Odaily News, Spark's strategy lead monetsupply.eth posted on X, stating that as the stablecoin market begins to face a liquidity shortage, the situation is entering a more dangerous phase, in my opinion. Approximately 16.5% of the ETH market is backed by rsETH. If losses on rsETH-backed loans are shared across the mainnet and external chains, they could face a 10% to 15% cut in emode, with the remaining 2% to 3% cut left for ETH suppliers to flatten the umbrella structure. ETH suppliers naturally tend to exit as soon as possible to avoid this risk, so utilization is locked at 100%, and the borrowing rate is insufficient to incentivize the repayment of unrelated LST loops (wstETH, weETH) to release liquidity. Since ETH cannot be withdrawn, users who borrowed stablecoins like USDT using ETH as collateral cannot close their positions even when stablecoin borrowing rates rise, which cuts off the typical incentive mechanisms that maintain market health. Currently, there are two unhealthy incentives causing market utilization to be locked at 100%:

1) ETH holders cannot close positions to maintain a healthy LTV, and liquidators cannot atomically withdraw or sell collateral. A drop in the ETHUSD price could lead to bad debt.

2) Users supplying USDT, in order to exit their holdings, tend to maximize borrowing of other stablecoins. This position is currently generating positive yield (temporarily), so the exit cost is low; if conditions worsen, they can recover at least 75% of the position's value.

The bottom line is that for these pooled/restaking lending markets to function properly, liquidity must be maintained at all costs. The recent weakening of the slope2 for Aave's maximum borrowing rate is having a negative impact and significantly increasing the risk of cascading market failure.

Odaily According to a report from Iran's Tasnim News Agency on the 19th, Mohammad Bagher Ghalibaf, Speaker of the Iranian Parliament, stated that Tehran is actively engaging in diplomatic activities on one hand, while also being prepared for military confrontation on the other. He emphasized that Iran does not trust its adversaries and is prepared for any potential war. (Xinhua News Agency)

According to official news, since the subscription for the first project preSPAX on Bitget IPO Prime opened at 14:00 (UTC+8) yesterday, the cumulative number of participants has reached 7,649, and the total subscription amount has exceeded $100,071,646. For more details, please refer to the official Bitget platform.

According to official news, Gate has now launched ASTEROID perpetual contract trading (USDT-settled), supporting 1-20x leverage.

According to Al Jazeera, two Pakistani security sources indicated that negotiations between the United States and Iran are highly likely to take place before Friday. The sources stated that their assessment is based on the following factors: Two US heavy transport aircraft (C-17 Globemaster III) have landed at Nur Khan Air Base in Rawalpindi. The base is located near Pakistan's capital, Islamabad. Furthermore, roads from the airport to the Red Zone in Islamabad have been temporarily closed, indicating heightened security measures. Finally, the sources mentioned that the Serena Hotel and the Marriott Hotel in Islamabad are clearing out guests and are not accepting new reservations until Friday. The Serena Hotel was the venue for the first round of US-Iran talks on April 11. (Jin10)

According to on-chain analyst Yu Jin, the 53,660 ETH ($125 million) that Justin Sun urgently withdrew from Aave in the early hours has been deposited into Spark half an hour ago. Currently, the majority of Justin Sun's on-chain funds, amounting to $2.13 billion, are stored in Sky and Spark, with $380 million remaining in Aave.

Odaily News: The Ethereum Community Hub, supported by the Ethereum Foundation, has announced it will be held in Hong Kong at 1:30 PM on April 21st. ETH HK HUB is Asia's first offline Ethereum community Hub, supported by the Ethereum Foundation and jointly operated by SNZ and ETHTAO, aiming to build a collaborative hub connecting Asia with the global Ethereum ecosystem. The event will cover areas including: ZK, privacy computing, AI × blockchain, stablecoins and payments, on-chain liquidity, and more.

Participating institutions and projects include Sharplink, Brevis, Primus, HashKey Chain, Chainlink Labs, Lido Finance, Galaxy Digital, SignalPlus, Morpho, Animoca Brands, EVG, Zand Bank, Pay Protocol, and others. Guests include Vitalik Buterin, Aya Miyaguchi, and more.

