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Ether.fi: Currently, there are 124,000 ETH available for withdrawal, and there are another 46,000 ETH available on the secondary market

Ether.fi: Currently, there are 124,000 ETH available for withdrawal, and there are another 46,000 ETH available on the secondary market

Bitget2024/08/06 02:57

Ether.fi announced on X that during the recent market turbulence, the team has been coordinating with Chaos Labs and other major protocol partners to closely monitor the weETH/eETH market status. They have designed multiple native systems and processes in preparation for such events:

1. The primary market continues to operate normally, limiting the extent of its price decline. Ether.fi's withdrawal function helps prices continuously return to a fair exchange rate.

2. Today saw the highest number of withdrawal requests ever. The protocol continues to operate as usual, providing ample liquidity reserves for these withdrawals.

3. There are 73,000 ETH in main liquidity reserves; among validators who exited there are 27,000 ETH (available in next few days). If immediate conversion is needed, there are also 59,000 ETH in development contracts. In total currently there are 124,000 ETH available for withdrawal plus an additional 46,000 ETH available on secondary markets (DEX liquidity).

4. Regarding key protocol integrations: several protocols have already used exchangeratefeed in their oracle design which means that price fluctuations like those seen over past few days will not lead to large-scale liquidation and further forced selling.

5. On that day inflows exceeded 12,000 ETH while utilization of weETH within DeFi protocols remained above 73%.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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