Lately, I've been paying more attention to stablecoins. To put it simply, the de-pegging isn't often due to a faulty model, but rather people's panic: insufficient reserve disclosures, sluggish audits, and everyone starts to think, "What if it can't be redeemed?" Once a run begins, even those who could withstand it initially can't hold on. Looking at the large redemption addresses on the blockchain, they actually resemble queues for refunds... getting longer and longer.

These days, some people keep bringing up staking unlocks and token unlock schedules. When the selling pressure anxiety kicks in, the first to be sold off are usually the ones that look most like cash, and as a result, the stablecoin pools start to shake. Anyway, my interactions have slowed down now. The more diversified, the better—don't put all liquidity into one spot, so I can sleep more peacefully. Forget it, I won't talk too much now; I'll go stare at the capital flows later tonight.