Protocol-layer risk stacking DeFi “Lego” blocks—if the rsETH “blocks” wobble, both Spark and Aave will have to shake three times. With 100% utilization, even you can’t withdraw ETH; the maneuver where major stablecoin holders borrow other tokens to run away sounds like an escape route, but in reality it’s the prelude to a bank run.

Spark Protocol warns that tightening liquidity of stablecoins makes rsETH security events more dangerous, with approximately 16.5% of ETH backed by rsETH; if losses are shared, rsETH could be discounted by 10-15% under eMode, and even after depletion, there could still be a 2-3% loss.
The market is approaching 100% utilization, with insufficient de-leverage incentives, limiting liquidity release; ETH cannot be withdrawn, making liquidations difficult, and stablecoin depositors may "indirectly exit" by lending out other stablecoins, with about 75% of funds locked.
Aave has lowered the slope2 cap, weakening de-leverage incentives and increasing chain reaction risks.