ChainAegis: On-chain Analysis Report of Stablecoin Protocol Liquity

In 2022, the crypto industry was in a deep bear market, with turbulent conditions throughout the year, multiple exchanges frequently collapsing, and the entire market severely damaged. At the beginning of 2023, regulation targeted stablecoins directly, BUSD was forced to stop issuance, and USDC was affected by the Silicon Valley Bank incident, once depegging to $0.87. Under these severe circumstances, although Liquity's user numbers and trading volumes were affected, it overall maintained normal development, and its operational status has now returned to close to the situation before Luna's collapse in the first half of 2022.