Jlabs Digital analyst Ben Lilly pointed out that currently stETH is being withdrawn from Lido. And another lending agreement, Figment, is absorbing Lido's market share, which means Figment may be a pledge partner for ETFs. 32% of stETH (wstETH) is used as collateral for the lending agreement, and decoupling could mean the liquidation of the lending agreement.
Notably, 278,000 wstETH is currently at "high risk" (defined as a health factor of between 1-1.1).
Opinion: There is a risk of stETH being de-anchored, or triggering the liquidation of the lending agreement
2025-08-15 04:27:58
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