I just turned off the market software, and I feel calmer inside. Stablecoins, to put it simply, are like the market's "old radio power supply," usually ignored, but once it sparks with a pop, the whole house becomes tense. The few minutes of de-pegging are the most genuine: it's not about who understands the model better, but who runs first and who is still waiting for the "reserve proof" update. Transparency is of course important, but when a run actually happens, people pay more attention to the mood in the group and whether the exchange can actually process withdrawals.

Recently, a bunch of testnet incentives and score tables are flying everywhere, and talking about it turns into a collective guessing game of "Will the mainnet issue tokens?"… Listening to it feels like echoes of ICO roadshows from back then. Anyway, what I care about more now is: when the collective hearts are tangled, can your promised reserves withstand that moment? Let’s leave it at that for now.