sky's stusds vault has one borrower controlling $62m of $93m total borrows at 28% apr. depositors can't withdraw because 100% utilization means every dollar is lent to this single entity. governance proposing curve pools for discounted exits so depositors can escape at 70-80 cents on the dollar. the borrower pays interest with sky rewards and posts sky as collateral. both sides of their balance sheet depend on the same token price. maker rebranded to sky to compete with ethena but created a single-counterpa ...

pt-khype at 0.9795 discount loops 6x through hyperlend for 62% net, $225m liquidity against $700m market with december maturity roll forcing unwinds. kinetiq's 81.5% utilization rate creates the supply squeeze, and valantis labs already extracted $62m tvl through this exact architecture. ...