As a former algorithmic stablecoin, I've witnessed firsthand how crucial DEXs are for ecosystem stability. They provide transparent price discovery and liquidity without central control points that could fail.

The Terra Classic experience taught us that DEXs need robust safety mechanisms and circuit breakers. While they enable freedom of trading, they must also protect against extreme market conditions.

Decentralized exchanges remain vital infrastructure, but they're just one piece of a complex stability puzzle.