随着云聚集在加密景观上时，闪光从天空中撕裂：以太坊，一个必不可少的支柱，在24小时内损失了其价值的14％

在天空上，游戏规则是明确而残酷的：用户将以太坊存入了借用dai的抵押品，dai是与美元挂钩的稳定者。

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.

随着云层聚集在加密景观上时，闪光从天空中撕裂：以太坊，一个必不可少的支柱，在24小时内损失了其价值的14％。一个残酷的下降，通过以太坊鲸清算为1.06亿美元的Sky，这是一个defi平台，于8月重新推出。这些数字的背后是冷的机制，残酷的数学比率以及残酷强调分散生态系统的脆弱性的链反应。如果这种崩溃反映出一个对地缘政治冲击仍然太敏感的市场，例如唐纳德·特朗普最近的海关公告，该怎么办？潜入算法大屠杀的胆量。

Sky, the invisible arena where crypto whales are devoured

天空，无形的竞技场，加密鲸鱼被吞噬

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，游戏规则是明确而残酷的：用户将以太坊存入了借用dai的抵押品，dai是与美元挂钩的稳定者。

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.

该协议实行严格的过度化度比率 - 通常150％或更高。具体来说，要借用100 dai，必须阻止相当于$ 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，加密货币Eth崩溃了。鲸鱼的位置为67,570 ETH，低于144％的关键阈值。结果：自动清算。

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在拍卖会上出售以偿还债务，使投资者陷入了破烂。更糟糕的是，另一只鲸鱼，56,995 ETH（9100万美元）面临着同样的命运。

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

这些大规模清算的作用像破坏性波：每次强制销售都会放大向下压力，从而进食恶性循环。

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

但是，分散的协议如何触发这样的灾难？答案在于其代码，对情感视而不见。

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.

天空不进行谈判，不会停下来。当加密货币价格暴跌时，比率破裂和清算人（主要是机器人）像秃鹰一样向下倾倒。人类没有发言权的一种不懈的机制。

Ethereum under pressure

在压力下以太坊

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.

加密货币Eth的价格达到了1,547美元，是2023年10月以来最低的。令人不安的挫折，因为市场努力从FTX的阴影中脱颖而出。

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％时似乎被困在一个顽固的看跌叙事中。但是，这种下降不只是数字：它揭示了defi的结构缺陷。

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

在24小时内，在衍生市场上清算了将近十亿美元的职位，其中大多数与加密货币有关。

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

这些数字使我们想起了一个明显的事实：Defi尽管有自治的承诺，但仍取决于波动。

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

当资产崩溃时，旨在限制风险的过度物质化贷款成为陷阱。提出一个问题的悖论：我们可以自动多远？

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.

面对这场风暴，投资者有两种选择：注入更多的抵押品或遭受鲸鱼的命运。但是，在普遍的不信任的气氛中 - 受到宏观经济的恐惧的支持 - 谨慎。结果：清算彼此遵循，加密货币市场屏住呼吸。