Just took a look at the stablecoin pools and it got me thinking… They said it’s stable, but when a bank run starts, it still looks just like a waterfall. The on-chain reserve data is clearly laid out there, yet once people panic, they still choose to run first—no matter whether it’s transparent or not. Coins like USDC and DAI, which are relatively high in transparency, still fall apart mentally the moment there’s even a hint of trouble.

It’s kind of like that NFT royalty drama—one side keeps shouting that creators’ income can’t be less, while secondary liquidity is shrinking on the other side. The data is right there for everyone to see, but nobody can convince anyone.

Anyway, with my pixel-cat mindset: look more at what’s on-chain, and less at hype-driven panic. That’s it for now. Tonight I’ll keep drawing a few meme images—turning today’s “waterfall” into a pixelated milk cow quietly watching everyone queue up to run.