You say whether stablecoins are stable or not, but every time I see the words "depegging," I reflexively check the reserve and audit disclosures... But honestly, when something really goes wrong, no one has the patience to read the PDF; runs are contagious by emotion: first, a comment in the group like "Something seems off," then the on-chain redemption queue lengthens, and the price starts to drift.

So now I'm more concerned about whether transparency can be "verified at any time" and whether the redemption channels have been blocked. Modularization and the DA layer have been getting a lot of hype lately, developers are excited, but as a user, I just want to know: no matter how much is spent on the underlying, it shouldn't affect whether I can smoothly convert my money back... Anyway, I’d rather earn a little less than stay up at night staring at the K-line waiting for depegging to recover—that's too exhausting.