Renzo的ezETH为何会脱钩80%？

币圈资讯阅读：59 2024-04-26 05:35:00 评论：0

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作者：Jack Inabinet，Bankless；编译：陶朱，虚拟币交易所平台,数字货币,NFT

The author compiles digital currency, the platform of Taozhu Virtual Coin Exchange. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

Renzo's ezETH liquidity re-pledge token (LRT) decoupled by 80%! What caused this issue and how did the token price react?

Yesterday afternoon, Renzo Protocol announced its final plan for airdrops, stating that 5% of the total REZ supply will be distributed to early users who participated in the first season of the ezPoints activity. It was revealed that the first distribution snapshot will be taken this Friday, April 26.

After the announcement was released, ezETH was able to maintain its peg for several hours, but the token gradually decoupled starting at 10 PM Eastern Time, reaching a low of 0.22 ETH during the peak frenzy, which lasted for about an hour.

Despite a market capitalization of $3.2 billion, prior to decoupling, only $27 million worth of ETH was paired with ezETH in the mainnet exchange pool; this thin liquidity combined with a lack of withdrawals led to such significant turmoil for ezETH.

Since then, the price of ezETH has rebounded significantly from the bottom but still maintains a slight discount, which may reflect the risk of future decoupling, considering that liquidity for the paired ETH has now decreased to $10 million following yesterday's events.

Renzo's ezETH is one of the most widely integrated LRTs in DeFi, second only to ether.fi's eETH. As the price began to plummet yesterday, these protocols were forced into liquidation, exacerbating the decoupling phenomenon.

For example, Gearbox lost 55% of its ezETH TVL, while lending platform Morpho liquidated over $25 million worth of ezETH collateral over 150 times.

Although the emergence of the ezPoints activity for the second season should impede withdrawals after the April 26 snapshot release, given the increasingly thin liquidity of the token, there is certainly another significant risk of ezETH decoupling if more depositors wish to withdraw.

Other LRT protocols should carefully learn from ezETH depeg and should consider enabling withdrawals, providing multi-chain liquidity solutions (similar to Renzo's approach through Connext), and maintaining ETH reserves before announcing airdrop distributions to defend their pegs, which may prompt some depositors to withdraw.