Explore the concept of systemic fragility in decentralized markets through this 55-minute lecture by Alfred Lehar from the University of Calgary. Delve into the institutional setup of decentralized finance, examining liquidation data, collateral tokens, and popular tokens in the ecosystem. Gain insights into decentralized exchanges, liquidation waves, and the role of liquidators. Analyze regression models, returns, and liquidation processes to understand the potential vulnerabilities in these markets. Conclude with a comprehensive overview of the systemic risks and challenges facing decentralized financial systems.