Lately, looking at the stablecoin group chat, I’ve started to get nervous again. Everyone says "stable" with their mouths, but they’re always ready to exchange at any moment. Honestly, de-pegging is often not a math problem; it’s more about the panic sentiment exploding first. As for reserve transparency, nobody pays serious attention during normal times. When there’s a slight wind or movement, they start scrutinizing audits and monitoring wallet flows, like searching for hidden Easter eggs in a pixel game… But then I think about it, new L1/L2 incentives to boost TVL, old users are still complaining “mining, selling,” yet they still rush in. When the hype hits, their brains short-circuit. I’ve also learned to be smarter now: diversify if you can, don’t treat “stability” as a get-out-of-jail-free card. Anyway, survive first, then talk about faith.