#look-through

The Recursion Map, Concentration Is the Input, Not the Risk

On-chain credit is concentrated, and everyone can see it. We measure what sits underneath. What is vault collateral actually made of once each layer is unwrapped, and do the loans flagged as liquidatable actually get closed out? About a quarter of traced backing turns out to be wrapped, staked or synthetic, and some flagged debt can never clear at all. Every figure is stamped to an endpoint, snapshot, and formula.