Lately I've been looking into the de-pegging of stablecoins again. To put it simply, it's often not "mathematical failure," but panic withdrawal emotions that get ahead: when you see others start to cash out, you also want to be the first to run. Transparency of reserves is more like a painkiller, it can ease the pain temporarily, but when it comes to stress testing, the speed of redemption, asset quality, and who can finally take over are the key factors.

When I analyze pools myself, I first break down the returns: how much is subsidized, how much is real interest, whether the lock-up period is locked or not, and whether it can be redeemed on the same day in the worst case. Last night, I casually checked on-chain, and a certain stable pool suddenly had several seven-figure transactions in and out, with gas fees willing to be paid more— that feeling is very much "grab the channel first and then talk."

Recently, the debate over staking/sharing security with the "compound yield" approach has also been heated. The nested APY looks attractive, but if one layer has issues, the demand/liquidity for the next layer's stablecoins could collapse together, and psychological expectations could break even faster. Anyway, I now prefer to earn less rather than stake liquidity on the false assumption that "everyone will never face a run at the same time."