These past two days, people have been scaring each other about whether stablecoins will “de-peg.” To put it simply, most of the time it’s not that the reserves are truly gone—it’s that in the moment of a run, everyone wants to be the first to get out. As for reserve transparency, it’s not enough to just post an audit PDF; what I care about is whether the asset types are solid enough, whether the redemption process is smooth, and whether there are any abnormal on-chain inflows and outflows (like a sudden drop in TVL all at once). In any case, the more someone pitches “absolute safety,” the less I believe it.

By the way, over on L2, people argue about TPS, fees, and the subsidy ecosystem every day… there’s just too much information, and it honestly makes me a bit anxious. My filtering approach right now comes down to two things: first, whether the bridge and stablecoins on that chain are being used more and more; second, whether the TVL and active addresses have held up over the past week after the hype dies down. Anyone can argue—only what remains matters.