Last week, I saw someone get liquidated at a "ridiculous position," and the comment section was noisy for a long time. Actually, many times it's not that you're wrong about the direction; it's that the oracle feed is slow by half a beat. Before the on-chain peg price comes in, your position looks fine, but once it updates, it can directly move you from "still able to hold" to "system sells for you." To put it simply, liquidation eats up the time difference: if you want to add margin or reduce your position, those few minutes can be gone in an instant.

Now everyone is excited about modularization and Layer-0 development, while users are confused. I only care about one thing: who is issuing the data, how often, and when is the "final price" considered. No matter how good the governance proposals sound, if the profit distribution is biased, the feeding price strategy can turn into a "reasonable delay." After experiencing this three times now, I only dare to open smaller leverage—don't race against quote updates; you can't outrun them.