原文作者:Rooter, Solend创始人
Source: Twitter
编译：Felix, PANews
Recently, Renzo's LRT token ezETH was de-anchored due to a massive sell-off due to the controversy in the crypto community due to Renzo's tokenomics being too "centralized". Solend's founder Rooter posted on the X platform in response to this matter, speaking out about the incident. The following is the full text:
This is not a black swan event. And it's not a tail event. At this point, LST breakdowns are commonplace, occurring almost every few weeks. Here's how it happened, why good trades go bad, and what to do about LST risk.
ezETH is Renzo Protocol's Liquidity Restaking Token (LRT) and a "magnet" for points, allowing miners to accumulate rewards. Renzo grew TVL from $0 to $3 billion in just 4 months.
Due to the market's strong questioning of its tokenomics, it led to the depegging of ezETH. Since ezETH is not yet redeemable, it is not possible to take low-risk arbitrage to restore the peg.
Tens of millions of dollars worth of ezETH were sold off and a massive liquidation occurred. The chart below shows the liquidation on Gearbox and the TVL of ezETH falling sharply on Morpho Labs.
But there is nothing new under the sun, and history is always strikingly similar. A similar incident occurred in 2022 in stETH, which led to the collapse of 3AC and triggered a domino effect that completely reshaped the crypto market landscape.
This has also happened many times on Solana (but on a much smaller scale). In December 2023, mSOL decoupled due to a whale selling $8 million worth of mSOL. Just last week, multiple LSTs were decoupled, resulting in false liquidations and bad debts for marginfi.
Solend's approach to pricing LST avoids most of these problems. However, marginfi has been harshly critical of Solend's approach, but it was marginfi that was the first to suffer after the turmoil. However, this method only works for SOL LSTs. ezETH may be a few months away from being redeemed, so it's impossible to tell if the depeg is a reasonable depreciation or simply due to a volatile market.
There is no good way to eliminate risk completely, it comes down to setting safe parameters and using safe leverage. It's really bad to give up market share to a competitor, but it's even more important to keep your money safe.