PANews April 19 news, Spark Protocol's strategic director monetsupply.eth stated on the X platform that as the liquidity in the stablecoin market begins to tighten, the current rsETH security incident may be entering a more dangerous phase. Approximately 16.5% of the ETH market is supported by rsETH. If the related losses are averaged in the mainnet and cross-chain environments, rsETH collateral loans under eMode may face a discount of 10%-15%. After the risk buffer is exhausted, ETH depositors may still bear a residual loss of 2%-3%. Under this expectation, ETH providers are inclined to exit quickly, resulting in the market utilization being locked at 100%, while the borrowing rates are insufficient to incentivize wstETH, weETH, and other cyclical leveraged positions to actively deleverage and release liquidity. Meanwhile, as ETH cannot be withdrawn, users who borrowed stablecoins like USDT with ETH as collateral also struggle to close positions in a timely manner, even though the borrowing rates for stablecoins are rising, the existing incentive mechanisms in the market have been broken.

monetsupply.eth further pointed out that under the "locked" status of 100% utilization, the DeFi market may face a cascading liquidation crisis and encounter two significant distorted incentives: firstly, ETH holders cannot adjust their healthy collateral ratios, and liquidators cannot extract and sell collateral assets. If the ETH price drops, bad debts may quickly accumulate; secondly, stablecoin depositors have an incentive to realize a "de facto exit" by lending out other stablecoins, locking in about 75% of the funds recovery space at a lower cost while still having positive yields. For lending markets that rely on liquidity pools and re-collateralization, liquidity must be prioritized, and the recent Aave's reduction of the maximum borrowing rate (slope2) limit is weakening the deleveraging incentives and significantly raising the risk of cascading failures in the market.

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