Renzo Protocol 的 EZETH 暴跌，引发对 Liquid 质押代币的担忧

Renzo Protocol 的 EZETH 代币于 4 月 24 日经历了价格脱钩，在 Uniswap 上短暂跌至 688 美元。该事件可能是由第一季空投结束后的抛售引起的，凸显了由于可能出现暂时的供需失衡而导致流动性重新抵押代币（LRT）相关的风险。尽管解除挂钩，Renzo 仍然是第二大轻轨，TVL 超过 33 亿美元，其最近宣布的币安启动池和即将到来的空投增加了对该协议的兴趣。

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

Renzo Protocol 的 EZETH 代币遭受 Depeg 影响，引发对 Liquid 重新抵押代币的担忧

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 重新质押的以太币（EZETH）经历了严重的价格脱钩，在 Uniswap 去中心化交易所暴跌至 688 美元的低点。该事件发生在该协议第一季空投结束后，引发了人们对流动性重新抵押代币（LRT）稳定性的质疑。

Causes and Consequences of the Depeg

脱钩的原因和后果

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).

加密货币分析师 Tommy 表示，脱钩很可能是由抛售引发的，因为用户试图将 EZETH 兑换成 ETH 以参与其他 LRT 协议。 Renzo 是流动性重新抵押市场的第二大参与者，锁定总价值 (TVL) 超过 33 亿美元。

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.

脱钩导致了 Gearbox 和 Morpho Labs 等杠杆协议的一系列清算，特别是在严重依赖 LRT 作为借入 ETH 抵押品的循环者中。

Risks Associated with Liquid Restaking Tokens

与流动性代币重新抵押相关的风险

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.

该事件凸显了与轻轨相关的固有风险，即使在允许提款的情况下也是如此。正如分析师指出的那样，DEX 池仍然可能会出现暂时的不平衡，从而导致脱钩。

Traders Profit Amidst Market Volatility

交易者在市场波动中获利

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.

事态发生了惊人的转变，一位名为 czsamsunsb.eth 的交易员成功地从 EZETH 脱钩中获利颇丰。在短短两个小时内，该交易者利用价格不平衡赚取了 121.65 ETH，价值超过 396,000 美元。

Renzo Protocol's New Token and Airdrop

Renzo Protocol 的新代币和空投

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 脱钩恰逢 Renzo Protocol 最近加入币安发行池，并宣布即将进行代币空投。该协议已将其代币供应量的 10% 分配给第一季的空投。

Conclusion

结论

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 脱钩清楚地提醒人们，流动性重新抵押所涉及的复杂性和风险。虽然轻轨有可能增加回报，但它们也带来了投资者应注意的潜在漏洞。随着加密货币市场的不断发展，LRT 是否能够克服这些挑战并成为传统质押机制的可行替代方案还有待观察。