Recently, I've seen people joke about stablecoin de-pegging again. To be honest, I’m always quite sensitive about this: that de-pegging isn’t necessarily “the project is broken,” it’s more like people’s confidence first loosening — when someone thinks others are going to run, they want to run first. Reserve transparency is obviously important, but it’s more like a sedative, not a talisman; slow information disclosure can cause panic to grow legs on its own.

Recently, the testnet incentives and points system are the same; everyone says “go with the flow,” but they’re all calculating whether the mainnet will issue tokens. Forget it, to put it plainly: when expectations are too high, it’s easiest to mistake “possible” for “certain,” and then any small change or wind can cause everyone to turn the steering wheel collectively. I still prefer to trade lightly and take it slow, rather than earn a little less and squeeze into the market when liquidity is tight.