DeFi Markets Update: последствия краха xUSD и влияние пред-депозитов стейблкоинов

cryptonews.ruPublicado a 2025-03-24Actualizado a 2025-11-25

Падение xUSD стало главным источником волатильности, так как USDC-залог оказался сверхкредитованным. Об этом заявили исследователи Steakhouse Financial. Это вызвало серию ликвидаций в ончейне и де-привязки связанных активов, включая deUSD. Инвесторы начали массово избегать рисковых стратегий, предпочитая более прозрачные и консервативные решения. Ликвидность начала перераспределяться в сторону низкорисковых направлений.

Переход рынка сильно ударил по показателям заблокированных средств (TVL)в DeFi. Высокодоходные хранилища (vaults) ощутили заметный отток, отражающий изменение настроения поставщиков ликвидности. Relend-vault в итоге полностью прекратили работу. MEV Capital-vault зафиксировал убыток. Многие пользователи отреагировали уже после фиксации потерь, несмотря на ранние предупреждения со стороны команды.

TVL bbq USD сократился после снижения позиций Reservoir. Затем показатель начал восстанавливаться и вырос на 33% за неделю. В результате Steakhouse стала крупнейшим поставщиком высокодоходного хранилища на Ethereum. Потоки ликвидности перераспределились после массовых выходов из стратегий более высокого риска.

Доходности были временно повышены из-за резкого дисбаланса ликвидности. Эксперты отметили: сейчас показатели возвращаются к уровням, наблюдавшимся до кризиса, и стабилизируются на срезе 7-дневного среднего значения. При этом Prime-хранилища не зафиксировали оттоков и сохранили показатели на прежнем уровне. Их изоляция от более рискованных рынков позволила избежать скачков. Инвесторы восприняли это как сигнал о надежности сегмента.

Сильным фактором влияния стала волна пред-депозитов в стейкблкоинах, связанная с USDT. Их объем достиг предела в $825 млн менее чем за 30 минут. Из них около $775 млн были направлены в Morpho и распределены по безопасным хранилищам. Это привело к снижению доходности на стороне USDT-снабжения и отразилось на 7-дневном среднем показателе.

Благодаря этому возникли новые возможности для трейдеров. Общий объем займов в паре sUSDS/USDT вырос с нулевых уровней до более чем $280 млн за считанные дни. Такой сценарий сделал рынок одним из наиболее «чистых» направлений для краткосрочных операций. Это сопровождалось значительным увеличением глубины ликвидности.

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