NFT secondary market back then, I still believed in "floor price consensus," but I was later educated: when it comes to consensus, once you push it, it turns into a joke. Now, looking at stablecoins losing their peg, it's the same psychological play — everyone usually says "reserves and transparency," but when on-chain or audit info is slow, a single message in the group asking "Is there a hole?" and the next second everyone starts rushing for the exit. Honestly, it's not a math problem; it's people fearing they won't have enough time.

Recently, fee rates have become extreme, and the community is arguing whether it's a reversal or just continuing to pump the bubble. I think it's very similar to the night before a depeg: the more they argue, the more it seems like someone is testing who will run first. My current approach is very simple: I only take more when reserves are visible and redemption paths are smooth; the rest I treat as a short-term parking spot.

What I fear most isn't slowness, but chaos — slow can be waited out for information to catch up, but in chaos, even the exit button feels like it's been pulled out. That's all for now.