Recently, I've seen people talk again about whether stablecoins will lose their peg. I actually don't believe in conspiracies very much, but I also don't want to be a contributor to the tuition fees. To be honest, losing the peg is often not a technical issue; it's when the panic sentiment kicks in and everyone wants to run first. Transparency of reserves, which seems insignificant in normal times, becomes a decisive factor when something happens—whether you dare to keep holding depends on it.

The market has been quite tangled lately, with discussions about rate cut expectations, the US dollar index, and risk assets rising and falling together everywhere. The more chaotic the macro narrative, the less I want to impulsively place orders. My simple trick: when I see the words "panic/bottom-fishing," I first close the trading interface, then check if there are any strange changes in contract permissions, if the team wallet has suddenly become active, or if LPs are locked. After confirming, I come back—most impulsive decisions disappear, and what's left is whether I should buy or not.