I used to think that liquidation was just "price hits the trigger and boom," but after watching on-chain for a while, I realized that often it's not that you judged the wrong direction, but that the oracle feed is slow: the market has already hit the liquidation point, your position still shows safe, and when the feed updates, it jumps straight to the liquidation line, leaving you no window to add margin... Conversely, a lagging feed can also make you think the returns are stable, but the actual risk is in the queue. Recently, everyone has been comparing RWA, US Treasury yields, and on-chain yield products. My first reaction is: don’t just look at the annualized rate, first check what oracle is used, the update frequency, and how extreme market conditions are handled. My current approach is simple: lower leverage a bit, watch the oracle update rhythm, and prefer to earn less but sleep soundly.