Lately, I've been watching the old script of stablecoin de-pegging again. To be honest, it's not just about technical issues like "insufficient reserves," but more about the bank run psychology that hits all at once: usually everyone treats 1=1, but when there's a slight disturbance, suspicion starts to spread—"You run first, then I run," and then liquidity is like a plug being pulled. The so-called transparency is also quite awkward; no matter how many reports are posted, when no one trusts them, it's just a single chart. Conversely, as long as someone is willing to take over, a black box can survive for a long time... it's quite ironic.

By the way, now I see a bunch of testnets flooding with incentives and accumulating points, daily guessing whether the mainnet will issue tokens. I always feel that the relationship between this and "stability" is: people want certainty verbally, but their hands are all gambling. Never mind, I won't talk about how to choose projects; anyway, I prefer to watch those who press the withdrawal button first after the narrative collapses.