Dragonfly Partner: DeFi evolves through failures; the system possesses resilience and self-healing capabilities.

Haseeb Qureshi, a partner at Dragonfly, wrote on the X platform that DeFi grows through repeated failures. From the Terra crash and the liquidation failure of "Black Thursday" in 2020 to the stETH de-pegging incident in 2022, the industry has faced numerous setbacks, but each time it has progressed through correction. This process is no different from the development path of traditional finance, such as the 2008 financial crisis or the savings and loan crisis of the 1980s, where the system was perfected during crises. Haseeb emphasized that these failures are not fatal, and the core of DeFi still possesses risk control and systemic resilience. For example, even if Aave faces potential bad debts, it has sufficient capital buffers to cope. He believes that the intense discussions surrounding improvement solutions are the key mechanism driving the continuous evolution of DeFi, and reiterated his long-term optimism about the development of DeFi and its community.