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Renzo's liquid restaking token (LRT), ezETH, experienced a significant depegging event that liquidated millions from “loopers” using the token as collateral on leverage protocols like Gearbox.
According to data from CoinMarketCap, the digital asset's value plunged to a low of $2,755 before recovering to its current level of $3,178 as of press time.
Notably, decentralized exchange Uniswap witnessed a more severe depegging of ezETH, with its value dropping to as low as $700, attributed to liquidity challenges.
Renzo is a prominent liquid restaking protocol, with over $3 billion worth of assets locked on its platform, according to DeFillama data.
Liquidation galore
The DeFi protocol Gearbox confirmed that the depeg led to the liquidation of several Credit Accounts.
The protocol's founder, 0xmikko, provided more insights into the situation, saying:
“115 Credit Accounts were liquidated, 10,650 ezETH were sold on Balancer pool. Liquidation losses of 25.77 ETH were automatically covered by internal Gearbox reserve fund, no action needed.”
Simultaneously, Cork Protocol, another DeFi platform, explained that the liquidations caused a substantial sell-off of ezETH previously held as collateral. This flood of supply overwhelmed the market, driving the price of ezETH down to 0.2.
Interestingly, these liquidations occurred alongside the release of Renzo's native REZ token, sparking the emergence of Renzo-related phishing scams on social platform X (formerly Twitter).
Web3 security firm Scam Sniffer identified two instances where Renzo users cumulatively lost more than $500,000 to a malicious permit signature scam.
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Amidst this market turmoil, trader czsamsunsb.eth capitalized on the situation, investing 4,099 ETH to acquire 4,221 ezETH. This move proved lucrative, as the trader earned a remarkable profit of 121.65 ETH, per Lookonchain's findings.
What does this mean for LRTs?Crypto analyst Tommy explained that the depegging represents a significant risk across all LRTs, even with withdrawal options enabled. He noted that a depegging event in a decentralized exchange (DEX) pool could occur due to temporary imbalances.
Similarly, DeFi researcher Ignas warned of potential exacerbation in LRT depegging, mainly if Eigenlayer, the platform where these tokens operate, introduces two key upgrades of slashing and permissionless AVS.
Ignas explained that an AVS malfunction leading to slashing could reduce restaked ETH balances by a hypothetical 5%. While this might seem manageable for direct Eigenlayer stakers, it could trigger substantial disruption to LRT pegs due to liquidity concerns and subsequent panic-driven mass withdrawals.
He noted that while prices may stabilize post-slash, the interim period could witness harsh liquidations, and the risk of slashing grows as more AVSes come online.
Consequently, he added:
“It's all FUD right now as slashing won't derail Eigenlayer but LRTs 1) with low liquidity 2) and are widely accepted as collateral can cause disproportional damage.”
Curators may now create custom lending markets by using this distinctive, institutional-grade lending infrastructure . Over the course of seven months, Gearbox users have created $2.8 billion in trading volume across Ethereum DEXs. Gearbox Protocol, which has a USDC vault curated by Re7 Labs, has debuted on Etherlink. The deployment uses treasury-backed tokens like mTBILL, mBASIS, and mRe7YIELD to provide institutional-grade strategies to the Tezos Layer 2.
As DeFi’s credit layer, Gearbox links customers looking for composable leverage across return-generating options with passive liquidity providers. Curators may now create custom lending markets by using this distinctive, institutional-grade lending infrastructure thanks to the introduction of permissionless.
“We’ve been looking for the right L2 to expand Gearbox Permissionless, and Etherlink’s performance metrics and ecosystem convinced us,” said Mikhail Lazarev, Founder and CTO at Gearbox Protocol. “When you can get soft confirmations in under 500ms with fees that are negligible, combined with well-known DeFi protocols, it opens up entirely new possibilities for capital efficiency in leveraged strategies.”
As a vault curator, Re7 Labs contributes substantial experience, overseeing more than 700 million TVL over more than 100 pools on 14 blockchains. Re7, one of the leading DeFi curators in the world, uses unique risk management frameworks to generate profits. In order to increase underlying returns while upholding cautious risk criteria, the vault technique loops return-bearing tokens against USDC.
