Lately, someone asked me again if it's stable... Honestly, what's stable is the mood, not the name. Once a stablecoin loses its peg, the first thing to blow up is actually the mentality of "everyone thinks others will run first," and runs spread like contagion. I also watch the reserve disclosures, but what I care more about is: whether on-chain redemptions suddenly become difficult, whether the channels start to queue up—that kind of sign. Once I see it, I’d rather step back first.

Airdrop season has been even more amusing lately. Task platforms are so anti-witch hunt that it feels like clocking in for work; the points system has people so exhausted. As a result, a bunch of funds are temporarily parked in stablecoins waiting for snapshots, and any small change makes it easier to trigger a stampede. I still place withdrawal orders as usual, in spots others dare not, luck determines whether I get filled, and if not, I just consider it tuition... Anyway, don’t treat "stability" as a talisman.