Over the past couple of days, I’ve been watching the reserve disclosures of a few stablecoins again. Honestly, it’s really a question of whether they’re transparent or not—it’s not about whether they’re “safe or unsafe,” but whether everyone will end up running at the same second. When a de-peg happens, it’s often that withdrawal-panic hits first and then blows up; once the on-chain redemption queue gets longer, once the news spreads, people start trembling… With my own small funds, I’m even more timid—I’d rather spend a bit more gas to spread out the placements, than wait in line if something really goes wrong.

Also, about that “yield stacking” setup for staking/shared security that’s been getting criticized lately—the “copycat doll” thing—I find it kind of annoying too: it adds another layer on the books, and another layer to the liquidation/redemption path. If you really run into liquidity tightness, whoever runs first lives. I was also watching a few projects that always talk about “efficient yields,” but later I realized they don’t even mention any settlement details—so I just unfollowed them. I’ll just see if I can smoothly redeem back that 1 kuai, and then we’ll talk. Anyway, I don’t trust the story. Let’s see how the settlement goes first.