I set a rule for myself: when looking at stablecoins, don’t focus on the returns first, look at whether you can smoothly exchange back to 1 on the "worst day." No matter how fancy the reserve disclosures are, if you have to flip through pages to understand what assets they hold, who is custodianship, and how often they update, I’ll assume there’s an implicit cost—when a run happens, the cost is waiting in line + slippage + mental breakdown. To put it simply, de-pegging is often not a math problem, but a psychological issue where everyone panics together.

Recently, L2s are arguing every day about TPS, fees, and subsidies, and I find it quite annoying: the gas you save might not even be enough to prevent a stablecoin’s "pretend nothing happened" de-pegging from eating you up. Anyway, I’d rather earn a little less now than have unseen risks steal my profits. That’s all for now.