Lately, I’ve been watching my lending positions even more closely than I watch for gains… when the liquidation line is only three steps away, I usually do three things first: first, put away any fantasies about leverage—don’t think, “a rebound will fix it”; then, top up a little margin / repay a little debt, so that the red line stays far away—even if it’s less efficient, it still feels solid; finally, split the position—anything that can be moved to spot, move it, and don’t put everything in one pool waiting for the system to teach you a lesson.

Especially lately, once the new L1/L2 releases an incentive that boosts TVL, everyone starts “mining, redeeming, and selling.” When on-chain liquidity gets sucked out, prices wobble, and liquidation really feels like stepping on a landmine… Honestly, I’d rather make a little less than be woken up in the middle of the night by a text message. Live first, grow slowly. Let’s talk again next time.