Evgeny Gokhberg, Managing Partner at Re7 Capital, said: “Etherlink’s infrastructure and Gearbox’s credit layer give us the ideal foundation to scale our strategies. We’re bringing institutional-grade yield to a new audience with the same discipline and risk management we apply across $1B+ in DeFi capital.”
Incentives from Apple Farm Season 2 and GEAR token payouts from the Gearbox DAO will also help the vault. Over the course of seven months, Gearbox users have created $2.8 billion in trading volume across Ethereum DEXs, and the protocol’s TVL increased by 230% to $400 million in H1 2025.
“Having Gearbox launch on Etherlink was a big win for us,” said Anthony Hayot, Head of DeFi Adoption at Nomadic Labs. “They bring serious institutional credibility, four years, zero hacks, $400 million TVL, and a product that will give real value to Etherlink users.”
For more over four years, Gearbox has had a perfect security record with no vulnerabilities or bad debt. The protocol operates under stringent governance mechanisms with 24-hour timelocks for vault parameter changes, and it has made large investments in audits by respectable firms.
Following the successful launch of Apple Farm Season 2 with over $3 million in incentives, the integration of Curve Finance to enable low-slippage stablecoin swaps, the launch of Liquid Bitcoin (LBTC) by Lombard Finance, and a 68.4% TVL increase in July that placed Etherlink among the fastest-rising Layer 2s, the Gearbox deployment comes after a period of significant momentum for Etherlink.
Through Credit Accounts and carefully chosen vaults overseen by knowledgeable asset managers, the decentralized credit layer known as Gearbox Protocol makes it possible to use composable leverage across DeFi possibilities.
A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.
Gearbox is nearing its previous TVL all-time high.The protocol’s TVL slumped massively last year.Gearbox has never suffered bad debt.For some DeFi projects, when airdrop rewards dry up, it kickstarts a terminal liquidity decline from which they don’t recover.
DeFi lending protocol Gearbox has defied that pattern.
Last year, its total value locked fell 80% from its $410 million peak. Users caused the slump by abandoning Gearbox when opportunities to farm airdrops of restaking services like Renzo shrank. TVL is a metric that measures the amount of deposits to a DeFi protocol.
Yet, Gearbox’s TVL has since bounced back to $340 million, DefiLlama data shows. The TVL includes funds borrowed on the protocol.
“A significant aspect of Gearbox’s comeback strategy was integrating assets no one else can,” a Gearbox team member who goes by Mugglesect told DL News.
For instance, Gearbox users can tap into illiquid assets available on protocols like Mellow Finance, a $430 million liquid restaking protocol.
Mugglesect said Gearbox is betting that this growth is anchored in users actually leveraging the protocol rather than chasing the next speculative farming craze.
Gearbox’s revival comes amid a resurgence in crypto’s lending sector that has pushed deposits to $130 billion, catapulting the sector to the summit of DeFi, even overtaking liquid staking, previously the biggest sector.
Unique advantageGearbox is small compared to giants like Aave and Morpho, whose deposits are in the tens of billions of dollars.
But it has a unique advantage: so-called credit accounts, Mugglesect said. These are smart contract wallets inside the Gearbox app that allow users to deploy leveraged capital across several DeFi markets for trading, staking, or providing liquidity.
Users deposit approved collateral like Ether on Gearbox to open a credit account. Based on the account’s leverage limits, they can borrow multiples of their collateral to use as capital to stake on Lido to earn staking yield, provide liquidity on Curve to receive boosted rewards, or trade perpetual contracts.
“You don’t just loop an asset, you borrow up to [40 times] your capital in a credit account and utilise it across DeFi, turning any integrated DeFi protocol leveraged,” Mugglesect said.
“Credit accounts can also connect to assets that aren’t on [decentralised exchanges] or aren’t even tokenised, something traditional lending protocols can’t do.”
