Today I saw in the group chat again about stablecoin de-pegging, and it really feels like ice cream under the sun: it looks solid most of the time, but as soon as there's a panic, it starts melting. Honestly, what everyone fears isn't "mathematics," but who runs slow during the run on the bank. As for reserve transparency, I don't expect you to show your entire balance sheet every day, but at least don't let me rely solely on rumors and speculation; otherwise, when emotions run high, people will start withdrawing and exchanging, and I can't even stop myself.

Recently, the airdrop season has been quite surreal, with task platforms acting like strict attendance check-ins, and the points system turning the degens into office workers... then, as soon as there's a little wind, everyone immediately switches from "I'm in it for the long haul" to "I'll leave first." I'm tired but still here. Anyway, I'm currently watching two things: whether I can redeem at any time, and whether the information is straightforward enough—don't wait until there's a run on the bank to ask, "Where are the reserves exactly?" That's all for now.