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Gate.io Blog：stETH Depeg Crisis | Will Ethereum Repeat Luna‘s Mistakes?
Gate.io Blog：stETH Depeg Crisis | Will Ethereum Repeat Luna‘s Mistakes?
2022-06-15 05:41:47 UTC
23657 Lido
【TL; DR】
1. Due to the high threshold for individuals to participate in ETH2.0 staking mining, liquidity staking agreements such as Lido, which provide ordinary users with opportunities to participate in beacon chain staking mining, came into being.2. Since the ETH staked by the user on the beacon chain cannot be retrieved immediately, Lido provides the user with stETH as the staking voucher and opportunity cost compensation, which makes the ETH in the staked state also have a certain degree of liquidity.
3. Presently, ETH can only be converted to stETH in one direction. Unlike the relationship between US dollars and UST, ETH and stETH are not linked in a real sense.
4. In terms of leverage risk, stETH can also be used as collateral in the DeFi project. The holder can stake stETH on AAVE in exchange for ETH, deposit it back in Lido in exchange for more stETH, earn higher staking income, and carry on repeatedly, and finally obtain about three times the leverage.
5. When the stETH/ETH reaches 0.85, the income from purchasing stETH will reach approximately 20%, which provides strong support for stETH in the long term. So at present, the probability of the death spiral is not very high.
Since June 8, influenced by the trust crisis of Celsius and the selling of stETH by crypto blue whale, the proportion of the liquidity pool of stETH has been seriously unbalanced, and the price of stETH and ETH has a negative premium. Currently, the ratio of stETH to ETH fluctuates around 0.95. The Fed's interest rate hike and Luna's collapse have pushed the crypto market into a bear market, and traders are already very nervous. Stimulated by the bad news, the price of Ethereum is even stronger. In the past 7 days, the ETH price has dropped by 33.4%, and has fallen several integer levels successively. It is now reported as $1,205, and the price of Bitcoin has also dropped by 26.84%.
In this case, people need not ask: as the second largest cryptocurrency, why is Ethereum in a depegging crisis? Will a negative stETH premium lead to a chain reaction and even make ETH return to zero like LUNA?
For more details, please refer to our blog post：stETH Depeg Crisis | Will Ethereum Repeat Luna’s Mistakes?
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June 15th，2022
