Chaos Labs take on Aave V4 is worth reading in this adiós señores post. They say it's a completely new protocol that shares nothing with V3 except the name. New codebase, new architecture, and new liquidation logic. 'Second-order failure modes will only surface once real capital moves through the system.' In degen language -> nobody knows how the V4 can break until real money is in it. All the risk tooling Chaos built in 3 years was designed for how the V3 works. V4 is totally different so all of that tooling is useless. They would have needed to rebuild everything from zero for a codebase that hasn't been battle tested yet. They asked for $8M to cover both V3 and V4 risk. That's 5.6% of Aave's $142M revenue. Banks spend 6-10% on risk but Aave offered $5M. And they say that V3 and V4 will need to run both together for months or years. But because the teams who operated V3 (BGD, ACI, TokenLogic now Chaos) are all gone, the weight of responsibility is on Aave Labs shoulders.(Ignas | DeFi)