Lately, someone has been discussing whether stablecoins will lose their peg again. I realize I used to be a bit obsessive: I only looked at on-chain data, thinking that as long as the reserve addresses are there, it's stable. But then I thought about it more, and it's not entirely true—transparency is fundamental, but when something really goes wrong, what's more frightening is actually the panic to withdraw. When everyone panics, no matter how "clean" the on-chain data is, it can't stop the sudden selling pressure.

Recently, the staking unlocks and token unlock schedules have been repeatedly brought up again, basically expressing the same anxiety: fear that others will run first. Now I tend to shift from just "watching on-chain" to "watching on-chain + sentiment together." Whether I can sleep well often depends on the mood in the group... Anyway, I try not to chase after panic selling myself. I first tighten my risk exposure and have a cup of tea.