When I review things every day at dusk, I’m used to checking stablecoin reserve data first. To be honest, after reading too many “100% transparent” audit reports, they start to feel more fake instead— the more you stress that there’s nothing wrong, the easier it is for people to panic. As for runs, in plain terms it’s a psychological game; historically, every time a peg breaks isn’t because the assets are really gone, but because people “fear that they might not be.” In any case, in my current holdings I only keep a bit of stablecoins for trading; if it’s not enough, I top up—there’s no need to bet on whoever never depegs.

Recently, I’ve been watching the back-and-forth fights between Layer2s over TPS, fees, and ecosystem subsidies. It’s kind of interesting—like whoever runs faster is the future… but I think the people who end up staying are the ones who aren’t left behind through round after round of volatility. I don’t believe “data speaks for itself” anymore; first let me see who makes it through actual panic before saying that.