以太坊流动性重新抵押市场因伦佐协议危机而震动：杠杆农业风险暴露

夜间，由于 DEX 流动性较低，以太坊流动性代币 Renzo ezETH 的价值大幅下跌，跌至 700 美元。 ezETH-ETH 比率暴跌至 0.2，引发了使用代币作为抵押品的杠杆空投农民价值 3.4 亿美元的清算。 Renzo 的竞争对手，例如 Etherfi，迅速批评了与此类做法相关的风险，强调了他们自己的液体重新抵押协议的优越性。

Ethereum's Liquid Restaking Market Tremors: Renzo Protocol's Liquidity Crisis and the Risks of Leverage Farming

以太坊的流动性重新抵押市场震动：Renzo Protocol 的流动性危机和杠杆挖矿的风险

The Ethereum blockchain, a cornerstone of the decentralized finance (DeFi) ecosystem, has witnessed a series of dramatic events that have sent shockwaves through the crypto community. Renzo, a prominent liquid restaking protocol on Ethereum, faced a near-catastrophic depegging incident overnight, highlighting the inherent risks associated with leverage farming and casting a shadow over the broader restaking market.

以太坊区块链作为去中心化金融（DeFi）生态系统的基石，见证了一系列震撼整个加密货币社区的戏剧性事件。 Renzo 是以太坊上著名的流动性重新抵押协议，一夜之间面临着一场近乎灾难性的脱钩事件，凸显了与杠杆挖矿相关的固有风险，并给更广泛的重新抵押市场蒙上了阴影。

Renzo's LRT Depeg: ezETH's Plunge to $700

Renzo 的 LRT Depeg：ezETH 暴跌至 700 美元

During the late hours of April 23rd, 2024, Renzo's liquid restaking token (ezETH) experienced a dramatic loss of value, plummeting to an alarming low of $700. This unprecedented drop occurred amidst a flurry of sell orders triggered by the announcement of Renzo's governance token launch and the impending end of the farming period for Renzo Points.

2024 年 4 月 23 日深夜，Renzo 的流动性重新抵押代币 (ezETH) 经历了巨大的价值损失，暴跌至 700 美元的惊人低点。这一史无前例的下跌是在 Renzo 治理代币发布的公告以及 Renzo 积分耕作期即将结束引发的一系列卖单引发的。

The liquidity squeeze in decentralized exchanges (DEXs), where ezETH is primarily traded, exacerbated the situation, leading to an alarming erosion in the token's price. The ezETH-ETH ratio nosedived to a precarious threshold of 0.2, deviating significantly from the intended 1:1 peg.

ezETH 主要交易的去中心化交易所（DEX）的流动性紧缩加剧了这种情况，导致代币价格出现惊人的下跌。 ezETH-ETH 比率急剧下降至 0.2 的不稳定阈值，明显偏离预期的 1:1 挂钩。

Massive Liquidations: Airdrop Farmers Pay the Price

大规模清算：空投农民付出代价

The depegging of ezETH sent ripples of panic through the ecosystem, as many "leverage farmers" who had leveraged their positions on money markets like ZeroLend and Gearbox faced mass liquidations. These individuals had utilized ezETH as collateral to borrow stablecoins, magnify their Renzo Point accumulation, and enhance their eligibility for airdrops.

ezETH 的脱钩在整个生态系统中引发了恐慌，因为许多在 ZeroLend 和 Gearbox 等货币市场上利用其头寸的“杠杆农民”面临大规模清算。这些人利用 ezETH 作为抵押品借入稳定币，扩大他们的 Renzo Point 积累，并提高他们获得空投的资格。

However, the sudden drop in ezETH's value triggered a chain reaction, causing over $340 million in liquidations. Leveraged airdrop farmers, in their pursuit of lucrative rewards, had exposed themselves to excessive financial risk. Fortunately, Gearbox's emergency fund partially cushioned the blow, mitigating further damage to the market.

然而，ezETH 价值的突然下跌引发了连锁反应，导致超过 3.4 亿美元的清算。杠杆空投农民为了追求丰厚的回报，使自己面临过度的财务风险。幸运的是，Gearbox 的应急基金部分缓冲了这次打击，减轻了对市场的进一步损害。

Community Criticism: The Perils of Leverage Farming

社区批评：杠杆农业的危险

In the aftermath of the Renzo incident, the Ethereum community erupted in a chorus of criticism, condemning the practice of leverage farming. This high-risk strategy, driven by the allure of airdrop rewards, was widely seen as unsustainable and potentially destabilizing for the ecosystem.

伦佐事件发生后，以太坊社区爆发了一片批评声，谴责杠杆农业的做法。这种由空投奖励的诱惑驱动的高风险策略被广泛认为是不可持续的，并且可能破坏生态系统的稳定。

Critics argued that the pursuit of quick profits had compromised the stability of Ethereum restaking, putting the interests of a few airdrop hunters above the health of the broader network. The incident served as a stark reminder of the dangers inherent in excessive leverage, exposing the fragility of interconnected financial systems in the DeFi space.

批评者认为，对快速利润的追求损害了以太坊重新抵押的稳定性，将少数空投猎人的利益置于更广泛网络的健康之上。该事件清楚地提醒人们过度杠杆所固有的危险，暴露了 DeFi 领域相互关联的金融系统的脆弱性。

Renzo's Competitors Seize the Opportunity

伦佐的竞争对手抓住了机会

As Renzo grappled with the consequences of its liquidity crisis, its main competitor, Etherfi, seized the opportunity to assert the superiority of its own liquid restaking token (eETH). Etherfi representatives highlighted the liquidity shortcomings of ezETH, suggesting that alternative protocols offered safer options.

当 Renzo 努力应对流动性危机的后果时，其主要竞争对手 Etherfi 抓住了机会，宣称自己的流动性重新抵押代币（eETH）的优越性。 Etherfi 代表强调了 ezETH 的流动性缺陷，表明替代协议提供了更安全的选择。

This narrative resonated with the Ethereum community, further eroding confidence in Renzo. The incident underlined the importance of liquidity for liquid restaking protocols, as the lack thereof can have catastrophic consequences for token holders and the broader DeFi ecosystem.

这种说法引起了以太坊社区的共鸣，进一步削弱了人们对 Renzo 的信心。该事件强调了流动性对于流动性重新抵押协议的重要性，因为缺乏流动性可能会给代币持有者和更广泛的 DeFi 生态系统带来灾难性后果。

Cautionary Tale: The Importance of Due Diligence

警示故事：尽职调查的重要性

The Renzo depegging incident has served as a cautionary tale for investors and participants in the Ethereum restaking market. It has emphasized the need for thorough due diligence and risk management when engaging in any DeFi activity, particularly those involving leverage or complex financial instruments.

Renzo 脱钩事件为以太坊重新抵押市场的投资者和参与者敲响了警钟。它强调在参与任何 DeFi 活动时，特别是涉及杠杆或复杂金融工具的活动时，需要进行彻底的尽职调查和风险管理。

Understanding the inherent risks and limitations of these protocols is paramount to safeguarding financial assets and contributing to the long-term stability of the DeFi ecosystem. As the market matures, protocols that prioritize liquidity, transparency, and sound risk management practices will undoubtedly gain favor and foster a more robust and sustainable restaking environment.

了解这些协议的固有风险和局限性对于保护金融资产和促进 DeFi 生态系统的长期稳定至关重要。随着市场的成熟，优先考虑流动性、透明度和健全的风险管理实践的协议无疑会受到青睐，并营造一个更加稳健和可持续的重新抵押环境。