Recently, I looked over the "liquidation records" of several lending positions again, and I feel that many people are not leveraging too heavily, but rather not taking the delayed price feed from the oracle seriously. To put it simply, a slow price feed = the health status you see is "old weather forecast," but the actual on-chain situation has already changed. When the price updates, liquidation bots rush in, leaving no window for you to add collateral.

Now I tend to write risk points into a spreadsheet: which oracle is used, roughly what the update frequency is, whether there is deviation during extreme volatility, plus whether the exit liquidity is sufficient. Recently, everyone has been complaining about validator income, MEV, and unfair ordering, but this is also linked to the liquidation experience: whoever is prioritized first gets liquidated first, making retail investors feel like "why do I always get hit precisely?" Anyway, I prefer to borrow less, leave some buffer, and sleep more peacefully.