glassnode: Rising WETH Borrowing Rates on Aave Cause stETH Depegging
According to Foresight News, data from glassnode shows that the rising WETH lending rates on Aave have rendered the stETH leverage loop unprofitable, triggering liquidations in the ETH/stETH liquidity pool and causing stETH to depeg, which has intensified selling pressure on ETH. In addition, the continuous growth of the validator exit queue has further increased arbitrage resistance, slowing the recovery of the peg.
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