Recently, when discussing stablecoins, someone talked about "whether they will lose their peg," my first reaction wasn't how advanced the technology is, but whether people will panic. To put it simply, reserve transparency is often treated as air; when the news isn't right, everyone starts collectively pressing the withdrawal button, the bank run feeling is all too familiar... No matter how fast the chain is, it can't withstand emotions.

Some people also compare RWA, yields from buying US bonds, and various "yield products" on-chain; I can't help but want to laugh: no matter how beautiful the yield looks, who is actually backing the underlying assets, and when can you redeem 1 dollar, if this isn't clarified, don't blame everyone for being suspicious. Right now, I prefer to be straightforward—diversify holdings, avoid greed for that little interest, and sleep more peacefully.