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After this ordeal, it's really time to calmly assess the long-term situation. Does the combination of USD1 and a certain DeFi lending protocol still have a future? Can their relationship be maintained?
Honestly, this de-pegging incident, regardless of whether it ends perfectly or not, has like a thorn stuck in every user's heart. The first reaction when seeing this stablecoin now is definitely not "a stable $1," but rather "oh, that coin that once de-pegged." Trust is like that—easy to break but hard to rebuild.
For DeFi lending protocols that heavily rely on trust and stability, this is a significant long-term blow. No matter how advanced the technology is or how tempting the story, once the underlying assets face credibility issues, the entire ecosystem begins to wobble.
In the short term, if the team can strongly stabilize this stablecoin, the storm will pass, and the price will rebound. But what about the long term? If a certain DeFi lending protocol wants to go further, it must not put all its eggs in one basket of a single stablecoin. That’s a dead end. It must quickly introduce more diversified and market-recognized stablecoins like USDC and USDT as core assets to reduce concentration risk on a single asset. Otherwise, if problems arise again, it might not be so easy to get through.
Therefore, the key to observing the future development of such DeFi protocols is not just the short-term price fluctuations, but whether they fundamentally adjust their asset strategies. Will they truly diversify? Dare they let go of dependence on a single stablecoin? These are the real issues that determine long-term survival. Short-term technical fixes are just a stopgap; true recovery requires changing the underlying structure.