Recently, I've been looking at the reserve disclosures of several stablecoins again. To be honest, no matter how beautiful the tables are made, when the situation gets tense, everyone still mainly cares about "whether they can exchange back immediately."

De-pegging is often not because the assets are truly gone, but because panic withdrawals first break the liquidity. When the order book thins out, slippage jumps, and rumors turn into self-fulfilling prophecies.

And those new L1/L2 projects offering incentives to boost TVL, I can really understand why old users complain about "mining, withdrawing, and selling." Once the incentive funds are withdrawn, on-chain depth immediately turns into paper, and stablecoins are the easiest to be used as arbitrage channels. When deposits and withdrawals concentrate, no one can stay stable.

A couple of days ago, I simply set alerts and limits for a few key pools. As a result, psychologically, I felt a bit more relaxed: no longer watching every needle, just executing according to the preset, missing out is okay... manual risk control is too exhausting, so for now, this is enough.