Gearbox’s credit accounts offer composability, which means users can integrate across several DeFi markets via the platform.
That’s not possible on other protocols, such as Aave, Morpho, or Compound. There, users must manually transfer borrowed funds to other DeFi apps if they want to farm or stake.
Risk curatorsIn March, Gearbox launched a new lending market called Permissionless. It has been a major boon for the protocol, with credit accounts on Permissionless accounting for $250 million of Gearbox’s TVL.
Permissionless features risk curators. These are DAO-approved managers who define the assets and DeFi strategies that can be used with a Gearbox credit account. They also set the allowable risk parameters, like leverage limits and liquidation thresholds, to keep credit accounts safe for users.
Usually, the Gearbox DAO approves new assets that can be added to the protocol via a governance vote.
“Permissionless enables risk curators to onboard new markets to Gearbox without the DAO intervention,” Mugglesect said.
Under Permissionless, Gearbox has added five new blockchains and more than 25 markets to its lending stack while tripling the protocol’s market expansion, Mugglesect said.
“The protocol is already on 27 [blockchains], the most of any lending protocol,” Mugglesect said. “We’ll be doubling down on more such integrations to create sticky growth.”
Zero bad debtBut with crypto lending comes risks. As Gearbox swallows up more liquidity, the peril for lenders could increase.
The team takes a proactive approach to unforeseen events by forking the networks eight times a day to test against black swan events, Mugglesect said.
Gearbox has already proven its chops in navigating periods of market upheaval, Mugglesect said.
Last year, ezETH, Renzo’s Ethereum liquid staking token, lost its peg to Ethereum due to confusion over the protocol’s airdrop. Users couldn’t redeem ezETH for Ethereum, and that caused a massive selloff on exchanges.
The ezETH depeg caused $56 million worth of user positions to be liquidated, with $33 million of those losses happening on Gearbox due to the protocol’s popularity among restaking airdrop farmers.
Yet Gearbox didn’t suffer any bad debt thanks to its design. That design separates lenders, risk curators, and active borrowers into different layers within the protocol.
It even earned a profit from the ezETH depeg liquidation, whereas Morpho, the second-most affected protocol in the ezETH depeg incident, incurred about $34,000 in bad debt.
The protocol boasts a bad-debt-free track record since its inception in 2021.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at [email protected].
Somnia is integrating with Gearbox Protocol to enable SOMI and USDC markets, giving users access to leveraged DeFi strategies and credit accounts on the highest-performance EVM blockchain. Gearbox will also participate in the Somnia Liquidity Points program, meaning early users can earn rewards while exploring these new leverage capabilities.
Gearbox Protocol has established itself as a leader in composable leverage, processing over $1.5 billion in assets through its curator network. Unlike traditional leverage platforms that confine users to internal order books, Gearbox operates as a credit layer that allows borrowed capital to flow across the broader DeFi ecosystem.
With this integration, SOMI holders will have the option of using Gearbox’s credit accounts, where users can deposit SOMI as collateral and borrow against it to execute leveraged strategies across DeFi protocols. This brings new utility to the SOMI token and gives holders additional opportunities for putting their assets to work.
With Gearbox Protocol, Somniacs can maintain exposure to SOMI while accessing liquidity to trade, provide liquidity, or deploy capital across multiple protocols at the same time. The credit account model allows these operations to happen through a single interface rather than requiring users to manage separate positions across different platforms.
Gearbox handles the complexity of margin management, liquidation thresholds, and position monitoring. Users interact with a credit account that automatically manages collateral ratios and exposure limits based on the assets they’ve deposited. For someone holding SOMI who wants to participate in a yield opportunity on another protocol, this removes the friction of unwinding positions or fragmenting capital across multiple wallets.
Gearbox has an established user base that understands leverage, knows how to manage risk, and actively seeks opportunities to deploy capital efficiently. The integration creates a pathway for these DeFi users to discover Somnia through a familiar interface. Someone using Gearbox on another chain can now access SOMI and USDC markets, start building positions, and gradually explore what else exists in the ecosystem.
