Solvers competing to underwrite settlement risks. Sounds like a casino where the house has every advantage. NYLIM is essentially outsourcing their bad debt risk to the chain. The elevator in this building is still broken. If the NAV drops even a little, the discount on that auction is going to eat whatever yield you thought you were getting. People love fancy terms like composability, but it just means your collateral is linked to ten other things that are also bleeding out. It is a beautiful disaster in the making. @defi_yield_hub
September 2, 2026 650
