First, I want to apologize. The USDe in lending has a 12% yield, which I overlooked when reviewing the content. I’m sorry for that. Therefore, my considerations regarding the USDe circular lending collapse were not thorough, but the other aspects involving BNSOL and WBETH are fine.

The normal logic of circular lending is that if you have $100,000 in USDe and want to enjoy more of the 12% airdrop, you need to increase your USDe position. Since the USDe in lending can earn yields, you can almost infinitely generate profits through USDe circular lending.

But what if you don’t have USDe but have assets like $BTC, $ETH, or $SOL? Many people will consider lending, where the lending fees for WBETH and BNSOL are actually only 2.26%, which should be the lowest. However, the lending assets themselves do not support USDe, meaning that most of what you are borrowing is USDT or USDC. Then, you use USDT or USDC to buy USDe (with no fees on Binance), which could be the precursor to the collapse.

When ETH and SOL drop, WBETH and BNSOL also decline. Users may then consider not playing with the interest on USDe and quickly exchange USDe back to USDT or USDC to repay their lending positions, successfully redeeming WBETH and BNSOL. The problem lies in the fact that USDT/USDe and USDC/USDe both have depth; they are not an endless 1:1 exchange.

This is the exchange rate difference, starting from 0.9999 and dropping to 0.68 because a large number of investors want to sell USDe to get back USDT or USDC to reduce their lending losses. Thus, USDe is sold off in large quantities in a short time, leading to insufficient depth, causing USDe to de-peg.

So, what happens to the insufficient USDe? Naturally, your staked WBETH and BNSOL will be liquidated. This liquidation is directly thrown onto the market, sold at the current spot price, which will cause the price to continue to drop, as it also affects depth, resulting in spot pressure from BNSOL and WBETH.

This article is sponsored by #Bitget ｜ @Bitget_zh

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。