Leveraged DeFi strategies generate massive volumes of onchain activity. Many leverage protocols struggle with this volume because they’re built on infrastructure where every action carries meaningful latency and cost.
Somnia’s architecture changes this calculus. When a protocol can process over 1 million transactions per second with sub-second finality and sub-cent fees, the constraints that normally limit leveraged strategies start to disappear. Sophisticated trades that involve multiple steps, continuous rebalancing, or frequent position adjustments become viable in ways they aren’t on slower chains.
This applies to automated strategies that might rebalance dozens of times per day, structured products that need to adjust positions based on real-time data feeds, or credit protocols that need to perform constant health checks across thousands of positions. Gearbox strategies that would be prohibitively expensive to run elsewhere become practical on Somnia because the infrastructure can handle the transaction volume these operations generate.
Beyond individual users deploying leverage, Gearbox functions as composable infrastructure that ecosystem projects can integrate without building their own credit systems.
This approach reduces development time and security risk. Credit systems are notoriously difficult to build safely because they involve managing other people’s money under volatile market conditions. By using Gearbox as infrastructure, projects get code that’s been stress-tested across multiple market cycles rather than building their own systems that might have undiscovered vulnerabilities.
For gaming specifically, this opens new design space. A battle royale game could let players leverage their token holdings to enter higher-stakes tournaments. A strategy game could enable borrowing against in-game assets to fund expansion. A prediction market could offer leveraged positions on match outcomes. These features would typically require extensive DeFi expertise to implement safely, but Gearbox makes them accessible to game developers who understand their players but don’t necessarily understand the complexities of DeFi.
Somnia will provide $5 million in initial liquidity to activate the SOMI and USDC markets, giving users sufficient depth to execute strategies without excessive slippage.
This initial liquidity serves as a foundation rather than a permanent commitment. As users deploy capital and market makers add liquidity, the markets will develop their own depth and trading activity. The goal is to reach a point where the markets are self-sustaining, with enough participants that the initial bootstrap capital becomes a small fraction of total liquidity.
Invariant, a leading multichain AMM DEX, will act as a curator, setting parameters like collateral ratios, borrowing limits, and risk thresholds. These parameters determine how much users can leverage, which assets can serve as collateral, and when positions face liquidation. Getting these settings right is important because overly conservative parameters limit utility while overly aggressive ones create systemic risk.
Gearbox’s participation in the Somnia Liquidity Points program means users who provide liquidity or engage with the new markets can earn rewards. Adding Gearbox to the mix gives users another avenue to accumulate points while accessing professional-grade leverage infrastructure.
If you haven’t joined the Liquidity Points program yet, now is the time. Visit the Somnia Liquidity Points dashboard to connect your wallet, explore eligible pools, and start earning.
Chainlink is a decentralized oracle network that acts as a secure bridge between blockchains and the real world. Chainlink has announced its strategic integration with Gearbox protocol, a generalized, composable leverage protocol for lending assets across various decentralized finance (DeFi) ecosystems. The main purpose of this integration is to ensure accurate pricing for Gearbox’s AUSD, MON, and USDC markets on Monad.
Chainlink is renowned worldwide for its efficient work in connecting blockchains with the real world. On the other hand, Gearbox is also facilitating users in terms of lending across DeFi, as per the source, Gearbox holds over $ 175 M in total value locked. This figure also supports the efficient and trusted services by Gearbox. Chainlink has released this news through its official X account.
Chainlink and Gearbox Alliance Elevates DeFi Security on Monad The alliance of Gearbox protocol and Chainlink price feeds will empower the whole infrastructure, especially for AUSD, earnAUSD, MON, and the largest USDC liquidity pool on monad. Chainlink helps Gearbox by reducing liquidation errors in accurate asset pricing. This will happen with Chainlink’s specialized features for price feed, and at the same time, open a smooth and safer leverage and credit account operation.
