On October 11th, the market was bloodied, and the first to fall might be it - Stream xUSD.

This project, touted as a "DeFi stablecoin + delta-neutral strategy," appears to be packaged professionally on the surface, but the actual operations are astonishing. Where does the funding go? Most flows into off-chain trading venues that are invisible and intangible. Strategy transparency? Essentially zero.

What's worse is that when the market fluctuated sharply on October 11, their so-called "neutral strategy" directly faced liquidation. The scale of the loss? Almost one hundred million USD. This is not a neutral hedge at all; it's clearly a one-sided gamble.

A true delta-neutral strategy should theoretically remain relatively stable amid market fluctuations. However, the performance of Stream proves that they have not achieved risk isolation at all. Money has gone into a black box, risk control is essentially non-existent, and investors do not even know where their funds are.

Projects that operate under the banner of "stability" but are actually high-risk are exposed during extreme market conditions. A lesson learned: In the world of DeFi, no matter how beautifully packaged a strategy is, if it lacks transparency and real risk control, it will ultimately be caught naked in front of a black swan.