Under inflation expectations, more and more people believe that borrowing has become a rational choice. The Lista DAO community is filled with such voices: "If you don't borrow now, you'll have no chance later. Inflation will slowly eat away at these debts. The protocol wants to ensure TVL growth, so it will definitely keep relaxing the debt ceiling." It sounds quite reasonable, so everyone starts comparing who has higher leverage.

But this "debt nihilism" logic is full of flaws. Lista DAO sets strict debt limits for each collateral type (such as slisBNB, ETH, BTCB), not to play metaphysics, but to prevent excessive risk concentration in any single collateral. Once the limit is reached, no matter how much interest you accrue, it won't save you—the protocol will directly trigger a circuit breaker, and the lisUSD minting channel will be physically shut down. If your entire strategy is based on the assumption that "you can always borrow money," when the time comes to urgently rebalance your position, you'll find the faucet has already been turned off.

The key point is that inflation eroding debt is a long-term macro process, taking at least a few months and sometimes years. But liquidation? That's a瞬间的微观事件—a瞬间的微观事件. The protocol's Dutch auction liquidation mechanism is designed to quickly liquidate collateral during a market crash. It doesn't care how beautiful your inflation theory is.

A practical approach is to regularly monitor the utilization progress of each collateral pool. Once you find that a pool's usage rate is nearing its limit, you should proactively adjust your positions or even reduce leverage. Those who can adapt flexibly in extreme market conditions are the true winners. No matter how appealing the macro narrative, it can't beat the real constraints of code-based risk control.