Let’s talk about stablecoin depegging—plainly, it’s a confidence game. Whether the reserves are transparent or not, most people simply don’t have time to check; by the time a real bank run starts, what they see is just the rearview mirror. In any case, I think when funding rates get extreme—when everyone is shouting “If you don’t buy, you’re not a real person” while simultaneously being afraid of becoming the bag-holder—then it’s precisely the on-chain nodes tracking stablecoin liquidity that should be watched. Crowd panic during a run moves like a fluid: once the flow speed picks up, it’s easy to get clogged. Don’t follow the crowd into the last second—let others do it first.