These past couple of days, watching the small fluctuations in stablecoins is more nerve-wracking than watching candlestick charts... Frankly, de-pegging is often not about "lack of funds," but rather everyone panics and runs to withdraw, causing the order book to go completely empty. No one usually pays attention to reserve transparency, but when something happens, they start flipping through announcements and audits, which only makes them more anxious. The more anxious they get, the more they want to run first.

Coincidentally, that mainstream public chain is undergoing an upgrade/maintenance, and everyone in the group is speculating whether ecosystem projects will move away. Hearing that makes me even more sensitive: if the chain gets stuck for a moment, withdrawals slow down a bit, the sentiment can instantly shift from "wait and see" to "withdraw quickly." My biggest fear isn't slowness, but chaos—slow can be queued, but chaos means everyone rushing the door at once. Tonight, I’ll lower my leverage first, so I don’t get caught up again in the middle of the night.