Last night's market move at 2 a.m. marked a fierce milestone in the history of the 2025 crypto market. While investors were still dreaming in the mid-stage of the bull market, BTC suddenly caught everyone off guard—plunging over 15,000 points in just three minutes. The order book on centralized exchanges looked disastrous, with depth drying up instantly, and long positions evaporating in the blink of an eye.

In just ten minutes, the total liquidation amount across the network skyrocketed to $2.8 billion. But the strange thing was—on-chain DeFi remained surprisingly stable. Those lending protocols most prone to bad debts and chain reactions of liquidations somehow didn’t experience much trouble, as if they had shock absorbers in the eye of the storm.

Why is that? Ultimately, it comes down to the structural differences between these two ecosystems. CEX matching engines pursue extreme speed, but in extreme market conditions, they’re like sports cars without tires—prone to flipping over. On-chain oracle systems are different—they don’t just carry price data; they are a sophisticated, self-adjusting system with risk resistance capabilities.

During last night’s spike event, traditional oracles relying on a single price feed could easily be thrown into chaos by sudden market moves. But architectures with multi-source aggregation and adaptive mechanisms can quickly identify abnormal data during extreme volatility, promptly correct the price feeds, and prevent chain reactions. This logic has gradually become the key to rebuilding trust in on-chain finance in 2025.

Reflecting on this incident, the performance differences between CEX and DeFi actually reflect a deeper trend: future crypto finance may not be driven solely by speed or liquidity, but will place greater emphasis on resilience and stability in extreme scenarios.