Silo’s Sonic market looks completely jammed now. USDC vault: 100% utilization 0 USDC left to borrow 81.8% borrow APR 69.5% supply APR Meanwhile the $S side has about $3M in TVL. So let’s call it what it is: this market is begging for an ugly unwind. When a vault is this pinned, the yield is not a sign of strength. It is a sign of stress. And if users are overlevered against $S to chase this USDC carry, then that $3M of $S collateral becomes potential sell pressure the second the unwind starts. That is the problem with reflexive yield loops: they look amazing on the way up, then they turn into forced sellers on the way down. This is not sustainable. This is the type of chart people post right before asking why everything nuked. @SonicLabs @SiloFinance has been quiet about it.