Lehman Brothers wasn’t the first bank to collapse but it was the one that broke the system. I think today crypto faces its own contagion risk. 

TradFi giants hold BTC on balance sheets.
DeFi protocols hold billions in locked value. 
CEXs remain the backbone of market liquidity. 

What happens when one cracks?

→ If a major DeFi lender collapses, does the whole stack unwind?
→ If a CEX goes down, how fast does it spread across chains?
→ If an ETF dumps holdings, who absorbs the liquidity shock?

2008 taught us that leverage and interconnected risk are ticking time bombs. 
DeFi mirrors that in ways we don’t fully price in. 

The question here is not if a failure will happen. 
It’s when and how brutal the fallout will be.

And, who saves it?