Analyst: The aftermath of the rsETH security incident continues, with a significant cooling of demand for ETH circular leverage.
Odaily reported that on-chain analyst Tom Wan stated on the X platform that the current ETH utilization rate has dropped below 90%, and the lending APY has fallen to 1.9%. Since the rsETH LayerZero cross-chain bridge attack, the deposit sizes of wstETH and weETH have decreased by approximately $1.2 billion and $1.76 billion respectively. As the wstETH/weETH to ETH loop leverage strategy returns to profitability, the market's focus has shifted to whether demand for ETH loop leverage will recover or if funds will continue to remain on the sidelines or flow to protocols such as Spark and Morpho.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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