Lately I've been looking into stablecoins again, and honestly, de-pegging is often not "assets suddenly disappearing," but rather everyone panicking and trying to run first. The run-on psychology is more frightening than the reserves themselves. Of course, reserve transparency is important, but no matter how much some projects disclose, if on-chain liquidity is thin, I wouldn't dare leverage and hold on tight... Last night, I was watching the market and almost FOMOed in, my finger was about to hit the confirm button but then pulled back.

Now, with new L1/L2 projects launching incentives to boost TVL, it's not surprising that old users complain about "mining, selling," either. Hot money flows in and out too quickly, and even a small wind can cause a stampede. After lowering my expectations, I feel more relaxed: as long as it can be redeemed, that's enough. Don't expect it to be perfect; just see if it can withstand large redemptions first. That's all for now.