USDe崩盘、wBETH折价：DeFi风险如何层层叠加？

Group 1 - The article discusses the significant market pressure during the recent crypto market liquidation event, which erased $19.2 billion in wealth within hours [1] - The expansion of DeFi applications is exposing vulnerabilities within the industry, despite its praised efficiency [1][2] - The market crash on October 11 highlighted the advantages of CeFi services, which performed robustly during the crisis [1] Group 2 - The liquidation surge was exacerbated by leveraged trading, occurring on both centralized exchanges (CEX) like Binance and decentralized exchanges (DEX) like Hyperliquid [2] - Hyperliquid, a DEX operating on its own blockchain, has seen its total value locked (TVL) triple over the past year, contrasting with a significant decline in traditional CEX trading volumes [3][4] - The scale of forced liquidations reached a record high, with a total of $19.2 billion lost across all crypto assets, including $5.3 billion in Bitcoin alone [4][5] Group 3 - Altcoins experienced even more severe liquidations compared to Bitcoin, with Ethereum and Solana seeing significant losses as well [7][8] - The relative liquidation scale for Ethereum and Solana was approximately 3.7 times and 7.6 times that of Bitcoin, respectively, indicating higher leverage and steeper price declines [8][9] Group 4 - Offshore CEXs faced a 17.6% decline in open contracts, equating to about $7.9 billion in nominal value, while regulated U.S. futures markets showed more resilience with only a 4.4% decline [10] - Signs of stress in the crypto market emerged, with widening price spreads and disordered relationships between perpetual contracts and spot prices [11][14] Group 5 - The article highlights the challenges in determining Bitcoin's price due to significant discrepancies across different exchanges, which can impact trading and lending activities [16] - Stablecoins are not strictly "pegged" to $1, but rather fluctuate around that value based on market dynamics, as evidenced by recent volatility [18][19] Group 6 - The DeFi sector is facing liquidity and technical risks, with examples of significant price discrepancies for derivative tokens like wBETH [22][23] - The lending market, both CeFi and DeFi, has shown remarkable resilience, with minimal liquidations reported during the recent turmoil [25][26] Group 7 - The article concludes with a focus on emerging risks in the crypto ecosystem, particularly related to complex cryptographic primitives and their integration into Bitcoin through various DeFi infrastructures [27]