The risks of de-pegging for algorithmic stablecoins and the risks during the re-collateralization process are thought-provoking, and whether a perfect model exists remains a fascinating question.

The reason for Ethena's success as a CeFi product lies in its provision of short liquidity for the perpetual contract market of centralized exchanges, but one must be cautious of the death spiral risk in the mechanism design.

Friend.Tech currently refuses to engage with all VCs except Paradigm, and mining is the only way to gain exposure to the company. A continuous payment mechanism must be introduced, or a downward spiral will occur.

What can we learn from the economics of Web3 in this regard?

In Web2 games, many have perished for a few to succeed, and only a handful of games possess long-term viability. This pattern in Web3 may manifest directly through the rise and fall of major projects.

Due to the collapse of UST, the development of stablecoins has gained significant attention from the market and has also faced many doubts. What is a stablecoin, and what is an algorithmic stablecoin? Why did LUNA and UST collapse?

The following are some viewpoints on the Terra event extracted by Chain Catcher, covering project evaluation, event impact, lessons learned, and more.

After the death spiral of STEPN, it will stabilize at a value during the flat period that is higher than Axie.

The current situation of LUNA is like a giant door swinging on small hinges.

Players have been reminded that currently, most users are still trading for dYdX's mining rewards. Once the price of DYDX drops significantly and the arbitrage effect disappears, the trading volume of the protocol is likely to decline significantly.