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0 `: h4 M1 f$ J2 V6 N6 K( D 昨天，stETH与ETH脱锚，二者价差最高达60%以上。stETH的价值基本是1:1锚定ETH的。那么，为什么会出现stETH价格暴跌从而拉低ETH的情况呢？要了解这一原因，还必须从stETH是什么讲起。 " p3 w% y$ [' O8 x
stETH是什么? : E% F( W( I* g+ ~/ a" d$ Z
5 e3 c& C2 @2 ]: g5 m! }stETH, 其实就是ETH，只不过是通过Lido参与了ETH2.0质押的ETH，stETH相当于一个抵押证明。因为这些质押的ETH在2.0 Merge成功（大概率今年8-9月份）之后6个月内（换句话说，也就是明年2,3月之前）无法赎回，所以Curve上有了stETH-ETH的池子，帮助缓解这些“锁”在里面的ETH的流动性问题。
% q \ c4 u3 G" h- L9 g类似的还有各大CEX的bETH，如果你的ETH是通过CEX参与2.0质押的，那CEX会给你一个bETH抵押证明，同样也提供bETH/ETH的交易对来提前释放流动性。 0 j, @. H2 k: c; V4 Q
说一说stETH和ETH出现价格脱钩是什么原因导致的 6 d! A4 t7 ~0 y( f% }
为什么 stETH 和 ETH 的价格能一直保持 1:1 呢？原因是 stETH 的官方 Lido 通过年化 4% 的年收益来吸引用户质押 stETH。与此同时，Lido 并通过各种 DeFi 的方式，为 stETH 尽可能的提供流动性，使得 stETH 的价值很难脱钩 ETH。
8 _, H" t) ?1 J6 T5 ~" d0 w
' T$ l! y$ Z$ `在最大的去中心化交易所 Curve 上，就有stETH 和 ETH 的交易对。两者在正常情况下基本上是 1:1 的价格，也就是等值，用户可以通过 Curve 来自由实现 stETH 和 ETH 之间的转换。而在Curve上，用户还可以质押stETH，年化率为4.6%。这意味着用户可以先在Lido用ETH置换stETH，并同时获得4%的年化率；用置换来的stETH在Curve上继续质押，获得4.6%的年化率。这一系列操作下来，用户可获得共8.6%的年化率，有着相当大的套利空间。
- S0 J/ b6 g7 Z8 I7 M& _/ G大量用户将所持有的 stETH 在 主流流动性矿池Curve 上进行大肆抛售，很大一部分 stETH 被兑换为 ETH，目前在Curve中， stETH/ETH 矿池资产比例存在偏差，ETH 占比 24.11%，stETH 占比 75.89%。CoinUp笔者分析后认为，由于流动性不足，矿池变得及不平衡。在stETH的储蓄量远大于ETH的情况下，stETH价格出现大幅下降，这导致 stETH 和 ETH 脱钩，两者的价格不再满足 1:1。 0 g) i& w/ h, y( _
' H' f, j$ }/ a/ t
但stETH目前并没有任何迹象显示会永久脱钩，毕竟无论二级市场价格如何波动，到时候真的兑换的是1个ETH。
" B, e" J. O: Z4 W只能说熊市来了，任何波动叠加在一起可能形成很大的激荡。熊市有熊市的生存策略。
5 _9 d% _5 v2 Z5 D: p来源：金色财经 |
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