“Put BTC in, mint USDB out” — you hear that too often. The thinnest part is actually not brought up: liquidation. When the market is stable, over-collateralization acts like a soft cushion. But in a sudden crash, the oracle update speed, the liquidators’ bidding, and on-chain confirmation will immediately turn into a race. Add @BabylonLabs_io’s TBV potentially requiring cross-ecosystem liquidity, and cross-chain latency will magnify the risk exposure. At this time, $BABY is no longer just a deflation beneficiary; bad-debt pressure may indirectly make holders “pay” through additional issuance or via an insurance pool. What you should really watch is not the buyback-and-burn announcement, but the collateralization-rate distribution of each Vault and the bad-debt growth rate. #baby