A stablecoin protocol must not only be able to return the stablecoin Within normal market fluctuations, the protocol also needs to be able to deal with the so-called death spiral event. The death spiral generally refers to the large-scale sell-off of stablecoins in a short period of time, causing the price of stablecoins to drop significantly below $1 and continue to fall until they reach zero. The root of the death spiral is fact the stablecoin protocol cannot give users the confidence or evidence that the stablecoin market price will return to $1.