Here's something wild about eliteRingsScUSD's collateral chain: the actual asset backing gets messy real quick. At its core sits veUSD, which itself leans on locked stkscUSD tokens. Go one layer deeper? That stkscUSD relies on staked scUSD—but here's the kicker: this specific scUSD chunk got rehypothecated straight into Mithras protocol. Now track where Mithras scUSD ended up: roughly 92% of it (we're talking 13 million) is currently sitting as borrowed funds against xUSD collateral across Silo and Euler lending markets. Multiple abstraction layers stacking on top of borrowed positions—classic DeFi Jenga tower situation right there.