The drained asset is not the entire Flow, but the efficiency model treating liquid-staked tokens and underlying assets as "same-direction varieties." The lending protocol used higher leverage for utilization, and the attack turned this assumption into a one-time withdrawal. The $9.3 million is greater than the remaining locked assets afterward, indicating that the reserves were emptied first, followed by a collapse on paper.

The capital path is that depositors exchange WFLOW for interest in the fund pool, while borrowers use certificates like ankrFLOW to amplify their limits. Money flows out of the reserves, through auxiliary addresses, and then seeks exchanges or cross-chain. If the project has not publicly suspended the pool, the remaining deposits are still exposed to the same parameters. Aave V3's efficiency model has been repeatedly replicated on the mainnet, copying both the parameters and the gaps when those parameters are fully utilized.

The benchmark is the excessive borrowing after the decoupling of various LSTs and underlying assets, as well as the lending pool of Tectonic being named in the same month. DeFi is at a stage where "forking Aave can open on-chain operations": deployment is fast, while oracles and correlation assumptions are slow. The chain itself is alive, but the pool can die first.

Structurally, it belongs to incomplete technical substitution. The mechanism is: when the protocol writes the price correlation of two tokens as a borrowing multiple, once the correlation is broken by the trading path, the multiple becomes a siphon. The efficiency model increases capital utilization, but also increases the radius of failure for a single assumption.

ABAB News · Cognitive Law

The leverage of same-direction assets can turn into a siphon at the moment of desynchronization
The chain is still there, but the pool can be empty first
Copied efficiency parameters, along with the gaps, are also replicated