Looking at whether a DeFi protocol is reliable or not, just focusing on TVL numbers is useless; you need to understand who the real users are and how they use it. Taking stablecoin protocols like USD1 as an example, the composition and operational logic of the users behind it directly determine its market resilience and future growth potential.

These users are not a single group, but more like several different forces working together—

**First is the steady income faction.** They are the largest base users. Usually holding mainstream assets like BTC, ETH, or BNB, they are not satisfied with simply holding coins and seek additional income. Their approach is straightforward: use blue-chip assets as collateral, borrow USD1 stablecoins, then transfer to other exchanges to capture arbitrage profits. The key is their focus on certainty—an annualized return of about 18%, process security, and precise calculability. Although this group is not flashy, they contribute the most stable locked funds and continuous income to the protocol.

**Next are the deep players within the BNB ecosystem.** These users often participate in the minting and use of slisBNB. Their operational chain is longer: first converting BNB into slisBNB to participate in Megadrop or Launchpool ecosystem activities, then using slisBNB as collateral to borrow USD1 for arbitrage or liquidity provision. This group is the practitioner of ecosystem value mining, with a natural affinity for BNB Chain, and is the core driving force behind the formation of a flywheel effect between the stablecoin protocol and the BNB ecosystem.