Recently, I saw someone discuss whether stablecoins will lose their peg, and honestly, many times it's not the chain itself having issues first, but people panicking beforehand. Reserve transparency is like the glass in a supermarket kitchen: you may not watch it all the time, but if something changes, whether you can see at a glance if the "goods are still there" determines whether everyone queues up to check out or rushes to buy in bulk. The run mentality is also similar to someone shouting "it's going to collapse" in an elevator—even without evidence, palms still sweat.

In contrast, the current modular and DA layer narratives are being discussed enthusiastically by developers, while ordinary users are confused: if you tell them "data availability," they only care about "can I exchange this stablecoin back for one dollar anytime." So I prefer to watch for small anomalies: whether on-chain redemption channels are slowing down, whether funds are starting to reroute, whether market depth is suddenly thinning... major fluctuations are usually caused by these small causal factors gradually stacking up. Let's keep watching.