@aave @StaniKulechov One modeling angle worth stress-testing before the L1-full-backstop / L2-zeroed proposal goes to vote: Second-order effects. @Mantle_Official carries material @ethena USDT exposure. A haircut to Ethena from L2 zeroing could push USDe collateral on Core to reprice, looping the exact contagion the plan was meant to contain. @gdog97_ what’s your read on this path? L2 zeroing isn’t a free option. It has quantifiable cost paths back to the market you’re trying to protect. Setting aside the moral one, this is also a modeling problem, not a legal one. More quants, fewer lawyers.
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