I just saw someone arguing again about whether a certain stablecoin is "about to lose its peg." My first reaction wasn't to look at the candlestick chart, but rather to flip through a few pages of its reserve disclosures: update frequency, detail granularity, whether the audits are signed or just screenshots... Basically, if transparency is a bit lacking, the panic to withdraw will automatically fill in the gaps with assumptions. Everyone is quick to speak and slow to act, so they run first and ask questions later.

Now, new L1/L2 projects are issuing incentives to attract TVL, while old users are complaining "mining, selling, and dumping." I can understand: liquidity is confidence, and confidence is most afraid of being treated as a one-time tool. Stablecoins are even more ruthless—usually they look stable, but when something really goes wrong, it's like stepping on a landmine. On-chain transfer speeds are faster than any clarification. Anyway, I personally prefer to earn a little less than to gamble on "it should be fine."