I'm not very good at discussing macroeconomics, but when it comes to stablecoin de-pegging, essentially, there are two things to look at first: whether the reserves can be reconciled at any time, and whether the contract permissions allow someone to change the rules with a single click. The less transparent, the easier it is for a run on the bank mentality to take over — it's not that people can't do the math, they're just afraid that "others will run first."

Recently, I've also seen the "attention mining" associated with social mining and fan tokens — sounds lively, but attention is inherently the easiest to withdraw, and once pulled, the flow stops. When liquidity thins out, rumors spread faster than reserves can run… I’m mainly monitoring abnormal minting/redemption, address concentration, and permission changes; I won't dream about anything else for now.