Lately I've been looking into the "reserve proof" system for stablecoins again. Honestly, transparency is pretty mysterious: most people don't really care most of the time, but as soon as there's a little turbulence, everyone's first reaction is to run first and ask questions later. Panic withdrawals spread faster than the data itself. No matter how symmetrical or beautiful your reports are, if the redemption process isn't straightforward enough (slow redemptions, high thresholds, confusing explanations), then no matter how elegant the structure is, emotional reactions will tear it apart.

It's a bit like the recent NFT royalty debates: creators want sustainable income, exchanges/markets want liquidity, and since these two goals aren't integrated into the same closed loop, it ends up in tug-of-war, with users voting with their feet. The same applies to stablecoins—reserve management, redemptions, and incentives need to fit tightly together; otherwise, "looking stable" doesn't mean "really stable."

I don't want to pretend I understand everything, anyway. For now, I only dare to hold more assets that I can understand at a glance and can exit at any time. The rest I’ll just treat as observation samples... and see how it goes.