The reason for the bulk staking of 620000 ETH by this blogger @ 0xdoge_bull seems quite reasonable and can be used as a reference One sentence summary In a short period of time, a large amount of Aave ETH deposits were withdrawn, leading to a surge in borrowing interest rates. Circular loan players went from enjoying the spread to losing money, and were forced to redeem stETH to deleverage, resulting in the current situation Some data support one ️⃣ Aave ETH loan APR once soared to 10% two ️⃣ The exit waiting period for Lido stETH has been extended to 21 days (normally within one week) three ️⃣ There is still a discount of nearly 0.4% when converting stETH to ETH on the chain Finally, how is the revolving loan implemented Aave's collateral ratio for ETH is 93%, which means arbitrage players can even use up to 14 times leverage to earn spread returns. In general, the annualized return on principal can reach~7%