Recently, I’ve been seeing a lot of people arguing about which L2 has higher TPS, lower fees, and more subsidies… Honestly, when it really comes down to the moment your position is about to be liquidated, many people don’t even think about what would happen if the oracle’s price feed is delayed by half a beat.

A price feed delay means your call on whether you “should” be liquidated gets pushed back. When the market drops and it feels like everything is trending down, the price has already reached the liquidation line—but the oracle hasn’t caught up yet. From the outside, you look safe, so you’re actually more likely to not top up your margin. Then once the price feed updates, it jumps straight past the buffer zone and knocks you into liquidation in one go, with slippage and penalties stacking together—an experience that’s pretty brutal. On the flip side, when the market rises, delay isn’t a “benefit” either; at most, it just makes you recover slower, while the borrowing interest still keeps accruing.

My own rough way is this: don’t set the liquidation threshold right on the line—leave a little room. And when volatility is high, don’t play around with “extreme collateralization ratio,” or you’re basically asking for trouble. You can’t control the oracle’s price feed—you can only control yourself so you don’t stand on the edge of the blade… you get it, right?