Last night, I noticed a few small de-pegging incidents with stablecoins again, the fluctuations weren't large, but the on-chain "flee first" vibe was very obvious. To put it simply, a run isn't about how stable you sound verbally, but whether the reserves are transparent or not, and whether the redemption channels are smooth or not. When there's a hiccup, emotions spike, and everyone would rather take a bigger slippage loss to get out, and that's how a cascade happens.

My colleague was still discussing modularization and the DeFi layer narrative, with developers looking excited, while ordinary users were mostly confused: no matter how advanced your explanation is, when it comes to stress testing, everyone just cares if I can immediately redeem that 1 dollar. Continuing to watch tonight… for now, that's it.