Viewpoint: stETH has the risk of decoupling, which may trigger the liquidation of lending protocols.

BlockBeatNews

2025-08-15 04:23:22

BlockBeats reported that on August 15, Jlabs Digital analyst Ben Lilly pointed out that current stETH is being withdrawn from Lido. Meanwhile, another lending protocol, Figment, is absorbing Lido’s market share, which suggests that Figment could be a staking partner for the ETF. 32% of stETH (wstETH) is used as collateral for the lending protocol, and depegging could imply liquidation for the lending protocol. Notably, currently, 278,000 wstETH are in a “high-risk” state (high risk is defined as a health factor between 1 and 1.1).

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