Analyst: stETH has a de-pegging risk, which may trigger liquidations in lending protocols

ChainCatcher news, Jlabs Digital analyst Ben Lilly pointed out that stETH is currently being withdrawn from Lido. Meanwhile, another lending protocol, Figment, is absorbing Lido's market share, which means Figment could be a staking partner for the ETF. 32% of stETH (wstETH) is being used as collateral for lending protocols, and decoupling could mean liquidation for the lending protocols.

It is worth noting that currently, 278,000 wstETH are in a "high-risk" state (high risk is defined as a health factor between 1 and 1.1).