Once my lending position approaches the liquidation line, there are only "three steps" left, and I basically stop gambling on luck. The first step is to reduce leverage: either add some collateral or pay off a debt, even if it means earning less, I can sleep peacefully. The second step is to move away the most volatile portion first; don’t expect a "rebound" to fix everything—truth is, liquidation isn’t a loss, it’s just being forcibly sold off with fees paid. The third step is to raise the warning line; respond as soon as your phone rings, don’t wait until you’re busy and pretend you don’t see it.

Recently, the NFT royalty disputes seem pretty similar: everyone wants to take a little more, but when liquidity tightens, nobody feels good. Anyway, my current principle is that staying alive is the most important, and you shouldn’t always rely on the last bit of luck to turn things around. That’s it for now.