Recent market turmoil has drawn parallels to the LUNA collapse, as noted by @mindaoyang. The current downturn is attributed to major exchanges accepting high-collateral stablecoins, such as USDe, similar to the previous acceptance of UST. These stablecoins are often used as collateral with high collateral rates and fixed price anchors, or market price feeds with low collateral rates. The most risky scenario involves market price feeds with high collateral rates, especially when centralized exchanges have low arbitrage efficiency, amplifying risks. Additionally, LSD-type assets are highlighted as volatile assets disguised as stable, posing similar risks.