TechFlow News: On May 18, on-chain analyst Tom Wan posted on X stating that ETH utilization has fallen below 90%, and lending APY has dropped to 1.9%. Since the LayerZero bridge for rsETH was attacked, wstETH and weETH deposit volumes have declined by approximately $1.2 billion and $1.76 billion, respectively. As the ETH-cycling leveraged strategy involving wstETH/weETH has resumed profitability, market attention has shifted to whether demand for ETH-cycling leverage will rebound—or whether capital will remain on the sidelines or flow instead to protocols such as Spark and Morpho.
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