some pointers to reason about defi risk in vaults and money markets
1) a vault is solvent and liquid only if:
1. collateral quality ≥ drawdown you can prove you can absorb,
2. dex depth ≥ redemptions you might face, at bounded slippage,
3. redemption rails are enforceable (code) not promised (pdf).
when any corner weakens, the peg or nav bleeds first, then breaks (see xusd).
2)how to curate the curators (follow the flows, not the decks)
before trusting a “curated” meta-vault, map actual positions:
1. % to onchain vaults or money markets vs. offchain vaults or managers/custodians,
2. leverage layers (amm lp → rehypothecated → delta-hedged?),
3. tenor mismatch (instant user liquidity vs. term assets).
xusd showed how an offchain manager loss can nuke a “yield-backed” stable and force withdrawal halts.
3)collateral taxonomy test (fast screen)
label every unit of collateral as:
1. onchain-native: e.g., wsteth, cbBTC, rsETH (transparent, liquid)
2. wrapped-offchain: bank/custody/repo exposure (legal/ops risk)
3. derivative-of-derivative: pts/yt, restaked receipts, structured credit (stacked model risk)
rule: the more layers, the higher the operational and redemption beta. xusd + other depegs remind that wrappers/derivatives amplify failure paths.
4) dex depth → debt ceiling (quantify, don’t vibe)
for each collateral, compute exitable size at ≤1% slippage across all pools and venues → that caps safe “instant redemption.”
and with that value, reason about whether your deposits are liquid or iliquid, same goes for withdrawal queues
5) redemption reality check (three hard questions)
is “instant” backed by onchain AMM/PSM capacity or by “best efforts”?
does code force asset sales or queueing at known rules?
can withdrawals be gated by an offchain committee?
if any answer is squishy, treat “instant” as marketing, not a guarantee. in xusd, halts + queues compounded the loss path.
6) onchain > offchain (verification beats promises)
a fully onchain book with public accounting is strictly safer than a heavily-audited offchain book with discretionary gates. xusd’s $93m loss at an external fund and subsequent depeg are the canonical 2025 case study in ce-defi fragility.
7) why this matters now
in the last month alone, xusd and peers showed how a single external loss + weak redemption rails can spiral into deep bad debt and multi-stable contagion. treat “instant redemptions” and “low-risk wrappers” as claims to be falsified every week, onchain, with numbers.
8) tl;dr for allocators
if you can’t prove (a) depth-based debt ceilings, (b) queued-withdraw logic under forks, and (c) latency-aware liquidation design — you’re not underwriting yield, you’re underwriting storytelling. and 2025 has been brutal to stories.
9) tl;dr for allocators
if you can’t prove (a) depth-based debt ceilings, (b) queued-withdraw logic under forks, and (c) latency-aware liquidation design — you’re not underwriting yield, you’re underwriting storytelling. and 2025 has been brutal to stories.
10) doesn't matter you're using @aave, @MorphoLabs, @0xfluid , @eulerfinance , @SuperlendHQ , these things if you keep focusing you, may save you from similar incidents in the future
if you want that yield, you have to educate yourself and you can't trust curators alone
2,36 mil
0
El contenido de esta página lo proporcionan terceros. A menos que se indique lo contrario, OKX no es el autor de los artículos citados y no reclama ningún derecho de autor sobre los materiales. El contenido se proporciona únicamente con fines informativos y no representa las opiniones de OKX. No pretende ser un respaldo de ningún tipo y no debe ser considerado como un consejo de inversión o una solicitud para comprar o vender activos digitales. En la medida en que la IA generativa se utiliza para proporcionar resúmenes u otra información, dicho contenido generado por IA puede ser inexacto o incoherente. Lee el artículo vinculado para obtener más detalles e información. OKX no es responsable del contenido alojado en sitios de terceros. El holding de activos digitales, incluyendo stablecoins y NFT, implican un alto grado de riesgo y pueden fluctuar en gran medida. Debes considerar cuidadosamente si el trading o holding de activos digitales es adecuado para ti a la luz de tu situación financiera.