#稳定币发展与应用 The surge in USDe supply behind this wave is not simple at all. In just 20 days, it rose by 3.7 billion, seemingly prosperous but actually fraught with crisis. On the surface, it is the PT-USDe rotational strategy launched by Pendle and Aave that is fueling the fire, but in reality, it is a high-leverage gamble. Such 10x leverage operations can trigger a chain reaction with just a slight misstep. Although Aave has implemented some risk controls, systemic risks still exist. We old players know very well that such high returns often hide deadly traps. I advise all Newbie frens to not be blinded by high returns; you must remain vigilant and participate cautiously. Remember, the secret to surviving long on-chain is: do not be greedy, do not rush in, and always pay attention to risks.