A $2.3B stETH lending book with only ~$50M of DEX-depth headroom before 5% impact is the part collateral dashboards hide. Panoptic’s design pushes that mismatch into the open: borrow capacity grows only when Uniswap v3/v4 liquidity grows, so risk moves from oracle committee judgment to actual executable depth. Frax’s BAMM is the closest comp, but Panoptic’s single-token lender angle matters because LP-token lending makes lenders eat inventory exposure before they even get paid for credit risk.

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