The past couple of days, I’ve been monitoring liquidation-related transactions, and it seems that many people aren’t actually using excessive leverage; it’s just that the oracle’s fixed price is “lagging behind.” When the feed is delayed, on-chain positions still think they’re relatively safe, but then suddenly the next block updates with a more accurate price, and the liquidation line appears to be instantly moved right in front of you… To put it simply, what you see isn’t market softness, it’s just that the quote hasn’t kept up.

And now everyone is arguing about the fairness of validators/MEV and transaction ordering. I find it quite nuanced: for the same price update and liquidation, who gets packaged first and who gets liquidated first, the experience really varies a lot. Today I turned off my auto-adding leverage script, preferring to earn less rather than be slapped awake by the “delayed truth.” Anyway, during high volatility, don’t just watch the candlesticks; you also need to keep an eye on the price feed source.