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[虚拟币资讯] stETH并非是下一个UST !
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过去几天,加密货币市场又迎来了新一轮的瀑布行情,作为本轮下跌“排头兵”的 ETH 接连失守 1700、1500、1200 美元等重要关口。周线之上,ETH 更是已连续 10 周收阴,这也意味着 ETH 在过去近三个月的时间里几乎都是在单边下行。

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极端行情之下,连带影响也接踵而至。合约市场方面,全网爆仓资金总量接连两日超过 5 亿美元;DeFi 方面,锁定在各大生态之上的资产总价值已跌破 1000 亿美元关口;NFT 市场也不可能“独善其身”,交易量及项目的地板价双双下挫。

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FUD 从何而来?

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关于 ETH 近期暴跌的导火索,市场上有诸多说法,抛开老生常谈的宏观加息影响和整体金融环境不提,stETH 日益加剧的折价无疑是当下最牵动短期市场情绪的潜在黑天鹅。

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关于这一点,结合对 ETH 2.0 的开发进程的乐观预期,最终结论是 stETH 可能会继续折价,但在套利资金的平衡作用下,其相对 ETH 的报价很难出现太大幅度的偏离,更不可能像 UST 那样彻底崩盘。

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不过,随着过去几天 ETH 的大幅下跌,市面上关于 stETH 的 FUD 情绪越来越浓,“下一个 UST”、“死亡螺旋”、“Celsius 彻底爆了”等话语高频出现在社交媒体的讨论中……鉴于市场环境如此糟糕,已经不起太多不必要的折腾了,作为媒体从业者有必要去做一次力所能及的“去伪存真”,结合市场动态就 stETH 的最新情况再做一次梳理。

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首先需要明确的是恐慌的来源,ETH 的下跌为何会加剧市场对 stETH 的恐慌?主要原因有两点,一是随着 ETH 的进一步走低,市场判断 Celsius 会面临更大的提款压力,从而不得不抛售手中的 stETH 来换取 ETH 还债;二是考虑到 Aave 等借贷平台上存在着相当大规模的 stETH 借贷仓位,价格的快速下行或将导致这些 stETH 陷入清算风险。两者都会造成 stETH 较 ETH 折价的进一步放大,从而加剧整个市场的恐慌情绪。

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Celsius:为了活命,只能服下猛药

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那么,这两条线现在究竟是什么情况呢?先来说说 Celsius,该平台今天有两个相当重要的消息。

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第一个是 Celsius 已宣布暂停所有提款、交易和转账,在宣布该公告之前 Celsius 还向交易所转入了 9500 wBTC 和 50000 ETH。

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这一连串事件让 Celsius 直接被喷上了风口浪尖,暂不确定 Celsius 卖出这部分资产的后续动作是什么而暂停提款的举措则像是一剂“带着不止三分毒的猛药”,如此操作显然会对该平台的信誉及未来发展造成相当负面的影响,但面临着潜在的挤兑可能性,停止提现却可以阻止短期的系统性崩盘,也是无奈之举。

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至于所谓的“Celsius 彻底暴雷”的说法,原因是 Celsius 手中的大部分仓位未动,其主要地址

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