Looking for a charger for half the morning, the more anxious I got, the more chaotic it became—until I finally realized it was just plugged in under the desk... The “run” feeling that comes with stablecoin de-pegging is pretty much the same: when people panic, all they want is to grab the “electricity” first—who cares whether your reserve reports are truly real or not. To put it plainly, with “transparency,” nobody really pays it any serious attention in normal times; only at the moment something goes wrong does everyone suddenly turn into Sherlock Holmes.

Recently, I’ve also seen retail investors complaining that validators are taking MEV and that ordering isn’t fair, and I can empathize: the rules look great, but at the critical moment, someone is always cutting in line.

Anyway, I’m becoming more conservative about the “always 1 buck” narrative—I’d rather earn a little less than be woken up in the middle of the night by a run.