Recently, someone was talking about stablecoin de-pegging again, but I haven't been paying much attention to the price. I'm more focused on whether their reserves dare to openly show them to the public. To put it simply, bank runs are often not about "really having no money," but more about everyone starting to doubt and wanting to run first... On-chain data can show transfers and liquidity, but when it comes to off-chain reserves, lack of transparency can easily turn into a psychological game.

I used to always say "I only look at on-chain," but now I'm changing that. Only looking at on-chain can lead to misjudging the emotional turning points. Recently, social mining and fan tokens—those "attention is mining" models—when hot, liquidity flows like it's on steroids; when cool, people withdraw quickly. It's actually quite similar to a bank run: once the consensus loosens, no one wants to be the last one. Anyway, I'm now more conservative, willing to earn less, and prefer to see the liquidity and redeemability clearly before taking action.