I only take one note: don’t just look at the reserve screenshots and audit PDFs for stablecoins. When a run happens, it’s a matter of who flees first and whose redemption queue gets processed first — just like in blockchain games with inflation + studios + price spirals. In the end, it’s not that the “model wasn’t well-designed,” but that everyone lost faith at the same time, leaving only failed transactions and race traces on the chain.