Recently, everyone has been pushing for new L1/L2 incentives, pulling TVL up rapidly. Old users complain about "mining, selling" while still unable to resist jumping in... Anyway, when I see this kind of situation, my first reaction isn't APY, but whether the oracle price feed will be slow.

To put it simply, liquidation depends on "the price it believes," not the market price you see. When the feed is delayed, the price has already dropped, and your position should have been warned to reduce, but the system hasn't updated yet; by the time it updates all at once, it might jump directly from "okay" to "below liquidation line," with slippage and penalties hitting together. The same applies when prices rise—don't think you're safe; if the feed hasn't caught up, you're still at risk.

My own quick fix: during high volatility or new incentive periods, use less leverage, keep a higher collateral ratio, and don't assume "oracle is very stable" as a default. For now, that's how I plan to do it—I’ll add some margin to a few borrowing positions.