The issue of stablecoins losing their peg, to put it simply, is often not due to insufficient assets, but because "everyone suddenly wants to run first." If reserve transparency is only presented to you in a PowerPoint slide, with a "trust us" message, then the bank run psychology becomes contagious— the more explanations, the more it seems guilty. I think the same applies to projects: first, see if the team is willing to open their books and let third parties monitor them; otherwise, no matter how fancy the token model is, it’s useless.

Recently, a bunch of new L1/L2s have started offering incentives to attract TVL. I can really understand the old users' complaints of "mining, selling": liquidity comes quickly, and it leaves just as fast. When sentiment shifts, stablecoins are the first to suffer. Anyway, I now prefer to earn a little less if it means I can redeem at any time and the process is clear, rather than having the excitement on-chain fade and leaving you with a de-pegging event to ponder.