Just munching on potato chips while flipping through the chain, I suddenly thought about the de-pegging of stablecoins. To put it simply, many times it’s not that the “assets are truly gone”—it’s that everyone starts to doubt, and then they all squeeze out of the door together. Reserve transparency is like opening the back kitchen in a store for you to see: you may not understand what’s in every container, but at least you don’t feel that uneasy. What I fear most is the kind of situation where they only release disclosure reports every few days (not too often, but not instant), and there’s a bunch of “trust arrangements/partners” tacked on—sounds like they’re circling around the point.

Recently, during the airdrop season, task platforms have been cracking down on anti-sybil and running a point-based system—one set of rules after another—so the “hair-harvest” crowd crowds in and competes like they’re punching a time clock at work… Actually, it’s pretty similar to bank-run psychology: everyone’s scared that “if I don’t run first, it’ll be over,” and then it really turns into everyone running at once. Anyway, now when I look at stablecoins, I don’t just look at the size—I care more about how fast they update information when pressure hits, and whether on-chain deposits and withdrawals suddenly become awkward. As for what level of transparency counts as enough, what do you think…