The stETH slide and what it means for crypto liquidity

Q&A: Automated market-making may have contributed to depegging, says a crypto fund manager


In the past week the crypto token stETH untethered from the coin it is supposed to track, trading at a discount as deep as 7%. Crypto borrowing and lending platform Celsius Network, which was a heavy investor in stETH, was forced to block customers from withdrawing deposits. Experts say Celsius and other market participants have come within days of forced unwinds that would trigger a still bigger ‘mess’ across already falling crypto markets.

Looking further back, the high-profile collapse of

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