Thanks for your reply. This is my a customised board upon Ather9344. It used to work with OpenWRT 15.03, now I am working to migrate it to OpenWRT 19.07.
Thanks. However, as you know now I even couldn't get into the failsave mode. So it is impossible for me to set the parameter at the console. What I do is to change the ignore_loglevel = true directly in the source code
Actually I got one stable 19.07 build which could generate a stable artifact without the kernel panic; however once I deleted the /staging_dir and let it rebuild again, I would get an unstable artifact with kernel panic as above.
Finally I figured this out. I had thought the CPU_TYPE in target/linux/ar71xx would still be compatible with 34kc, but it seems that in 19.07, the default 24kc would be more stable. Once I change the parameter to 24kc. The panic is just gone. Thanks again for your help, community.