Selling $1,000 can actually move a token with a $300 million FDV—how outrageous must the liquidity be?

USX is an algorithmic stablecoin with a points and yield mechanism. I was optimistic about this model and heavily invested—over a million RMB. It’s not much for others, but for me, it’s a significant amount, mainly aimed at earning points for airdrops.

But reality gave me a harsh slap: extremely low trading volume means extreme slippage. A trade of less than a thousand dollars can shake the entire market, reflecting a terrifying liquidity shortage behind the scenes. In the end, I had to accept losses and redeem my stablecoins.

This incident was a wake-up call—no matter how brilliant the mechanism design, without genuine trading depth, it’s all pointless. Some projects have impressive FDV, but their actual liquidity depth is virtually nonexistent.