Looking for my charger all morning, and finally I found it pressed under the corner of the desk... Stablecoins are pretty much the same; we usually think "it's always 1," but when the market panics and starts a run, people suddenly remember: where do you actually keep your reserves, and can you access them at any time? To put it plainly, de-pegging is often not a technical failure, but a loss of confidence first— the more afraid, the more people rush out, and the more they rush, the more afraid they become.

Recently, I’ve been called out for the "compound yield" from staking and shared security being a copycat scheme. I can understand: layer upon layer built up, if the bottom brick (assets/reserves) isn’t solid enough, it will shake all over when the wind blows. My only point now is: if you don’t understand the reserve and redemption pathways, better to earn less than to give yourself insomnia. Anyway, I don’t chase after high returns, nor do I leverage heavily— I focus on managing costs and execution first.