Last night at 2 a.m., I saw someone ask again if the stablecoin would de-peg, and I immediately became alert... Honestly, whether it de-pegs or not is often not a math problem; it's the feeling of panic that comes first. Usually, no one pays attention to reserve transparency, but as soon as there's a slight movement, everyone starts reviewing audits and blockchain addresses, getting more and more anxious, and then scaring themselves away.

I now have a bit of PTSD; whenever I see funding rates suddenly become very "obedient" and the distribution of positions bunches up on one side, I start thinking: Are people switching to stablecoins in advance, preparing to withdraw? Not to mention the recent upgrade/hard fork of that mainstream public chain, where everyone in the group is speculating whether the ecosystem will migrate. When emotions tighten like that, stablecoins become the first domino to fall.

Anyway, my current approach is pretty simple: don't put all liquidity into the same stablecoin. If I don't feel secure before sleeping, I lower some leverage first... Otherwise, if I wake up in the middle of the night to small fluctuations, I might impulsively chase after trades again.