I just looked at some historical liquidation data from DeFi protocols, and the price-feed delay really can send chills down your spine. During those few seconds of ETH pinning last night, some pools’ oracle quotes were still stuck at the price from 3 minutes earlier. The collateralization ratio jumped directly from 120% to 85%, and liquidators basically had no time to react. Put plainly, it’s not that the on-chain lending products are the problem—it’s that the price-feed source is too fragile. Recently, people have been comparing RWA with on-chain yield, but on-chain yield volatility is tightly linked to liquidation risk; this is something U.S. Treasury yields can’t achieve. In any case, I’ve always stuck to one habit: before opening a position, take a quick look at the collateralization ratio and set a safety buffer. If I can only keep one habit, it’s checking the collateralization ratio.