorithmic stablecoins but also the systemic risks of institutional investors and exchanges. From Luna to FTX, and now to today's USDe, it seems we still haven't learned from history. Large institutions using cross-margin are still employing high-risk assets as collateral, ultimately triggering a chain reaction.

For ordinary investors, identifying risks is crucial. When a project promises extremely high returns, has a complex and difficult-to-understand mechanism, and its main purpose is to generate profits rather than actual application, it's time to raise your guard. The principles of risk management are actually quite simple: diversify investments, avoid leverage, and don't fantasize about being able to escape before a crash.

Buffett said it well: "Only when the tide goes out do you discover who's been swimming naked." In this ever-changing market, surviving is always more important than making money. Let us remain vigilant and not be blinded by short-term high returns.