The recent hype is truly unprecedented. Not only has the crypto circle exploded, but even some stock investment groups that are completely unrelated have started to flood with messages—discussions about a certain hot coin skyrocketing and whether to follow the trend are filling screens every day. Jokes, memes, and various surreal screenshots are coming one after another, and the excitement just keeps escalating.

A contradictory feeling is: on one hand, watching the influx of external capital crazily pouring in, and on the other, feeling a faint sense of unease. Those coins driven entirely by emotion and community sentiment, with daily fluctuations often hundreds of times larger, are fundamentally about psychological warfare and probability games. For those making money, it’s all stories; for those losing money, they understand what reality really is.

But there is a deeper risk that most people are completely unaware of—right in the midst of these hottest trading scenes, whether it’s a certain DEX or various derivatives platforms, the critical factor that determines whether you get liquidated or double your investment often depends on an almost unnoticed player: the oracle.

Simply put, an oracle is a system that feeds prices to on-chain contracts. Once it malfunctions—delays, failures, or manipulation—the most impressive price surges can’t protect your position. Even if a coin skyrockets to astronomical levels, a single incorrect price data point can instantly wipe out your account. This is not just theoretical; it’s a brutal reality in the DeFi world.

**In the era of frenzy, the fragility of infrastructure is exposed most thoroughly**

The popularity of certain coins actually reflects the most primitive logic of the crypto world: community consensus equals value. This pure form of value creation, which doesn’t rely on traditional endorsements, unleashes unprecedented energy. But at the same time, it also exposes an awkward question: can the underlying infrastructure supporting these astronomical trading volumes really hold up?

Imagine this scenario: hundreds of thousands of users trading simultaneously on a DEX, with hundreds of billions of dollars in liquidity locked in derivative contracts. If the oracle network fails, experiences data delays, or is manipulated by a single node—who bears the consequences? And how many people truly understand these risks before opening a position?

This is why, behind every surge, there often lurks the deepest trap.