In this integration, Monad, which is a high-performance, EVM-compatible Layer-1 blockchain, plays its role to solve the problems related to Ethereum’s scalability. This integration is basically to enhance the DeFi security system on Monad for serving humanity.
Building a More Secure DeFi Ecosystem Chainlink and Gearbox ally to change the security infrastructure for users’ safety and trust all over the world without any errors. Both platforms have a huge number of users that support the efforts of both platforms, which always have only one aim: to bring beneficial innovation for users.
Moreover, their security is much stronger, and for that purpose, they never believe in any other third party for holding users’ details. In short, this integration is purely based on bringing safer, more scalable, and ready for larger capital inflows.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
Danske Bank: Federal Reserve may raise interest rates at least twice
Danske Bank senior analyst Kirstine Kundby-Nielsen and chief analyst Jens Peter Sorensen stated in a report that they expect the U.S. Federal Reserve to raise interest rates twice, in December 2026 and March 2027 respectively, bringing the federal funds rate to 4.00%-4.25%. "However, we emphasize there is a risk that rate hikes could come earlier and that the number of hikes may exceed two," they said. The first Federal Reserve meeting led by Kevin Warsh sent a clear signal that the Fed is increasingly moving away from forward guidance surrounding future monetary policy decisions. "All signs indicate that (the Fed) is leaning toward having greater discretion in future policy decisions," the Danske Bank analysts added. Source: Jin10
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China's Supreme People's Procuratorate announced a major drug-related money laundering case: Li Moubo laundered over 48 million yuan via virtual currency and was sentenced to death after combined punishment for multiple crimes.
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Danske Bank: Federal Reserve may raise interest rates at least twice
Danske Bank senior analyst Kirstine Kundby-Nielsen and chief analyst Jens Peter Sorensen stated in a report that they expect the U.S. Federal Reserve to raise interest rates twice, in December 2026 and March 2027 respectively, bringing the federal funds rate to 4.00%-4.25%. "However, we emphasize there is a risk that rate hikes could come earlier and that the number of hikes may exceed two," they said. The first Federal Reserve meeting led by Kevin Warsh sent a clear signal that the Fed is increasingly moving away from forward guidance surrounding future monetary policy decisions. "All signs indicate that (the Fed) is leaning toward having greater discretion in future policy decisions," the Danske Bank analysts added. Source: Jin10
3 minutes ago
SK Hynix's stock price rise widened to 15.4%, while Samsung Electronics gained 6.3%.
According to Bitget data, SK Hynix’s stock price gain has widened to 15.4%, with Samsung Electronics up 6.3%.
3 minutes ago
The entire cryptocurrency market is down across the board; funding rates indicate BTC remains in bearish territory, while ETH’s bullish sentiment is significantly stronger than BTC’s.
According to HTX market data, Bitcoin is currently trading at $61,684.51, down 1.88% in the past 24 hours; Ethereum is at $1,647.36, down 1.48% over the same period. Current funding rates on major centralized exchanges (CEXs) show a clear divergence between BTC and ETH: BTC rates across all platforms have fallen back into bearish territory, while ETH rates on most platforms remain above the neutral range, indicating significantly stronger bullish sentiment for ETH than BTC. BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and underlying asset prices, typically applicable to perpetual contracts. They serve as a fund exchange mechanism between long and short traders; platforms do not collect these fees, instead using them to adjust the cost or return of traders holding contracts, so that contract prices stay close to the underlying asset prices. A funding rate of 0.01% is the benchmark. A rate above 0.01% indicates broad bullish market sentiment, while a rate below 0.005% signals widespread bearish sentiment.
3 minutes ago
South Korea's KOSPI index climbs back above the 9,000 mark, up 6.25% on the day.
According to Bitget data, South Korea’s KOSPI index has returned to the 9,000 level, gaining 6.25% on the day.
3 minutes ago
Silver plunged 6% intraday, breaching the defense of long positions, as a smart money entity reaped $2.16 million in shorting profits.
