There is an interesting phenomenon in DeFi. When the asset scale keeps soaring, everyone praises the prosperity of the ecosystem, but what truly determines whether a protocol can survive is often its performance during black swan events.

Over the past year, BNB Chain has experienced quite a few intense fluctuations. The adjustments in Q4 2023 and the sharp rises and falls at the beginning of 2024 serve as excellent stress test samples. Instead of just talking about risk management, it's better to look at actual data—see how the liquidation mechanisms, risk parameters, and system resilience of stablecoin protocols perform under these extreme market conditions.

**How to review? These indicators are most critical**

We selected typical stress days over the past 12 months when BNB's intraday volatility exceeded ±10%, focusing on these dimensions:

**Liquidation aspect**—How many assets were liquidated during the event, what was the size of a single liquidation, how long did it take from trigger to completion, and how many liquidations were ultimately successful (not partial liquidations or bad debts). These figures directly reflect the protocol's emergency handling capability.

**Protocol health**—How the overall collateralization ratio fluctuated, the maximum deviation of stablecoin prices, and how long it took to restore the peg. These are hard indicators to judge whether the system is truly "stable."

Remaining detailed dimensions include the effectiveness of risk parameters, the anti-pressure capacity of liquidity, and whether abnormal situations can be quickly detected and handled.

This is not about singing praises for anyone, but about clearly seeing—how long can this system hold up before the next major market move arrives.