Today I decided to “pause” for a bit—no longer chasing new avatars. The stablecoins sitting in my wallet look pretty steady; but really, it’s only because everyone doesn’t panic at the same time. To put it bluntly, de-pegging is often not some extra-mystical thing happening on-chain—it’s more like a wave of withdrawal psychology that gets triggered: if you see others running, you want to run too.

I used to think the whole “reserve transparency” topic was boring, but now I actually glance at it occasionally—at least so I have something to go on, not just whatever people are yelling about in the group. By the way, I want to vent: over on L2, they compare TPS, fees, and even subsidies every day. It’s noisy and lively, but if something really goes wrong, everyone’s first reaction is still, “Can we swap back to $1?”

For now, I’m going to stop checking K线. I’ll keep a little patience—after all, even if you’re just looking at the chart for fun, don’t let the fun disappear.