1011 aftershocks: multiple market-neutral strategies with stablecoins have blown up, once again putting the CeDeFi model under the spotlight. Luckily, the largest one, USDe, avoided liquidation due to an exclusive arrangement with the exchange. Otherwise, the scale of this collapse would have surpassed Luna (USDe's minting volume also plummeted from $15 billion to $8.9 billion). The long-term returns of these strategies will converge to treasury bond levels (or even lower), with liquidity constrained by exchange OI and counterparty risks entirely hidden in the black box of CEX. This model has been completely debunked.