These past two days, I’ve been watching the on-chain flow of stablecoins. To put it plainly, in many cases de-pegging isn’t because the “technology broke”—it’s because people’s hearts go bad first: the moment reserve disclosures are vague or audits drag on, everyone starts staring at each other, watching who will run first, and the more they crowd in, the more panicked they get. In the address relationship graph, that kind of “the same batch of wallets, sending to the exchange in installments” is visible at a glance—it shows a sprint to front-run.

On top of that, over on L2 they compare TPS, fees, and subsidies every day. They talk tough, but when liquidity is actually pulled away, a single hiccup on the bridge is enough to keep you anxious for half a day… What I’m most afraid of isn’t losing money, it’s losing control: the money is still there, but you don’t know whether you can swap it back anytime, or whether you can withdraw it. That feeling is downright lethal. Anyway, right now when choosing stablecoins, I prioritize transparency and the redemption path—everything else comes second.