Just saw an interesting case—like street photography, you catch a moment crouched there.

There’s a stablecoin with a pile of short-term government bonds and cash in its reserves, but once liquidity tightens up, users still cram to get on board. In plain terms, even if it’s transparent, it doesn’t help—no matter how tough the on-paper numbers look, it can’t overcome panic in people’s hearts. Trust is like on-chain gas: once it spikes, everything goes out of control.

Recently, those L2 incentives—seeing veteran users farm while complaining, I actually get it. Dig, then take it out and sell—plain and simple—that’s fear of the peg slipping in the very next second. Even if you pull TVL higher, people have already worked it out in their minds: lock up first, then run. It’s the same playbook as stablecoin bank runs—whoever runs first wins.

Anyway, I keep my wallet ready with a few backup channels—don’t take just one road all the way to the end. Not a tutorial, just a thought: redundancy is like stablecoin reserves—don’t only watch a single basket. That’s it for now.