This Aave liquidation crisis discussion is essentially a stress test of risk management under extreme market conditions: as long as one of the links—price oracle, liquidation bot, or market liquidity—gets stuck, automated liquidation will fail, and the risk exposure will rapidly escalate.

Stani pointed out the issues with risk management tools, which actually highlights the core contradiction in DeFi: in calm markets, everything runs smoothly like a precision machine, but when a black swan event occurs, it immediately turns into a naked liquidity game.