When the market is bullish, expansion times make the demand for non-stablecoin collateral grow over the demand for the PSM.
When the market is not that bullish, the opposite happens — contraction times lead to more PSM demand and less non-stablecoin collateralization demand.
当市场看涨时，扩张时间会使非stablecoin抵押品的需求超过PSM的需求。
当市场没有那么乐观时，情况正好相反——收缩时间会导致更多的PSM需求和更少的非稳定抵押需求。