These days I’ve seen new L1/L2 projects offering incentives to pull in TVL again, and old users are complaining "mining, selling," but I first go check if there's anything wrong with the stablecoins... Honestly, de-pegging is often not a technical explosion, but a matter of people's confidence being drained first: if you think others will run, you’ll want to run even more. As for reserve transparency, it’s not about feeling secure just because they release a few reports, but whether they can hold the stance of "I can cash out right now" at critical moments. After liquidating, my understanding of "long-term" has also changed; it’s not about shouting "one year, three years," I now think if you can survive a cycle of emotional swings + liquidity tightening, that’s roughly a long-term in quarterly terms; weekly or monthly, at most, it’s just not being hypnotized by K-line candles for too long. Anyway, I’m doing it in batches, leaving some room to retreat, sleeping more peacefully.