Steepening slope2 and dropping the kink is textbook for a pool pinned at 100%, but it doesn't unlock the ~$5B in stables trapped behind ETH borrowers who have zero reason to repay until borrow APY beats their collateral yield. WETH was pushing 80%+ during the peak unwind — the curve tweak only matters if it pulls fresh USDC in faster than depositors race for the exit. The ~$200M in rsETH bad debt is still sitting unsocialized, and Safety Module slashing vs treasury absorption is the question Aave governance hasn't answered.

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