火星财经消息，8 月 15 日，Jlabs Digital 分析师 Ben Lilly 指出，当前 stETH 正在从 Lido 提取。而另一借贷协议 Figment 正在吸收 Lido 的市场份额，这意味着 Figment 可能是 ETF 的质押合作伙伴。32% 的 stETH (wstETH) 被用作借贷协议的抵押品，脱钩可能意味着借贷协议的清算。 值得注意的是，目前，27.8 万 wstETH 处于「高风险」状态（高风险定义为健康系数在 1-1.1 倍之间）。

<div>火星财经消息，8 月 15 日，Jlabs Digital 分析师 Ben Lilly 指出，当前 stETH 正在从 Lido 提取。而另一借贷协议 Figment 正在吸收 Lido 的市场份额，这意味着 Figment 可能是 ETF 的质押合作伙伴。32% 的 stETH (wstETH) 被用作借贷协议的抵押品，脱钩可能意味着借贷协议的清算。 值得注意的是，目前，27.8 万 wstETH 处于「高风险」状态（高风险定义为健康系数在 1-1.1 倍之间）。</div>

观点：stETH存在脱锚风险，或引发借贷协议清算

According to Mars Finance news, on August 15, Jlabs Digital analyst Ben Lilly pointed out that stETH is currently being withdrawn from Lido. Another lending protocol, Figment, is absorbing Lido's market share, which suggests that Figment might be the staking partner for the <ETH> ETF. 32% of stETH (wstETH) is used as collateral for lending protocols, and a de-pegging could mean liquidation for these lending protocols. Notably, currently, 278,000 wstETH are in a "high-risk" state (defined as a health factor between 1-1.1 times).

<div>Mars Finance News, on August 15, Jlabs Digital analyst Ben Lilly pointed out that stETH is currently being withdrawn from Lido. Another lending protocol, Figment, is absorbing Lido's market share, which means Figment may be the staking partner for the ETH ETF. 32% of stETH (wstETH) is used as collateral for lending protocols, and de-pegging could mean liquidation for lending protocols. Notably, currently, 278,000 wstETH are in a "high-risk" state (high risk is defined as a health factor between 1-1.1 times).</div>

Viewpoint: stETH is at risk of decoupling, which may trigger the liquidation of lending agreements

Author | Shisi Jun

1. Introduction
In the blink of an eye, I've been working in the wallet industry for four years. Many people think the wallet landscape in 2025 is already solidified, but that's not the case—it's been turbulent beneath the surface. This year:

· Coinbase launched its new CDP wallet, built on TEE technology;

· Binance's MPC wallet introduces key sharding and hosting to the TEE environment;

· Bitget just released its social login feature last week, hosted on a TEE basis;

· ...

A brief overview of the history of blockchain wallets and the market landscape in 2025.

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