Are you sure that’s the audit report you purchased? No, what you actually bought is the invisible endorsement from the ecosystem leader.

After the FTX explosion, centralized exchanges are all on edge, but why do some lending protocols deeply integrated with public chain ecosystems see a surge in attractiveness? Frankly, the crypto space is filled with information warfare; code audit reports may look solid, but the true moat has never been in the code—it’s in the "too big to fail" status.

A leading public chain’s ecosystem lending protocol currently locks in millions of mainnet tokens, and it’s no longer just a simple financing tool. When a protocol bears the liquidity responsibility for the entire public chain, it becomes the lifeblood of the ecosystem. Imagine if this protocol suffers a severe hacker attack or a bad debt explosion, causing billions of dollars in derivative assets to de-peg, chain reactions could hit the mainnet token’s price floor and even trigger a credit crisis across the entire ecosystem—an unthinkable cost that any ecosystem leader could never bear.

From a game theory perspective, investors are actually betting on the same underlying logic: implicit guarantee. You’re not just investing in a pure DeFi product; you’re leveraging the protocol as a financial tool, indirectly gaining a "safety cushion" backed by the reputation of the ecosystem governance. Even if technical flaws emerge, strong capital forces will often choose to intervene proactively rather than watch their ecosystem collapse. This protective mechanism granted by the ecosystem structure is the highest-level moat that no fancy code of an independent protocol can replicate.

Disclaimer: The above content is personal analysis for informational purposes only and does not constitute any investment advice.