Seeing the stablecoin reserve report for the third time, I still can't help but laugh.

They claim it's 100% collateralized, but if you look closely at that pile of commercial paper and so-called "cash equivalents," frankly, you don't know if there are any hidden landmines. The pool depth looks okay at first, but if a big player drops a sell order, the slippage curve immediately turns into a cliff.

Now the airdrop season has become so cutthroat that task platforms are anti-sybil to the point where even normal users have to prove their innocence, and the point system feels like clocking in for work. But I actually think this is exactly when we need to keep an eye on stablecoins — where all the USDC/USDT people earned from farming ultimately flows to is more honest than any KOL shilling.

Anyway, I'm used to it: when liquidity gets thin, I pull out first, no matter if it's a false alarm. Survival first, everything else later.