For the past two days, people have been talking again about whether stablecoins might lose their peg. I’m pretty indifferent about it: no matter how beautifully the reserve disclosures are written, when a run actually happens, the market cares about whether you can “get it back immediately,” not a PowerPoint. To put it plainly, losing the peg is often a psychological collapse first, and the on-chain side just amplifies the panic. For someone like me who has been borrowing and lending for years, the real signal isn’t a particular interest-rate number—it’s whether the redemption pathways have started to slow down and whether the depth of on-chain currency exchange suddenly gets thinner. If it gets thinner, I’ll move my liquidation line outward a bit; losing two hours of sleep is fine. Over on L2, people are constantly comparing TPS, fees, and subsidies, and it’s pretty lively—but what I care about more is whether, when something goes wrong, liquidity will be “moved away,” so that in the end I don’t end up unable to run. Anyway, no daydreaming—just stay alive first.