Recently, I've been looking at stablecoin reserve disclosures again. Honestly, I don't mind if they earn less; I'm just afraid of "not understanding." Transparency is usually ignored, but once the market shows some signs of turbulence, the panic to withdraw spreads like an infection. Just one question in the group chat, "Is there a problem?" can scare everyone into redeeming.

Now I prefer protocols with clear cash flow paths and withdrawal mechanisms explained in plain language. Even if the interest rate is high, you should first run through the worst-case scenario; otherwise, dreaming of retirement will just turn into a fantasy of zero.
By the way, the NFT royalty disputes also seem quite similar: everyone wants both income and liquidity, but when trading gets crowded, no matter how well-written the rules are, emotions and interests can easily break them down.
Anyway, I’ll stay conservative and pick slowly.