Will USDe depeg? I think this is unlikely, but lenders on certain protocols are about to find out. Already 2.8b in stablecoin deposits have left because they do not want to stick around and see. This demonstrates the problems with pooled lending. I'm sure these protocols want to eliminate this risk, but they cannot do anything about it. You, as the lender on these protocols, have signed up for underwriting 3b+ (31.5% of balance sheet) to USDe. On the other hand, Spark Savings has no exposure to USDe because Spark uses proper risk controls such as isolated pools. What was a good yield is now a liability that needs to be eliminated. While some claim to be the RFR of DeFi, risk curators are humans who optimize to keep TVL out of competitors, even if it means overdoing it with risk. This is a dangerous game, and we need to grow up if we are ever to be taken seriously by TradFi. This is why I am supporting DeFi ratings as a check on the major players in this industry to support low-risk DeFi as the goal of Ethereum. Otherwise, it is a race to the bottom, and then it is not a question of if, but when DeFi blows up.(Sam MacPherson)