Lately I've been paying attention to the stablecoin issues again... Honestly, de-pegging is often not "assets suddenly losing value," but rather everyone starts to doubt and then run on the bank, and the panic on-chain happens faster than the reserve transparency reports. When it comes to reserve transparency, no matter how thick the report is, it can't withstand the slow redemption channels during critical moments—once delays occur, emotions are immediately amplified.

By the way, I saw some people criticizing validators' income, MEV, and unfair ordering, but it feels like they're not the same thing: the less you know about who is front-running or who can prioritize transactions, the easier it is to run first during stress tests. There are many tutorials, but I prefer those that clearly explain the redemption paths, banking/escrow steps, and what happens during on-chain congestion—I don't want to see a bunch of slogans anymore. That's all for now, I’ll keep drawing diagrams.