Looking at a DeFi ecosystem's stablecoin protocol is essentially examining the power struggle among various stakeholders. What kind of protocol can survive long-term? The answer is simple—when the interests of different participants are balanced to some extent.

**Multiple Choice for Collators and Borrowers**

They obviously want the lowest possible borrowing costs and the most lenient collateral requirements. But smart participants know that playing too aggressively can cause system collapse, and their collateral could also be wiped out. Therefore, during governance voting, they must find a balance between "reducing their own costs" and "protecting system security." This isn't charity; it's rational self-protection.

**Profit Margins for Liquidators**

How do liquidators make money? Through liquidation opportunities and liquidation penalties. They naturally hope for more liquidation scenarios to occur. But borrowers will definitely oppose—who wants to be liquidated frequently? How to resolve this contradiction? By setting reasonable liquidation discount rates and collateralization parameters. If discounts are too low, liquidators lack motivation; if too high, it severely penalizes borrowers. Finding that "just right" point allows both sides to continue participating willingly.

**Role of Stablecoin Holders**

What do they care about most? Whether the coin's price can stay stable. The premise of a stable coin’s price stability is that the system always maintains over-collateralization. As a result, stablecoin holders automatically become system overseers—they oppose any proposals that threaten system security and may even exert pressure through "selling off" their holdings.

**Long-term Considerations for Governance Token Holders**

They hold the rights tokens of the protocol itself. For the protocol to operate healthily over the long term, their assets must retain value. This alignment of interests ensures that governance decisions are not shortsighted.

This is why a well-designed protocol can operate stably—not because someone is particularly wise, but because the natural checks and balances among multiple interests create a self-regulating ecosystem.