Honestly, lately watching on-chain liquidations feels like watching a whirlpool in a teacup: you think the water surface is flat, but underneath it's twisting. If the oracle price feed is delayed by a few minutes, positions might get stuck at the critical point of "should reduce position / add margin," and by the time the price catches up, a liquidation happens instantly, leaving no time for reaction. Especially during high volatility, the order book has already moved, but the on-chain data still shows the "old price," which is quite awkward.

I'm not sure if this counts as a residual effect, but when a certain region tightens taxes and compliance, and deposit/withdrawal expectations worsen, everyone's sentiment tightens, and they tend to leverage more to gamble. At such times, slow price feeds and network congestion are the biggest fears. Anyway, I now prefer to keep leverage lower, leave some buffer, and not race against liquidations... for now.