For the past two days, I’ve been staring at the reserve reports for stablecoins for so long that my eyes are sore… Honestly, when it comes to de-pegging, it often isn’t that something big happens on-chain—people panic first, start a redemption run, and the more they run, the more it starts to look real.

As for transparency, it’s usually nobody’s business. But once there’s a fluctuation, everyone suddenly wants it to be “verifiable at any time.” Right now, whenever I come across a new pool, I’ll first check its asset composition and its redemption route. If it can be pulled via a script, I do it—so I don’t have to manually flip through pages for half a day.

Recently, new L1/L2s have been issuing incentives to boost TVL. I also understand the complaints from older users about “mining, selling”—incentives arrive fast and leave just as quickly. On the stablecoin side, we’re even more afraid that sentiment might spread… In any case, don’t over-tighten your positions. That’s all for now.