Last night, I almost had a slip of the finger and exchanged a large amount of money into a stablecoin that “looks pretty solid.” I flipped through the on-chain reserves page twice, and the more I looked, the less confident I felt: the update frequency is slow, and the explanations are all convoluted. And then my mind started to spiral—what if everyone runs at the same time? The truth is, de-pegging often isn’t the tech failing first; it’s the panic of a bank run that blows up first. The more I thought about it, the more scared I got, so I stopped immediately and went to brew a cup of tea to calm down.

Recently, new L1/L2 projects have been aggressively rolling out incentives to pull in TVL. I totally get why old users complain about “mine–then-claim–sell” behavior. Liquidity can come in fast, but it can also leave just as fast. And when something really changes with the wind and the grass moves, stablecoins are most afraid of one thing: that “everyone thinks others will run first.” For now, I’m trying to keep my exposure as spread out as possible—if the transparency is poor, I touch it less. I’d rather make a little less and keep my sleep.