Last night at 2 a.m., I saw someone ask again if the stablecoin would de-peg, and I immediately became alert... Honestly, whether it de-pegs or not is often not a math problem; it's the feeling of panic that comes first. Usually, no one pays attention to reserve transparency, but as soon as there's a slight movement, everyone starts reviewing audits and blockchain addresses, getting more and more anxious, and then scaring themselves away.
I now have a bit of PTSD; whenever I see funding rates suddenly become very "obedient" and the distribution of positions bunches up on one side, I start thin
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