市场波动下的 DeFi 众生相：一波万波

foresightnewsPublished on 2024-08-06Last updated on 2024-08-13

Abstract

「一石激起千层浪」的市场，以不变应万变

波涛汹涌的链上，DeFi 正直接迎战。


撰文：Pzai，Foresight News


昨日，随着全球市场经历巨大震荡，加密市场也没能独善其身。而在链上，仅以太坊生态上就创下单日清算超 3.5 亿美元的记录。市场的「一波」正在激发 DeFi 的「万波」，而 DeFi 项目是如何应对的？海啸退去之时又是谁在裸泳？故笔者撰写本文对 DeFi 在市场波动下的表现进行总结。


稳定币


在 Ethena 方面，昨日其稳定币 USDe 创下单日流出 9580 万美元的记录，总供应量也从巅峰时期的 36 亿枚回落至 31 亿枚左右。由于 Ethena 的机制导致多头头寸必须保持在较高水平，随着市场的下跌，抵押物的潜在清算导致用户需要控制风险，继而赎回相关代币。



另外 Blast 上稳定币 USDB 在昨日短时脱锚至最低 0.937 美元。由于 Blast 的稳定币生态相对封闭，且 Blast 链启动初期项目方对 USDB 的激励较大，导致市场波动时资金流出的影响较大。现在 USDB 已经基本回锚。



借贷协议


就清算情况而言，8 月 5 日的清算情况最为严重，整体规模超过 3.5 亿美元。按协议分配来看，Aave V3 的清算额最大，达到 2.5 亿美元。其次是 Compound 清算，总清算额达 7960 万美元。在 Aave V3 的清算中，主要集中于以太坊的大类资产清算，前三名分别为 WETH、wstETH 和 WBTC。



在市场波动中，Aave 也获得了超过 600 万美元的收入。



清算完成后，链上整体的清算线已经低于 2000 美元。在清算中，由于机制特性，在市场波动较大时容易出现坏账，如 Aave V3 近七天内共产生了 35 万美元的坏账。相比之下，Curve Llamalend 因为其软清算机制避免了大部分硬清算，其中软清算在 8 月 5 日承担了 5024 万美元的清算份额。



整体而言，借贷协议对本次市场波动的应对还算差强人意。


去中心化交易所（DEX）


在 Uniswap V3 中，8 月 5 日达到最高峰值 8.4 亿美元，并为 LP 产生了 111.9 万美元的费用。



GMX 方面，8 月 5 日当天，持有头寸较前日下降了 30% 左右，并清算了 830 万美元的资产，主要以 USDC 为主。



再质押


再质押资产作为现今以太坊的核心资产之一，市场波动下的流出也比较显著。例如 Renzo 的质押通证 ezETH 最低脱锚至 0.876 WETH 点位。



协议流出上，以 ether.fi 为例，8 月 5 日全天就提现了 79013 枚 ETH，总价值超过 1 亿美元，其中大部分是 Eigenlayer 的 eETH 提现。凭借着超过 7.7 万枚 ETH 的流动性和 73% 以上的 DeFi 利用率，协议不存在整体上的挤兑风险。



整体而言，Lido stETH 提现队列没有大幅增长的态势，且链上主要的 LST 一直保持稳定。所以整体上再质押生态没有系统性风险。


References：

https://parsec.fi/layout/cryptoian/_N33MkeM

https://community.chaoslabs.xyz/aave/risk/liquidations

https://dune.com/ether_fi/etherfi

https://dune.com/hildobby/ethena

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