X @Ammalgam (δ, γ)
Ammalgam (δ, γ)·2025-07-30 19:08
It doesn’t take a black swan to unravel a protocol. 🦢All it takes is thin liquidity, bad timing, and leveraged exits.We’ve seen it play out before with Terra, CRV, Fraxlend.Our latest blog post deep-dive breaks down:🔹 Why cascading liquidations snowball.🔹 How risk concentration spirals into bad debt.🔹 What most DeFi protocols miss in design. ...