Watching that long NFT royalty pissing match, I suddenly thought about stablecoin reserve transparency—basically, it’s all a trust problem. Every time those USDT reserve reports come out, there’s always a bunch of people questioning them, but when a real run starts, how many actually dare to be the first to rush in and redeem? Anyway, after studying slippage protection for a long time, I found that most people aren’t afraid of the de-peg itself—they’re afraid that someone else will run first. It’s just like sandwich attacks: you might be fast, but you’re nervous, and in the end you still get squeezed. No matter how high the reserve transparency is, once the psychology of a run kicks in, on-chain liquidity gets drained in an instant—slippage may be able to help you, but only up in the sky. That’s it for now. Personally, my approach is: keep only enough stablecoin for practical use, and toss the rest into privacy trading pools or multi-layer routing—out of sight, out of mind.