I used to think that stablecoins were just "1 dollar is 1 dollar," but now I really don't dare to be so naive. To be honest, de-pegging is often not about the complexity on the chain, but about people's confidence first being shaken: when you see others start to switch, that little bit you hold also trembles a bit. As for reserve transparency, no one usually cares about it, but when the wind picks up, it becomes a matter of life and death— the more vague the information, the easier it is to imagine the worst-case scenario.

Recently, the fee rates have again reached quite extreme levels, and the group is arguing over whether to reverse or continue to inflate the bubble. I don't guess the plot; I only focus on two points: whether the stablecoin redemption channels are smooth, and whether there are sudden surges in large on-chain transfers. I used to want to hold on and wait for it to return, but now I’d rather take a smaller profit and set stop-losses and margins first, as long as the liquidation alarm doesn’t ring.