The collapse of synthetic stablecoins wasn't due to modular lending protocols. It's just that experienced DeFi investors were very wary of the high returns of synthetic stablecoins in USD/USD currency (USD/USD 20%) during this cycle, but remained powerless against the high returns in USD/USD/USDT currency. So, project teams catered to this, changing the script by minting costless synthetic stablecoins and then using modular lending protocols to generate high USD/USD/USDT currency returns, thus deceiving another wave of DeFi miners.
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