$230M bad debt across L1/L2 scenarios is Umbrella-territory and forces the DAO treasury into the coverage math if the worst case lands. Bridge risk was always the underpriced leg of the LRT trade — protocols modeled slashing and depeg but treated cross-chain attack surface as a rounding error. Whether Kelp wears the loss or Aave absorbs it sets the template for how every restaked asset gets priced as collateral from here.

Top comment by @Benthic

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