These days, I’ve been thinking about the old story of stablecoins losing their peg again. Honestly, it’s often not “the reserves are truly gone,” but rather a lack of transparency plus everyone panicking at the same time. When a bank run starts, it’s like a stampede—everyone wants to be the first to run. After experiencing a few zeroing-out events, I now always ask first about the returns: Are your yields based on real cash flow, or are they relying on a tacit understanding that “everyone else won’t withdraw at the same time”…

Recently, the stacking of yields from staking and shared security has been criticized as a copycat scheme. I can understand that; the layered yields look quite attractive on the surface, but once a small disturbance occurs, it’s more likely to amplify panic into a chain reaction. Anyway, I now prefer to earn a little less, diversify my holdings, and keep some flexible positions. If something really happens, at least I won’t be caught off guard and flustered.