Renzo Protocol 的 EZETH 暴跌，引發對 Liquid 質押代幣的擔憂

Renzo Protocol 的 EZETH 代幣於 4 月 24 日經歷了價格脫鉤，在 Uniswap 上短暫跌至 688 美元。該事件可能是由第一季空投結束後的拋售引起的，凸顯了由於可能出現暫時的供需失衡而導致流動性重新抵押代幣（LRT）相關的風險。儘管解除掛鉤，Renzo 仍然是第二大輕軌，TVL 超過 33 億美元，其最近宣布的幣安啟動池和即將到來的空投增加了對該協議的興趣。

Renzo Protocol's EZETH Token Suffers Depeg, Sparking Concerns about Liquid Restaking Tokens

Renzo Protocol 的 EZETH 代幣遭受 Depeg 影響，引發對 Liquid 重新抵押代幣的擔憂

On April 24th, Renzo Protocol's restaked Ether token (EZETH) experienced a severe price depeg, plummeting to a low of $688 on the Uniswap decentralized exchange. The incident, which occurred following the conclusion of the protocol's season 1 airdrop, has raised questions about the stability of liquid restaking tokens (LRTs).

4 月 24 日，Renzo Protocol 重新質押的以太幣（EZETH）經歷了嚴重的價格脫鉤，在 Uniswap 去中心化交易所暴跌至 688 美元的低點。這起事件發生在該協議第一季空投結束後，引發了人們對流動性重新抵押代幣（LRT）穩定性的質疑。

Causes and Consequences of the Depeg

脫鉤的原因和後果

According to crypto analyst Tommy, the depeg was likely triggered by a sell-off as users sought to redeem their EZETH for ETH to participate in other LRT protocols. Renzo is the second-largest player in the liquid restaking market, with over $3.3 billion in total value locked (TVL).

加密貨幣分析師 Tommy 表示，脫鉤很可能是由拋售引發的，因為用戶試圖將 EZETH 兌換成 ETH 以參與其他 LRT 協議。 Renzo 是流動性重新抵押市場的第二大參與者，鎖定總價值 (TVL) 超過 33 億美元。

The depeg led to a cascade of liquidations on leveraged protocols like Gearbox and Morpho Labs, particularly among loopers who rely heavily on LRTs as collateral for borrowing ETH.

脫鉤導致了 Gearbox 和 Morpho Labs 等槓桿協議的一系列清算，特別是在嚴重依賴 LRT 作為借入 ETH 抵押品的循環者中。

Risks Associated with Liquid Restaking Tokens

與流動性代幣重新抵押相關的風險

The incident underscores the inherent risks associated with LRTs, even in scenarios where withdrawals are enabled. As the analyst points out, DEX pools can still experience temporary imbalances that can lead to depegs.

該事件凸顯了與輕軌相關的固有風險，即使在允許提款的情況下也是如此。正如分析師指出的那樣，DEX 池仍然可能會出現暫時的不平衡，從而導致脫鉤。

Traders Profit Amidst Market Volatility

交易者在市場波動中獲利

In a remarkable turn of events, a trader known as czsamsunsb.eth managed to profit significantly from the EZETH depeg. Within just two hours, the trader earned 121.65 ETH, worth over $396,000, by exploiting the price imbalance.

事態發生了驚人的轉變，一位名為 czsamsunsb.eth 的交易員成功地從 EZETH 脫鉤中獲利。在短短兩個小時內，該交易者利用價格不平衡賺取了 121.65 ETH，價值超過 396,000 美元。

Renzo Protocol's New Token and Airdrop

Renzo Protocol 的新代幣和空投

The EZETH depeg coincides with Renzo Protocol's recent addition to Binance's launch pool and the announcement of an upcoming token airdrop. The protocol has allocated 10% of its token supply to the season 1 airdrop.

EZETH 脫鉤恰逢 Renzo Protocol 最近加入幣安發行池，並宣布即將進行代幣空投。該協議已將其代幣供應量的 10% 分配給第一季的空投。

Conclusion

結論

The EZETH depeg is a stark reminder of the complexities and risks involved in liquid restaking. While LRTs offer the potential for increased rewards, they also introduce potential vulnerabilities that investors should be aware of. As the crypto market continues to evolve, it remains to be seen whether LRTs can overcome these challenges and establish themselves as a viable alternative to traditional staking mechanisms.

EZETH 脫鉤清楚地提醒人們，流動性重新抵押所涉及的複雜性和風險。雖然輕軌有可能增加回報，但它們也帶來了投資者應注意的潛在漏洞。隨著加密貨幣市場的不斷發展，LRT 是否能夠克服這些挑戰並成為傳統質押機制的可行替代方案還有待觀察。