Recently, an interesting phenomenon has caught attention—a certain stablecoin pegged 1:1 to the US dollar is beginning to show abnormal price fluctuations, frequently oscillating between 0.98 and 1.02, which is a clear signal of de-pegging. This chain reaction of volatility has also affected the entire DeFi financial ecosystem built on it.

Take a leading DeFi lending protocol as an example. Its core logic is actually simple: users deposit assets like stablecoins to earn mining rewards. This model works well during market stability, but problems arise once the pegged asset starts to fluctuate.

Imagine this scenario: you deposit stablecoins worth $1, and after two days, they are only worth $0.98. The modest yield from the investment can't cover your loss from the price difference. Naturally, users will make rational choices—redeem their funds. When many users redeem simultaneously, funds begin to flow out of the pool, and the total value locked (TVL) decreases accordingly. This is essentially no different from a bank run in traditional finance.

What’s more challenging is that the security of such DeFi protocols relies on the assumption that the underlying assets remain stable. Once this assumption breaks down, the credibility of the entire structure is called into question. For ordinary users, the current focus should not be on short-term price fluctuations but on whether the "peg" can be restored quickly. If it can stabilize, the entire ecosystem can continue to operate; if not, all the financial schemes built on it may face pressure.