Lending and borrowing stuff is really like that—nothing seems to happen during normal times, but as you approach the liquidation line, your heartbeat starts to race... I usually force myself to stop when I'm about three steps away from the red line: first, figure out whether it's price fluctuations pushing me over, or interest slowly eroding my health. If it's the former, I’ll reduce leverage first, even if it means closing part of my position; if it's the latter, I’ll add some margin or pay back part of the loan directly—don’t fight time head-on.

Honestly, don’t wait until “just a little more” to act—that’s when you’re most likely to panic and make mistakes. Also, don’t be too superstitious about topping up a lot at once; it might make you feel better temporarily, but the risk structure doesn’t actually change, and the market can still give you a kick. Recently, there’s been a lot of noise about NFT royalties, which is quite similar to lending: creators want stable income, the market wants liquidity, and in the end, it’s all about arguing over “who bears the volatility.”

This time, I’ve learned: three steps away from the red line, first write down the worst-case scenario before taking action. Next time, I might set up automatic repayments or alerts earlier—how would you handle this kind of critical point?