Last night I stayed up until almost dawn, my eyes were so sore and my neck was stiff. The more I looked at the funding rates, the more I felt that people are really easily led by emotions. Stablecoins are usually unmanaged; as soon as there's a little wind or disturbance, people start worrying about "de-pegging," which is basically a run on the bank mentality: if you're afraid others will run first, you'll want to run first. The transparency of reserves is actually just that simple; no matter how beautiful the reports look, whether people trust them at critical moments, whether they can be withdrawn or not, is the real line between life and death. Recently, that mainstream public chain has been upgraded and maintained, and everyone in the group is guessing whether the ecosystem will migrate. I'm actually more concerned: if cross-chain or pool switching gets congested, will the liquidity of stablecoins suddenly thin out? My approach is pretty simple: keep smaller positions, reserve some on-chain transfer time, and if there's an abnormality, withdraw first—no hard bets on "probably fine." That's it for now.