Risk Factors in DeFi Protocols - DeFi protocols are vulnerable to unraveling due to thin liquidity, bad timing, and leveraged exits [1] - Cascading liquidations can snowball within DeFi protocols [1] - Risk concentration can spiral into bad debt in DeFi protocols [1] - Many DeFi protocols have design flaws that contribute to instability [1] Examples of Protocol Failures - Terra, CRV, and Fraxlend are examples of protocols that have experienced failures [1]