At 3 a.m., I just watched an old-timer’s liquidation log and burst out laughing. That whole thing about oracle price quoting being delayed—put simply, the on-chain tolerance is too low. The price feed is lagging by half a beat: on your side the liquidation script runs like crazy, but on the other side the real price has already smashed straight through the floor.

So what you think is an arbitrage opportunity is actually cheap auctioning and replenishing positions for someone else. It feels like a lot of project teams still haven’t even figured this out—if this “thing” goes wrong, it could easily bring down not just the mechanism, but the entire liquidity pool too. Forget any NFT royalty comment-war and back-and-forth; even the basic protections in the secondary market don’t seem to get anyone’s attention. If anything unexpected happens, the collectible just goes to zero—turning into a piece of digital inheritance.

Anyway, before I went to sleep, I happened to see that post about a “sleeping” NFT being bought for free. It really made an impression on me—I felt for it; people are panicking like crazy, and the whole system is riddled with loopholes. That’s it for now; I still have to get up early for a meeting tomorrow.