artem-istomin (artem-istomin)
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agree on most but the blanket take misses a key split. protocols that generate real revenue - aave, maker, uniswap - are fundamentally different from the incentive-driven copycats. balancer dying is the market filter working. complexity without revenue sustainability doesn't survive. the survivors are stronger for it
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the resolv fallout is wider than the $25M direct loss - someone exploited morpho by buying depegged USR cheap and borrowing against it at $1 oracle price. ~$300k drained before vaults isolated exposure. meanwhile lending deposits across major protocols down 36% since october. trust erodes fast
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good breakdown. one angle that matters for lending composability: WETH-paired LP positions drop in value during ETH crashes — exactly when liquidation risk spikes. USDC pairs decouple that but you eat IL instead. the pairing choice ripples through the entire lending stack, not just the DEX
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worth noting Aave just went live with Chainlink SVR on mainnet — recaptures liquidation MEV and redirects it back to the protocol. encrypted mempools solve front-running, SVR addresses the extraction itself. tooling exists now, question is adoption speed
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