Last night, I was pulling on-chain data and it made me a little uneasy: a certain stablecoin’s depth in the pool suddenly got thinner. For a moment my hand was shaking, and I almost swapped in a big amount on impulse. Luckily, I still stick to my old rule—if the reserve disclosure is vague and the redemption route isn’t smooth, don’t chase that small bargain. In plain terms, when it comes to de-pegging, it’s rarely that “the technology is broken.” A lot of the time, everyone starts thinking the same thing: what if I should run first? With a run/ a bank run like that, the more transparent it is, the less likely it is to get ignited by emotions.

Recently, the “modular” and “DA layer” narratives have been quite the talk among developers, but users look totally lost—and that’s understandable. No matter how fancy the underlying layer is, when something really goes wrong, people only care about two things: can I get back 1 dollar, and will someone else hit sell before I do? Anyway, I’d rather go a bit slower for now. Rules-based approaches are just that boring. That’s it for now.