When it comes to lending and borrowing, once the liquidation line is only “three steps” away from me, I usually first stop to have a sip of water... Not because I’m pretending to be calm, but because I’m afraid that if my hand shakes, I’ll start making a mess of operations. First, I lay out my positions to take a look: which ones are emotional positions, and which ones are truly meant to be held long-term; then if I need to top up margin, I top it up a little bit—don’t YOLO it all at once to the point of dawn, and don’t stubbornly hold on and wait for it to educate me. If I really don’t want to add any more, then I’ll just cut back a bit—trade my sleep back for it. Frankly, the one time you get liquidated hurts way more than the fees.

Lately, the modular narrative and DA-layer talk have gotten hot again. Developers are chatting nonstop, and users (including me) sometimes end up completely clueless: the story sounds great, but my collateral ratio won’t automatically become safer just because the narrative is “advanced”... Anyway, near the red line, I’d rather slowly retreat one step than bet on it suddenly turning around. That’s it for now.