Recently, everyone has been arguing about who has higher TPS, who is cheaper, and who has bigger subsidies. Actually, I care more about a very “rustic” point: when the oracle feeds prices with a half-beat delay, your position may get “educated” by the system first. To put it simply, liquidation looks at the price that was fed in, not the spot K-line you’re watching.

Not long ago, I found a transaction on-chain (something like 0x7c…b1). Even though ETH had already rebounded, the price fed into the lending pool was still stuck at the previous downward move—the health factor dropped directly from 1.08 to 0.99. The liquidation bot moved in instantly. By the time the price updated, the person was already gone… Tell me, is that not unfair?

So now when I look at projects, I don’t just look at whether they’re “cheap and fast.” I also check what oracle they use, how frequently they update, and whether they have backup sources—especially when volatility is high or liquidity is thin, because a price-feed delay is effectively a backdoor for liquidations. Anyway, I don’t trade much, but if I do use leverage, I’ll set the liquidation line a bit farther away. I’d rather earn a little less and stay alive first.