I used to focus on the "1=1" stability of stablecoins, but now I care more about: who is watching the reserves, how often they are disclosed, and whether they can be redeemed immediately if something really goes wrong. To put it simply, de-pegging is often not caused by bugs on the chain, but by people panicking first. When a run happens, even if the underlying assets are fine, they can still be dragged down. Recently, Meme tokens have such rapid attention shifts that when a celebrity calls out, a bunch of people rush in. Veteran players advise not to take the last step, and I truly agree... Anyway, my only approach is: survive first, then talk about returns. Keep positions diversified, plan the exit in advance, and don’t wait until the group starts asking "Can I still redeem?" before reacting.