Odaily News Iranian President Pezeshkian stated that current US President Trump has no grounds to deprive Iran of its nuclear rights. (Jin10)

Odaily News Trader 0xSun posted stating that news-driven trading remains one of the more cost-effective strategies in the current crypto market, with its core lying in the directionality and volatility brought by events.

Reviewing several recent events, including abnormal ETH transactions, Arc fee adjustments, TAO ecosystem changes, RAVE-related investigations, and the KelpDAO security incident, all triggered significant price fluctuations within a short period. He believes that participating in such opportunities relies on either the speed of information acquisition or the ability to judge the impact of events.

Furthermore, he indicated that as the recent altcoin market has gradually cooled down, he has resumed the strategy of going long on BTC while hedging by shorting some altcoin assets. He believes that against the backdrop of relatively weak liquidity and the fading of certain narratives, the overall performance of altcoins may face relatively more pressure.

Odaily News: 带带带比特 stated in a post that the cryptocurrency market inherently features high volatility and immaturity, with manipulative behaviors and speculative attributes coexisting over the long term. Participants need to bear the corresponding risks themselves.

He pointed out that market capital often shifts repeatedly among highly volatile assets, and although some projects are controversial, they continue to attract attention and trading volume. At the same time, he believes that regulation and market clearing will impact the market structure but may also alter the current ecosystem landscape.

Odaily News According to data from GMGN, the Chinese Meme coin sector has experienced a general correction. Binance Life's market cap has dropped over 26%, currently reported at $390 million; I'm Coming has dropped over 40%, currently reported at $10.05 million; Lobster has dropped over 30%, currently reported at $8.3 million; Co-Build has dropped over 36%, currently reported at $3.4 million.

Odaily reminds users that Meme coin prices are highly volatile, and investors should be aware of the risks.

1. ASTEROID market cap breaks new high, surpassing $170 million;

2. Iran's Deputy Foreign Minister: Will never hand over enriched uranium to the United States;

3. Kelp: Has suspended the rsETH contract on the mainnet and multiple L2s and launched an investigation into the attack incident;

4. RAVE falls below $1, dropping over 96% intraday;

5. Spark Strategic Lead: rsETH security incident risk spillover intensifies, DeFi market may face cascading liquidation crisis;

6. Aave TVL drops to $21.966 billion, a single-day decrease of 16.78%;

7. etherFi: Has suspended LayerZero bridging and frozen multiple asset deposits/withdrawals, not directly exposed to rsETH risk for now;

8. Curve Founder: KelpDAO attack leads to Aave bad debt, exposes risks of non-isolated lending;

9. Lido: Due to the Kelp security incident, earnETH deposits have been suspended, stETH and staking protocols remain unaffected;

10. Andre Cronje: Aave has no subsidized user loss mechanism, has withdrawn ETH to the treasury management wrapper contract;

11. ACI Founder terminates Frontier staking plan, transfers ETH to Aave DAO for risk response.

Odaily According to The Wall Street Journal, US President Donald Trump seems to have lost his "spirit of adventure," while his sense of fear is growing. Previously, in the nearly empty West Wing of the White House, shortly after learning that a US fighter jet had been shot down in Iran and two pilots were missing, Trump raged at his aides for hours. He repeatedly said, "The Europeans were of no help at all." According to people who spoke with him, images of the 1979 Iran hostage crisis have been lingering in his mind. After the American pilots were rescued, the swaggering president made a desperate gamble, attempting to undermine Iran's most powerful leverage—control over the Strait of Hormuz. At the time, Trump posted: "Open the Strait, you maniacs." The president, who has always relished creating dramatic scenes, applied his unorthodox and extreme style of operation to a war in an even more extreme manner. He alternated between adopting a bellicose posture and a conciliatory strategy, while simultaneously agonizing behind the scenes over just how bad the situation could get. He was afraid of ordering troops into dangerous areas, leading to some being injured and some not returning home, similar to other presidents who have experienced war. (Jin10)

According to data from GMGN, the Ethereum-based Meme coin ASTEROID has broken through a new high with its market cap exceeding $170 million. It is currently reported at $166 million, representing an intraday increase of over 900%.

Odaily reminds users that Meme coins are subject to significant price volatility; investors are advised to be aware of the risks.