These past few days, I've been watching the on-chain liquidity of stablecoins, and it seems quite calm, but inside, that "de-pegging alarm line" has been ringing all along. To put it simply, what stablecoins fear most isn't price fluctuations, but people suddenly asking: Where are the reserves, and can they be redeemed at any time? Transparency is usually not taken seriously, but once emotions run high, it's like pushing into a crowded subway, someone shouts "It's stuck," and everyone starts pushing.

A friend was still talking about earning points on the testnet, wondering every day if the mainnet will issue tokens. I couldn't help but chuckle listening to that: on one hand, hoping "they'll airdrop to me," but if a redemption wave really hits, they might run faster than anyone else. Anyway, I'll continue to be an observer, noting large transfers to exchanges, but reminding myself not to be scared by my own records. That's all for now.