Tiger Research's recent report, "DeFi Jenga Collapsed," analyzes the Stream Finance xUSD collapse and its ripple effects. The report highlights Stream Finance's lack of transparency regarding its market-neutral strategy, absence of proof of reserves, and questionable insurance fund. Concerns raised by CBB about xUSD's collateralization ratio (only $170 million in assets against $530 million borrowed) exacerbated the situation when a Balancer hack triggered investor panic. The resulting withdrawals quickly spread throughout the DeFi ecosystem, impacting MEV Capital's deUSD, Compound, and Yei Finance. Tiger Research emphasizes the critical need for robust risk management to prevent similar incidents. This includes independent evaluations to objectively measure risk and structural mechanisms that hold operators accountable. Enhanced transparency and verifiable reserve proofs are also crucial for investor confidence and DeFi stability. Ultimately, proactive risk mitigation is essential to protect the future of decentralized finance. ```