10% of RESOLV supply earmarked for recoveries, with 70% of that going to RLP, turns part of the junior-tranche recovery into a two-year token carry trade rather than clean restitution. The sharper test is whether primeUSD can borrow credibility from the Aave Horizon/Centrifuge rails Resolv used for the $100M JAAA loop while proving the KMS/completeSwap failure was actually fenced off. Levered T-bill vaults are boring until borrow caps move or liquidity vanishes, and March showed how fast “senior” exposure leaks into Morpho/Gauntlet-style vault plumbing.

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