Recently, discussions about stablecoins have heated up again. When they lose their peg, people's first reaction isn't to check the announcement, but to click on the redemption entry to see if it can be clicked. Frankly, runs are very emotional; no matter how transparent the reserves are in multiple PDF pages, they can't compete with the speed of "everyone's running, so I run too."

Just as that mainstream public chain was upgrading, the group was guessing whether the ecosystem would move out. I think whether they migrate or not isn't important; the key is that when the chain shakes, stablecoins and bridges are the first to be stress-tested, and the psychological defenses break first. Anyway, now I see slight deviations, I reduce leverage first—don't think of yourself as a hero. Just squeezing in the elevator will show who’s holding their breath.