Survived Luna and FTX, but this weekend still wrecked me. The "Stupid Tax" never ends.

Been in defi since summer 2020. Rode Luna to zero, dodged FTX. Thought I had my risk mgmt dialed in. Last 48 hours were a slice of humble pie I didn't want to eat. Saw the macro risk-off signs (tech shaky, Warsh news). But got complacent. Was long SOL and ETH, convinced ETF inflows were a permanent floor. Then the flush hit. BTC wicked to ~60k. SOL smashed to ~70. Wasn't fundamental, just a mechanical leverage flush. $1B liquidated in 24h. My mistake wasn't the trade, it was the execution.

1. Ignored the data. OI was screaming ""overleveraged"" but I ignored it for the ""narrative.""
2. Trusted on-chain execution during a stampede. Tried to adjust collateral on Solana, got hit with endless RPC errors. By the time a tx went through, slippage ate 5% of the position.
3. I froze. Instead of cutting, I watched. Managed to hedge eventually but only because I swallowed my pride and used a CEX. I know the ethos is ""not your keys"" etc, but when the chain is congested, ideology doesn't save P&L. I keep a backup account on BYDFi specifically for these moments (mostly for the non-KYC speed) just to open a short and neutralize delta while waiting for on-chain txs to clear. Saved me from total liquidation but portfolio still took a hit that will take months to grind back. Lesson learned (again): Market structure > Fundamentals. When funding flips negative and OI drops 20%, stop thinking and execute the SOP. How did you guys handle the wick? Did on-chain stops actually trigger for anyone or did you get slipped into oblivion?