Renzo Protocol 的 EZETH 代幣脫鉤，引發對流動性重新抵押協議的擔憂

4 月24 日，Renzo Protocol 的EZETH 代幣經歷了價格脫鉤，由於第一季空投結束後更廣泛的市場拋售，Uniswap 上的EZETH 代幣短暫暴跌至688 美元，導致槓桿平台上出現廣泛清算，並凸顯了與流動性重新抵押代幣。

Renzo Protocol's EZETH Token Experiences Depeg, Raising Concerns about Liquid Restaking Protocols

Renzo Protocol 的 EZETH 代幣經歷 Depeg，引發對 Liquid Restake 協議的擔憂

April 26, 2023

2023 年 4 月 26 日

On April 24, Renzo Protocol's EZETH token, a liquid restaked Ethereum token, experienced a significant price depeg, briefly falling to $688 on the decentralized exchange Uniswap before stabilizing at its parity with Ether (ETH).

4 月24 日，Renzo Protocol 的EZETH 代幣（一種流動性重新抵押的以太坊代幣）經歷了大幅價格脫鉤，在去中心化交易所Uniswap 上短暫跌至688 美元，然後穩定在與以太坊(ETH) 的平價。

The incident was reportedly triggered by a broader market sell-off following the conclusion of Renzo Protocol's season 1 airdrop, where 10% of the token allocation was distributed to participants. According to crypto analyst Tommy, "The sell-off was likely caused by users wanting to get back their ETH to participate in other liquid restaking tokens (LRTs) and protocols."

據報道，該事件是由 Renzo Protocol 第一季空投結束後更廣泛的市場拋售引發的，其中 10% 的代幣分配給了參與者。加密貨幣分析師 Tommy 表示，“拋售很可能是由於用戶希望拿回 ETH 來參與其他流動性重新抵押代幣 (LRT) 和協議而引起的。”

Renzo Protocol is the second-largest liquid restaking protocol with a total value locked (TVL) exceeding $3.3 billion, marking a 126% increase over the past month. However, the EZETH depegging event highlighted a recurring challenge for LRTs.

Renzo Protocol 是第二大流動性再抵押協議，鎖定總價值 (TVL) 超過 33 億美元，較過去一個月增長 126%。然而，EZETH 脫鉤事件凸顯了輕軌系統反覆出現的挑戰。

"The depeg is a risk that we need to be aware of for all LRTs," said Tommy. "Even if withdrawals are enabled, the DEX pool can still become imbalanced and depeg temporarily."

「脫鉤是我們所有輕軌都需要意識到的風險，」湯米說。 “即使啟用提現，DEX 池仍然可能會變得不平衡並暫時脫鉤。”

The depegging event triggered widespread liquidations on leveraged platforms such as Gearbox and Morpho Labs, particularly affecting users known as "loopers." Loopers leverage LRTs repeatedly as collateral to borrow ETH, exposing themselves to increased risk in the event of a depeg.

這次脫鉤事件引發了 Gearbox 和 Morpho Labs 等槓桿平台的大規模清算，尤其影響了被稱為「loopers」的用戶。 Loopers 反覆利用 LRT 作為抵押品來借入 ETH，一旦脫鉤，他們將面臨更大的風險。

Renzo Protocol gained notable attention recently following the addition of its incoming token (REZ) to the Binance launch pool on April 23 and the announcement of a forthcoming airdrop.

Renzo Protocol 在 4 月 23 日將其傳入代幣（REZ）添加到幣安發行池並宣布即將進行空投後，最近引起了廣泛關注。

In the wake of the depegging incident, crypto trader czsamsunsb.eth managed to capitalize on the market volatility, earning 121.65 ETH (approximately $396,000) within two hours.

脫鉤事件發生後，加密貨幣交易商 czsamsunsb.eth 成功利用市場波動，在兩小時內賺了 121.65 ETH（約 396,000 美元）。

"czsamsunsb.eth made 121.65 ETH in just 2 hours after the EZETH depeg," revealed on-chain intelligence firm Lookonchain. "They spent 4,099 ETH to successfully buy 4,221 EZETH."

鏈上情報公司 Lookonchain 透露，「EZETH 脫鉤後，czsamsunsb.eth 在短短 2 小時內賺了 121.65 ETH」。 “他們花了 4,099 ETH 成功購買了 4,221 EZETH。”

The depeg event has raised concerns about the stability and risk associated with liquid restaking tokens. As the LRT market continues to grow, analysts recommend that users carefully consider the potential risks before participating in such protocols.

脫鉤事件引發了人們對流動性重新抵押代幣相關穩定性和風險的擔憂。隨著輕軌市場的不斷增長，分析師建議用戶在參與此類協議之前仔細考慮潛在風險。

Additional Notes:

補充筆記：

• The Renzo Protocol team has implemented a temporary rebasing mechanism to help stabilize the EZETH price.
• The liquid restaking market is still in its early stages of development.
• Investors should conduct thorough research and due diligence before investing in any cryptocurrency or protocol.

Renzo Protocol 團隊實施了臨時重新抵押機制，以幫助穩定 EZETH 價格。