These past few days, I've been watching on-chain queues, and it feels like "de-pegging" is often not a technical issue, but rather a panic-driven rush to withdraw. Reserve transparency, simply put, is giving everyone a picture of "I can redeem now." The blurrier the picture, the easier it is for the first large redemption to set the tone, and then it just turns into a pure stampede... Watching those continuous redemptions/exchanges in the mempool, the rhythm is like street photography—suddenly, liquidity is drained completely.

By the way, I checked the funding rates again, and they are extremely volatile. In the group, people are arguing whether to reverse or keep squeezing the bubble. My gut feeling is: no matter how much the rates fluctuate, when confidence cracks in stablecoins, everyone’s fingers will move even faster—prioritizing survival first. Forget it, I won’t get into specific projects; anyway, when things panic, no one plays by the rules.