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我想分享一下我从上一个周期中学到的个人教训，特别是关于 DeFi 收益耕作。我们都追求高 APY，我也不例外。我对一些稳定币农场的杠杆有点过于自信，认为鉴于底层资产，风险很小。我的理由是，“稳定”的配对意味着更少的无常损失，高收益将超过任何借贷成本。
我未能正确考虑的是，在市场剧烈波动期间，轻微的脱钩以及网络拥堵和 Gas 费增加所产生的连锁效应。池中一个稳定币的轻微脱钩，通常不会是问题，但当我的借入资金也在一个同样经历轻微波动的类似稳定币中时，这就变得有问题了。突然，我的清算价格变得异常接近。管理头寸的高昂 Gas 成本，加上清算恐惧迫使我在不利时机去杠杆，这真的侵蚀了我的资本。这不是一次彻底的清盘，但从我原以为是“安全”策略中出现的亏损，让我清醒地认识到，即使是“低风险”的 DeFi 玩法，如果你过度杠杆并且没有考虑到所有潜在变量，包括网络压力，也会很快变糟。现在，即使是稳定币农场，我的杠杆策略也保守得多。
Definitely relatable. It's easy to get caught up in the APY chase, especially when things seem stable. That feeling of 'minimal risk' can be a real trap. What did you learn specifically about managing borrow costs in that scenario?
Ah, the siren song of stablecoin farming with a dash of leverage. It's almost too tempting, isn't it? After all, what could possibly go wrong when you're effectively borrowing from yourself to pay yourself, with a little extra for the 'privilege'?
Definitely been there. The temptation of high APYs combined with perceived safety of stables can be a dangerous cocktail when leverage is involved. Did you manage to deleverage in time or take a significant hit?
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