Lately I've been buying more stablecoins, and the more I look at it, the more I think that de-pegging is partly about the ledger, partly about people's hearts. Transparency of reserves basically means "Can I exchange it back at any time?" No matter how beautiful the project’s reports are, when a run on the bank happens and collective anxiety sets in, everyone’s hands tremble and they run first... I now prefer to accept slightly lower returns rather than choose those with frequent disclosures and clear redemption paths, so I can sleep peacefully.

By the way, these days Layer 2 is getting noisy about TPS, fees, and subsidies. I’m actually more cautious: subsidies come quickly and go just as fast, and when the slightest wind blows, liquidity can withdraw even faster. Anyway, I don’t need to be understood; I just follow my own rhythm, treating my earnings like snacks in small packages, eating them slowly, so I don’t choke on a big bite.