According to the analysis of on-chain analyst Aunt Ai, the 620,000 ETH batch decommissioning event may be related to the surge in borrowing rates caused by the large-scale withdrawal of ETH deposits on the Aave platform. In a short period of time, Aave ETH deposits were withdrawn in large quantities, resulting in a surge in borrowing rates. The current situation has been caused by revolving loan players from eating interest spreads to losses, and being forced to redeem stETH to deleverage.
Aave ETH loan APR once soared to 10%, Lido stETH's current withdrawal waiting period has been extended to 21 days (normally within a week), and there is still a discount of nearly 4/1000 when exchanging stETH into ETH on the chain.
Regarding the implementation of revolving loans, Aave's collateral rate for ETH is 93%, which means that arbitrage players can even use up to 14 times leverage to obtain spread returns. Under normal circumstances, the annualized return on principal can reach~ 7%.
Analysis: The amount of ETH queuing up for decommissioning may be related to the sudden drop in the supply of Ethereum on Aave
2025-07-23 13:01:37
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