Recently, various "new narratives" have been flooding the scene again. When attention is diverted, it's easy to get itchy and add or switch positions, basically working for the market's sentiment. My simple method is still to watch the spreadsheet: for each collateral position, clearly note the collateral ratio, liquidation threshold, and lending spread. If it exceeds my set red line, I reduce it, regardless of whether the market is hot or not. Layer 2 now is quite noisy about TPS, fees, and ecosystem subsidies, but for me, I first ask: if subsidies fade and spreads return to normal, will my position be forced to deleverage? I treat complexity as an enemy—if a single liquidation price can explain it, don’t use ten stories. Anyway, hot spots rotate quickly, and liquidation only needs to happen once.