Renzo 的 DeFi 代幣 EzETH Depegs 在代幣經濟學的強烈反對下引發災難

Renzo 的 ezETH 脫鉤是由不利的代幣經濟引發的強烈反對引發的，導致了超過 6000 萬美元的大規模清算。在該協議宣布只有一小部分原生 REZ 代幣將分配給用戶後，脫鉤發生，引發了社群的不滿。此次清算主要影響了 Gearbox 和 Morpho Blue 等 DeFi 整合商，導致 Gearbox 的 ezETH TVL 下降了 50%。

Renzo's EzETH Depeg: A DeFi Disaster Sparked by Tokenomics Backlash

Renzo 的 EzETH Depeg：代幣經濟學的強烈反對引發了一場 DeFi 災難

In a shocking turn of events, Renzo's ezETH, a liquid restaking token, suffered a catastrophic depeg on Tuesday, April 24th, triggering massive liquidations and casting doubt on the viability of the protocol's tokenomics.

事態發生了令人震驚的轉變，Renzo 的ezETH（一種流動性重新抵押代幣）在4 月24 日星期二遭受了災難性的脫鉤，引發了大規模清算，並使人們對該協議代幣經濟的可行性產生了懷疑。

Depeg and Liquidations

德佩克和清算

EzETH, designed to maintain a peg to Ethereum (ETH), plummeted to a low of $688 on Uniswap, a staggering 75% discount to its intended value. The ensuing liquidations, estimated at over $60 million, rippled through the DeFi landscape, affecting integrators like Gearbox and Morpho Blue.

EzETH 旨在與以太坊 (ETH) 掛鉤，但在 Uniswap 上暴跌至 688 美元的低點，比其預期價值折價達 75%，令人震驚。隨後的清算金額估計超過 6,000 萬美元，波及整個 DeFi 領域，影響了 Gearbox 和 Morpho Blue 等整合商。

Tokenomics Backfire

代幣經濟學適得其反

At the heart of the depeg lay a severe backlash against Renzo's tokenomics. The protocol's Season 1 ezPoints program, which attracted users with the promise of native token "REZ" rewards, was met with outrage.

脫鉤的核心是對倫佐的代幣經濟學的強烈抵制。該協議的第 1 季 ezPoints 計劃以原生代幣“REZ”獎勵的承諾吸引了用戶，但遭到了憤怒。

Community members vehemently protested Renzo's decision to allocate only 5% of the REZ supply to users, while Binance, a centralized exchange, received a disproportionately large portion at a preferential valuation. This disparity fueled resentment and raised concerns about the protocol's fairness.

社群成員強烈抗議 Renzo 只將 5% 的 REZ 供應量分配給用戶的決定，而中心化交易所幣安則以優惠估值獲得了不成比例的大部分。這種差異加劇了不滿情緒，並引發了對該協議公平性的擔憂。

Secondary Market Panic

二級市場恐慌

Disgruntled users flooded secondary markets with ezETH, exacerbating liquidity issues. The protocol's ban on withdrawals further fueled the panic, leading to a fire sale of the token.

心懷不滿的用戶用 ezETH 湧入二級市場，加劇了流動性問題。該協議的提現禁令進一步加劇了恐慌，導致代幣被拋售。

Integrator Impact

積分商的影響

Renzo's DeFi integrators were not immune to the turmoil. Gearbox lost approximately 50% of its ezETH TVL during the depeg, while Morpho also experienced significant liquidations.

Renzo 的 DeFi 整合商也未能倖免於這場動盪。 Gearbox 在脫鉤期間損失了大約 50% 的 ezETH TVL，而 Morpho 也經歷了重大清算。

Industry Reaction

業界反應

The Renzo debacle sparked a heated debate within the DeFi community. Aave founder Marc Zeller took aim at Morpho, criticizing its risk-taking practices. However, Morpho Labs founder Paul Frambot defended his protocol, emphasizing the freedom of users to assess their own risk tolerance.

Renzo 事件引發了 DeFi 社群的激烈爭論。 Aave 創辦人 Marc Zeller 將矛頭指向 Morpho，批評其冒險行為。然而，Morpho Labs 創辦人 Paul Frambot 為他的協議辯護，強調使用者可以自由評估自己的風險承受能力。

Protocol Response

協定響應

In an attempt to stem the crisis, Renzo amended its tokenomics, increasing the REZ allocation to users from 5% to 20%. The ezETH peg has since been restored, but questions linger about the protocol's long-term viability.

為了遏制危機，Renzo 修改了其代幣經濟學，將 REZ 分配給用戶的比例從 5% 增加到 20%。此後，ezETH 掛鉤已恢復，但該協議的長期可行性仍存在疑問。

Inherent Risks

固有風險

Some analysts believe the depeg exposes inherent risks within the liquid restaking ecosystem. DeFi analyst Ignas warns that holding liquid restaking tokens is not without its dangers, particularly in the context of opaque token allocation schemes.

一些分析師認為，脫鉤暴露了流動性重新抵押生態系統內的固有風險。 DeFi 分析師 Ignas 警告稱，持有流動性重新抵押代幣並非沒有危險，特別是在代幣分配方案不透明的情況下。

The Renzo debacle serves as a cautionary tale for investors in DeFi protocols. It underscores the importance of carefully scrutinizing tokenomics and the potential risks associated with "farming" rewards programs. Furthermore, it highlights the need for transparency and fairness in DeFi governance to avoid erosion of trust.

Renzo 的崩盤對 DeFi 協議的投資者來說是一個警示。它強調了仔細審查代幣經濟學的重要性以及與「農業」獎勵計劃相關的潛在風險。此外，它強調了 DeFi 治理中透明度和公平性的必要性，以避免信任受到侵蝕。