There have been several warnings already, and this time it’s not just to scare people—

In one month, DeFi has lost $30 billion in TVL⚠️
If the market really turns bearish, DeFi is very likely to see a domino-style collapse.
I've been checking on-chain over the past few days, and right now, the most dangerous areas basically revolve around these three types:

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🔻 First type: Curator vaults = On-chain black box asset management
Previously, Aave and Maker used contract-based risk control, but now a bunch of new protocols are running "curator strategies."
You just provide the funds; positions, leverage, and underlying assets are all in the curator’s head.
Transfers are decentralized, but decision-making is centralized.
When something blows up, it’s on the level of xUSD, with hundreds of millions in bad debt impacting the whole ecosystem.

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🔻 Second type: High APY = Death spiral engine
Token launch → High yields → Attract funds → Another token launch
It’s not obvious in a bull market, but once a bear market hits:
Token price falls → Yields become invalid → People run off → Token price tanks further → Project goes to zero.
You’re eyeing that 50% yield, but the project team is eyeing your principal.

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🔻 Third type: Liquidity & redemption risk (human centipede model)
ETH → stETH → LRT → Collateralized → Lending → Stablecoins → Structured products
Layer upon layer, looks super efficient,
But if just one layer depegs, gets dumped, or attacked—
Cascade liquidations + mass redemptions, and the whole staking system collapses together.

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✅ To put it bluntly:
If this cycle really turns into a bear market, DeFi won't just fall, it will "detonate."
Don’t get greedy, seriously.
Withdraw what you need to, run if you have to.
It’s safer to buy a VIP at a foot massage parlor than to be the last one holding the bag.💀💸
Let’s encourage each other.