That liquidation line in lending really looks like a red line. When I’m three steps away from it, I usually stop arguing and just cut my position to a level where I can sleep peacefully, even if it means earning a little less. Recently, I’ve seen everyone comparing RWA and U.S. Treasury yields to various on-chain “returns,” and honestly, the more like financial management it seems, the easier it is to overlook the small matter of liquidation… and then one needle pops the bubble.