At first glance, MSTR's STRC seems similar to Luna's model, issuing bonds by pledging BTC and stocks, providing stable monthly interest payments. Luna also bought a large amount of BTC at the last minute, hoping to work with Luna to provide collateral for UST and ensure its stability. Applying UST's formula, if BTC and stocks fall together, a cascading liquidation would occur. However, times have changed, and this time is different. 1. MSTR has a certain degree of protection in the US stock market, due to the rebalancing of various indices and the consensus of a group of institutional investors over the years. Similarly, BTC's token structure is very clear, making an attack on liquidation too costly. 2. This approach uses credit lending, which is fundamentally different from UST's use of DeFi on Anchors. Credit market transactions are very private, and repayments are periodic, making it difficult for short-term liquidity shortages to lead to liquidity liquidations.