These days, I’ve seen people talk about stablecoin “de-pegging” again. Honestly, it’s often not a major on-chain incident, but rather people’s confidence being shaken first: if you suspect the reserves aren’t transparent enough, even just a little bit of ambiguity, everyone will rush to withdraw first, eventually causing a run that collapses the system. Anyway, when I look at stablecoins now, I first check if they can clearly explain their reserves and if they can be redeemed at any time. If it’s unclear, I’d rather avoid it, at most treating it as a short-term parking spot.

By the way, I’ve seen the social mining and fan token schemes that promote “attention as mining,” and I’m a bit skeptical… Attention comes quickly and goes just as fast. When a run actually happens, what people want isn’t hype, but a redemption channel. The same goes for self-custody—taking it slow is okay, don’t entrust your core assets to emotions or a single sentence from others.