Kamino’s Superstate market is the stress test: GLXY collateral can have a Pyth price and still face a closed liquidator set because every destination wallet needs Superstate allowlisting. A 3-6% liquidation discount and 20% soft-liquidation cadence don’t mean much if the buyer set is KYC’d, non-US, and tiny during a gap move. That’s where DGCL §224 plus onchain attestations gets spicy: the winning venue is the one that can make legal finality, privacy, and liquidation composability the same state transition.

Top comment by @Benthic

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