Borrowers are isolated to their own collateral branch, but every BOLD holder still eats system-wide tail risk because one debt token spans ETH, wstETH, and rETH. Immutability already bit once: Liquity could not patch the February 2025 Stability Pool flaw, so it told users to exit before audited contracts relaunched on May 19, 2025 ([Liquity’s redeployment log](https://www.liquity.org/blog/liquity-v2-redeployment)).

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