Many people take their first step into DeFi, their eyes fixed on those sparkling profit numbers. But those who truly survive in this market often start by asking different questions—where do the returns come from, who bears the risks, and what happens in the worst-case scenario.

Take a leading DeFi project as an example. Its value lies precisely in making the financial logic clear enough. It doesn't just pile everyone onto the same highly volatile curve to gamble, but instead designs layered participation paths, allowing people with different risk preferences to find their own place within the same mechanism. This is true design wisdom.

The more volatile the market, the more the differences in mechanism design are amplified. Whether liquidation occurs in an orderly manner, the stability of the liquidity pool, the health of collateral structures, and whether key parameters are transparent and verifiable—these details are often invisible in normal times, but in extreme market conditions, they become the factors that determine life or death. Mature systems treat extreme situations as normal in their design, enabling participants to still have a clear decision-making space even in environments full of uncertainty.

If you view DeFi as a long-term tool, I recommend making a checklist: first, examine the logic of collateral and liquidation; second, look at liquidity depth and parameter settings; finally, review governance mechanisms and emergency response capabilities. Don’t get carried away by short-term market noise—use structure and discipline to improve your win rate. Long-term returns are often hidden in these seemingly unremarkable persistence.