Lunchtime checked out a round of TVL, and the more I look, the more I think stablecoins are really about this: when something goes wrong, it's not the "model" that collapses first, but people panic first. Reserve transparency, to put it simply, is about giving everyone a bit of certainty: whether you can see it at any time, understand it, and tell if there's misappropriation. When information is blurry, the run mentality just grows on its own; on-chain transfers in those few minutes are more honest than any candlestick chart...

By the way, I saw everyone complaining again about validator/miner income and MEV causing unfair ordering, and it feels quite similar: invisible rules = default to someone reaching under the table. The same goes for stablecoins—everyone usually says "1 is 1," but when it comes to stress testing, trust is the only anchor. Anyway, I only dare to focus on transparency being detailed and redemption paths being clear; anything else with higher yields, I’ll hold off for now.