To be honest, every time I see discussions about stablecoin depegging, I think of stained-glass windows—when everything is intact, it looks clear and beautiful, but once it cracks, the whole pattern shatters. During this recent airdrop season, everyone has been grinding points and going after anti-sybil measures, but to be real, what still leaves me truly uneasy is those “reserve transparency” promises.

Plainly speaking, the panic mentality during a bank run is like the first crack on the glass: you know it might just be a scratch, but the more you stare at it, the more you feel the entire pane is trembling. Those audit reports and address lists posted on the official website—when prices start getting “pinned” and tensions hit, who still has time to click in and read? In any case, every time I see the four words “full disclosure,” my first reaction is to check whether the on-chain data actually matches.

In the end, stablecoin trust isn’t built just by stacking whitepapers—it’s built by the fact that after each user manually verifies, they can still sleep easy. Like assembling a stained-glass window—each piece of glass lets light through, and only then does the whole window stand. Recently, the points system has made “farmers” grind like they’re at work, but I think what should be more “grinded” than points is whether the protocol is willing to split the reserve fund into transparent fragments and show them to people.