The year is 2035 Every tokenized basis trade has negotiated away ADL on CEXs Donald Trump (on his fifth term) announces 550% China tariffs on an illiquid Friday Everything dumps 80%. CEXs are now insolvent as they couldn't ADL You're comfy, as you've been broke for years

Art of The CMS
@cmsholdings
10-12
So if this is the case then you actually have a way higher chance of assignment of ADL if running same leverage as Ethena is since they have agreements in place and you don’t you can’t even use the OI to proxy since you don’t know how much of it is ethena protected positions x.com/markoggwp/stat…

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