Every time I see news about stablecoins losing their peg, my first reaction isn’t panic—it’s to go check the reserve reports. To put it bluntly, in a bank run situation, the psychological factor is scarier than the actual shortfall: once everyone panics, what might have been able to hold up starts to fall apart.

Recently, after a certain chain upgraded, the community has been speculating whether ecosystem projects might migrate. I’m actually pretty calm. After all, on-chain data is right there for everyone to see, the underlying logic behind liquidity mining hasn’t changed, and the chain itself isn’t a project that just disappears.

What I fear most isn’t slowness. In the blockchain world, being slow is generally acceptable—you can just wait a few blocks for confirmations. But once the rules get chaotic—say, transactions get stuck or liquidity suddenly gets pulled—that’s when it’s really troublesome. Stablecoin depegging works the same way: data may be transparent, but nobody pays attention, or even if they do look, they don’t believe it. Once emotions kick in, a run can cascade like an avalanche.

Right now, in my own DeFi portfolio, I try to spread stablecoins across pools with different reserve structures, so at least there’s a layer that allows for manual redemption. In any case, I’ll first look at transparency and stress tests—when things get messy, at least I’ll know where I can stand firm.