隨著雲聚集在加密景觀上時，閃光從天空中撕裂：以太坊，一個必不可少的支柱，在24小時內損失了其價值的14％

在天空上，遊戲規則是明確而殘酷的：用戶將以太坊存入了借用dai的抵押品，dai是與美元掛鉤的穩定者。

As the clouds gathered over the crypto landscape, a flash tore through the sky: Ethereum, an essential pillar, lost 14% of its value in 24 hours. A brutal drop, amplified by the liquidation of an Ethereum whale for 106 million dollars on Sky, the DeFi platform relaunched in August. Behind these numbers lie cold mechanisms, ruthless mathematical ratios, and a chain reaction that cruelly highlights the fragility of decentralized ecosystems. What if this debacle reflects a market still too sensitive to geopolitical shocks, like Donald Trump’s recent customs announcements? A dive into the guts of an algorithmic carnage.

隨著雲層聚集在加密景觀上時，閃光從天空中撕裂：以太坊，一個必不可少的支柱，在24小時內損失了其價值的14％。一個殘酷的下降，通過以太坊鯨清算為1.06億美元的Sky，這是一個defi平台，於8月重新推出。這些數字的背後是冷的機制，殘酷的數學比率以及殘酷強調分散生態系統的脆弱性的鏈反應。如果這種崩潰反映出一個對地緣政治衝擊仍然太敏感的市場，例如唐納德·特朗普最近的海關公告，該怎麼辦？潛入算法大屠殺的膽量。

Sky, the invisible arena where crypto whales are devoured

天空，無形的競技場，加密鯨魚被吞噬

On Sky, the rules of the game are clear and brutal: users deposit Ethereum as collateral to borrow DAI, the stablecoin pegged to the dollar.

在天空上，遊戲規則是明確而殘酷的：用戶將以太坊存入了借用dai的抵押品，dai是與美元掛鉤的穩定者。

The protocol imposes a strict over-collateralization ratio — generally 150% or more. Specifically, to borrow 100 DAI, one must block the equivalent of $150 in ETH.

該協議實行嚴格的過度化度比率 - 通常150％或更高。具體來說，要藉用100 dai，必須阻止相當於$ 150的ETH。

On April 6, the crypto ETH collapses. The whale’s position, 67,570 ETH, falls below the critical threshold of 144%. Result: automatic liquidation.

4月6日，加密貨幣Eth崩潰了。鯨魚的位置為67,570 ETH，低於144％的關鍵閾值。結果：自動清算。

The seized ETH is sold at auction to cover the debt, leaving the investor in tatters. Worse, another whale, with 56,995 ETH (91 million $) faces the same fate.

扣押的ETH在拍賣會上出售以償還債務，使投資者陷入了破爛。更糟糕的是，另一隻鯨魚，56,995 ETH（9100萬美元）面臨著同樣的命運。

These massive liquidations act like destructive waves: each forced sale amplifies the downward pressure, feeding a vicious cycle.

這些大規模清算的作用像破壞性波：每次強制銷售都會放大向下壓力，從而進食惡性循環。

But how can a decentralized protocol trigger such a catastrophe? The answer lies in its code, blind to emotions.

但是，分散的協議如何觸發這樣的災難？答案在於其代碼，對情感視而不見。

Sky does not negotiate, does not stall. When crypto prices plummet, ratios fracture, and liquidators — mostly robots — swoop down like vultures. An unrelenting mechanism, where humans have no say.

天空不進行談判，不會停下來。當加密貨幣價格暴跌時，比率破裂和清算人（主要是機器人）像禿鷹一樣向下傾倒。人類沒有發言權的一種不懈的機制。

Ethereum under pressure

在壓力下以太坊

The price of crypto ETH hit $1,547, its lowest since October 2023. A troubling setback, as the market struggled to emerge from the shadow of FTX.

加密貨幣Eth的價格達到了1,547美元，是2023年10月以來最低的。令人不安的挫折，因為市場努力從FTX的陰影中脫穎而出。

At 68% below its peak in 2021, Ethereum seems trapped in a stubborn bearish narrative. However, this drop is not just about numbers: it reveals the structural flaws of DeFi.

以太坊（Ethereum）在2021年的峰值低68％時似乎被困在一個頑固的看跌敘事中。但是，這種下降不只是數字：它揭示了defi的結構缺陷。

In 24 hours, nearly one billion dollars in positions were liquidated on derivative markets, most of which pertained to crypto ETH.

在24小時內，在衍生市場上清算了將近十億美元的職位，其中大多數與加密貨幣有關。

These figures remind us of an obvious truth: DeFi, despite its promises of autonomy, remains dependent on volatility.

這些數字使我們想起了一個明顯的事實：Defi儘管有自治的承諾，但仍取決於波動。

Over-collateralized loans, designed to limit risks, become traps when assets collapse. A paradox that raises the question: how far can we automate trust?

當資產崩潰時，旨在限制風險的過度物質化貸款成為陷阱。提出一個問題的悖論：我們可以自動多遠？

Faced with this storm, investors have two options: inject more collateral or suffer the fate of the whale. But in a climate of widespread distrust — bolstered by macroeconomic fears — caution prevails. Result: liquidations follow one another, and the crypto market holds its breath.

面對這場風暴，投資者有兩種選擇：注入更多的抵押品或遭受鯨魚的命運。但是，在普遍的不信任的氣氛中 - 受到宏觀經濟的恐懼的支持 - 謹慎。結果：清算彼此遵循，加密貨幣市場屏住呼吸。