#稳定币发展 Looking back at the past, the development history of stablecoin projects resembles a dramatic play full of ups and downs. From the earliest USDT to the later USDC, DAI, etc., each step has been difficult and tortuous. Now hearing that the Yala project has encountered an attack, one can't help but feel a sense of regret.

Over the years, I have witnessed the rise and fall of too many stablecoin projects. Some were fleeting, while others stood strong. Reflecting on the shocking collapse of Terra/LUNA back in the day and the impact it had on the entire industry feels like it was just yesterday. Now Yala has also suffered a heavy blow, with losses possibly reaching 30 million USD, it must be said that history is always remarkably similar.

Every crisis is a severe test of project design and risk control capabilities. Yala's recent attack has caused its stablecoin YU to be unable to be redeemed through official channels and seriously depegged, exposing numerous vulnerabilities in the project's security and mechanism design. This inevitably brings to mind past failed cases, such as Basis and NuBits, which all collapsed in the face of market fluctuations.

Looking back at the development of stablecoins over the years, it is not difficult to discover a cyclical pattern: during prosperous times, new projects emerge like mushrooms after the rain, while in times of market downturn, a batch of weak projects will always collapse. This once again confirms the old saying: make money in a bull market, learn lessons in a bear market. For us veterans who have experienced multiple cycles, such scenes are already commonplace.

However, amidst the sighs, we should reflect: why is it that among stablecoin projects, some can withstand the test while others repeatedly fail? The key may lie in the original intention of the project team, technical strength, and the ability to foresee and respond to risks. Those projects that manage to survive often continuously improve themselves, learn from lessons, and keep pace with the times.

Looking to the future, there is still great potential for the development of stablecoins. However, any new project should draw lessons from history, and while pursuing innovation, it should also pay more attention to safety and stability. After all, in this ever-changing market, only projects that can truly withstand the test of time and the market can ultimately win the trust and recognition of users.