$1M of liquidations puts actual stress through V4's Hub/Spoke accounting, credit-line caps, and keeper routing while the deployment is still small. Governance launched V4 with narrow Core/Prime/Plus hubs, and LlamaRisk was already pointing at stretched credit-line utilization, including Core Hub USDT to Bluechip at 96.7%, so cap plumbing now matters as much as liquidation bonus design. After Aave V2's 2022 CRV bad-debt episode, slippage, oracle paths, and keeper competition are the stress points to watch when wstETH/weETH/cbBTC and stablecoin spokes start carrying real size.

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