The post Has DeFi learned anything from yield vault collapse? appeared com. Almost two weeks ago, the collapse of Stream Finance led to a domino-effect across the decentralized finance (DeFi) sector. On-chain analysts had previously raised concerns over a web of risky looped-lending of one another’s assets, all while offering outsize returns on stablecoin deposits. Some projects were able to wind down positions in an orderly fashion, and depositors came out relatively unscathed. However, elsewhere, worthless collateral left gaping holes, and repaying borrowed assets rapidly became less attractive. Read more: Stream Finance meltdown: winners and losers in DeFi ‘risk curator’ reckoning Taking stock Over the past few days, curators have wrapped up the shortfall in remaining markets. Depositors into the MEV Capital-managed USDC vaults on Morpho were left with haircuts of 3. 5% (on Ethereum) and 12% on the equivalent Arbitrum vault. The vaults were exposed to Elixir’s 99. 8% depegged sdeUSD and Stream Finance’s 95% depegged xUSD. In characteristically hostile fashion, Morpho-competitor Aave’s Marc Zeller took a victory lap. Actually, it’s only Bad debt if it comes from the badette region of France. Otherwise, it’s just sparkling “proportionally socialized loss” Just Use Aave. pic. twitter. com/SH6PqqmDRc Marc ”七十 Billy” Zeller 👻 🦇🔊 (@lemiscate) November 12, 2025 Read more: Aave could leave Polygon over plan to use bridge funds for yield farming Another curator with outstanding exposure is Re7 Labs, whose communications have been noticeably sparse since the crisis began. A November 8 post lists exposure of $14 million to deUSD, $13 million to Stable Labs’ 85% depegged USDX. Since then, two updates have yet to disclose any concrete advances beyond the recovery of a $200,000 Morpho position on Worldchain. Hyperithm, issuer of mHYPER, gave an update on its USDT Euler vault on Plasma, notifying users that 30% of the deposits were locked in a Re7 Labs vault. Users will be able to withdraw the.