Last night, I watched a few stablecoin pools for a long time, and my eyes got a bit sore... To be honest, the issue of de-pegging is often not "mathematically invalid," but rather everyone panics and starts to rush. Reserve transparency is really key; it doesn't have to be fancy, at least I can see clearly where the money is, how to redeem, who goes first and who goes last in extreme situations, otherwise, any small disturbance relies solely on faith.

By the way, I’ve also been annoyed by the recent debate over the “yield stacking” of re-staking / shared security systems, which feels a bit like nested dolls: it looks quite attractive normally, but when a run-on sentiment arises, even the smartest on-chain routing can't withstand liquidity suddenly drying up, and slippage becomes a harsh lesson. Anyway, I’m now more concerned about depth and exit paths; yields are secondary. The priority is to be able to safely step down first.