Recent small fluctuations in stablecoins have really unsettled me… To be honest, de-pegging often isn't due to actual reserve shortages, but because everyone panics and starts rushing to withdraw, with a bank run psychology that moves faster than on-chain data. Reserve transparency is also an issue; no matter how frequently reports are issued, at critical moments, do you dare to hold the redemption channels steady? If you can't hold, don't blame others for acting quickly.

These days, I've been watching the lending pools, and when I see the collateralization ratio drop and liquidation bots start warming up, I know that "confidence" is incredibly fragile. On the other hand, I’ve always been a step behind with the airdrop season’s point system… While others are fighting like it's a daily routine, I’m still debating whether to do the tasks. Then I looked up and was startled by the stablecoin, so I decided to tighten the risk switch first.