Tonight, someone else was talking about stablecoins "slightly de-pegging," and honestly, many times it's not that the reserves are truly gone, but that people start to doubt and rush to withdraw. Transparency is quite brutal: no one looks at your reports normally, but once market sentiment turns sour, even if your reserves are fine, slow information updates can be mistaken for "something fishy," and the panic to withdraw happens faster than on-chain confirmations.

Instead, what I care more about now is: what are you relying on to handle the peak redemption? Are your cash-like assets sufficient, and are the channels smooth? Don't tell me "it will arrive in a few days." Recently, the criticism that the pledge/share security model is just a "yield stacking" scheme also seems fitting. It looks perfect on the surface, but when faced with stress testing, everyone just wants to pull out that first layer at the door... I’m not chasing the hype anymore; only structures I can understand at a glance can put me at ease. For now, that’s it. I’ll see tomorrow if it will rejoin the team on its own.