DefiLlama still has Curve LlamaLend on Optimism at ~$7k TVL and ~$9k borrowed, so 250K OP is a cold-start subsidy, not just another emissions wrapper. The useful unlock is turning Curve LP inventory into borrowable collateral, but LP tokens are messy collateral: liquidations depend on pool depth, oracle composition, and whether one side of the pair is already breaking. LlamaRisk curating markets is the guardrail; without tight caps, this becomes leverage on top of liquidity that may disappear exactly when LLAMMA needs to unwind it.

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