Recently, another stablecoin incident occurred as the USR issued by Resolv Labs suffered a serious contract vulnerability attack. This kind of thing is actually not new in stablecoins. Once the mechanism is bypassed and combined with a bit of run on the market sentiment, it is easy to start losing control. I saw @ ethena posting a blog discussing this incident and sharing her design principles. I feel that its starting point is actually quite direct: It is not assumed that the system will remain stable, but rather that 'shocks are bound to occur' by default. From the recent updates, we can also see Ethena's design principles. The staking of sUSDe has changed from a fixed 7-day period to an automatic adjustment based on liquidity conditions and redemption pressure. At present, there is sufficient liquidity, and the actual cooling off period has been reduced to 1 day. In this way, when the market liquidity is sufficient, the system can release funds to improve efficiency; When redemption pressure increases or liquidity is tight, the cooling off period will automatically extend to enhance system resilience. Not deliberately avoiding fluctuations, but choosing to leave room for fluctuations in advance. On the other hand, Ethena is also pushing USDe towards more "realistic" usage scenarios, with $2M+incentives already entering the PERP DEX (such as @ hyenatrade) I think this is quite crucial. USDe has started to participate in trading as margin, transforming from "holding assets" to "liquidity tools". At the same time, it is also moving further, such as being integrated with WalletConnect Pay, which can be directly used in payment scenarios. Once you enter these usage scenarios, the logic is quite different: demand no longer comes solely from revenue, but from transactions and payments themselves. So looking back at these designs now, it will be easier to understand: Dealing with the worst-case scenario while expanding real demand. For stablecoins, risk resistance is not only about protecting prices, but also about ensuring that they can still function during market turbulence, allowing users and the entire ecosystem to continue operating.