Just saw a liquidation case: the price feed was delayed by 3 minutes. The collateral ratio was clearly still sufficient, yet the position was liquidated using the old price. I used to think a high collateral ratio means safety, but lately I’ve been feeling the opposite—oracle timeliness matters more than the collateral ratio itself. Especially when the market is wildly volatile, a seconds-level quotation lag can directly knock you out.

Now with the new L1/L2s rolling out incentives to pull TVL, old users are complaining about “mining → withdraw → sell.” In reality, it’s the same idea as lending—no matter how high the capital efficiency is, if that price-feed “string” snaps, then all efficiency is pointless. Anyway, I’ve recently reduced my leverage and kept some buffer—who knows which pool the next quotation delay will hit.