According to Hyperinsight’s monitoring, the Silver (SILVER) contract on Hyperliquid is currently priced at $56.78, down 6.34% over 24 hours, with a trading volume of $263 million, ranking first in the precious metals sector. Driven by gold prices falling below $4,000 and safe-haven funds flowing back into chip stocks, short sellers have reaped significant profits. Notably, smart money address 0x49e has been shorting Silver on 3x leverage since April 29 at a high of $78.79, holding a position worth $5.77 million, and has already booked a precise profit of $2.16 million (+81%). On-chain Silver whales are overall bearish: the nominal position size of short sellers is approximately 1.5 times that of long positions. The average entry price for short positions is around $65.05, and the current price is 12.7% lower than this level. Long positions are overall trapped, with an average entry price of about $59.75, roughly 5% above the current price. Current short sellers have sufficient safety margins: the nearest short liquidation line stands at $77.18, some 36% above the current price, meaning short sellers face almost no liquidation pressure. Address: 0xe9ffe7698f46f96f980f2877e18c43f5b4165903-HyperInsight Bot is now live. Add @HyperInsightBot to your TG group and set it as an admin (enable message sending permission) to automatically sync on-chain updates.
3 minutes ago
China's Supreme People's Procuratorate announced a major drug-related money laundering case: Li Moubo laundered over 48 million yuan via virtual currency and was sentenced to death after combined punishment for multiple crimes.
On June 25, China’s Supreme People’s Procuratorate (SPP) held a press conference. Miao Shengming, SPP’s deputy procurator-general, stated that procuratorial organs are thoroughly investigating both self-money laundering and third-party money laundering crimes, and vigorously promoting the recovery of drug-related assets to ensure full coverage in the investigation and punishment of drug-related money laundering offenses. From January 2025 to May 2026, procuratorial bodies nationwide prosecuted more than 1,200 individuals for drug-related money laundering crimes. A notable example is the major cross-border case of drug smuggling, trafficking, transportation and money laundering involving Li Moubo and others, which was supervised by the SPP and handled by Chongqing’s procuratorial organs. Li laundered over 48 million yuan via virtual currency and was sentenced to death after receiving combined punishment for multiple crimes in accordance with the law. (Xinhua News Agency)
Aimed at boosting the Ethereum ecosystem in Bulgaria and promoting Sofia as a thriving Web3 hub, ETHSofia is gearing up for its inaugural edition on October 17-19 at Sofia Tech Park.
Carrying out its mission to unify all crypto developers, investors, and enthusiasts alike, the ETHSofia team now presents the first installment of speakers and partners.
The ETHSofia conference will fascinate its over 600 expected attendees with inspiring talks by Zahary Karadjov, BlockSense CEO and ex-Status Nimbus Team Lead, Vesselin Velichkov, a ZK Cryptography Researcher at OpenZeppelin, Andrei Duma, Head of DeFi at LI.FI, Mikael Lazarev, co-founder and CTO of Gearbox, Darren Camas, CEO of IPOR Labs, Diana Tlupova, Head of Compliance at NexeraID, TokenBrice, strategist at The DeFi Collective and advisor at Maverick Protocol, Lion Dapplion, Ethereum consensus core developer at Lighthouse Sigma Prime, and Vyara Savova, Senior Policy Expert with the European Crypto Initiative (EUCi).
Moreover, several of the most innovative Web3 companies will contribute to the success of the event. Namely, digital assets institution Nexo joins ETHSofia as a top-tier sponsor, along with web3 self-custodial wallet Ambire, fixed-rate lending and borrowing protocol IPOR, and bridge and DEX aggregator LI.FI as well.
ZK rollup BlockSense will be a platinum sponsor of the ETHSofia hackathon, with DeFi market maker Raven DAO sponsoring too, whereas DoraHacks will offer operations support. Generous bounties for the winning programming contestants are also to be expected, so developers and hackers are invited to promptly apply here.
The ETHSofia team has also presented Philip Matov from Belayer, ex-Consensys and Matter Labs, and Lyuben Belov from Daedalus and LaunchHub, as advisors.
“We got inspired by Vitalik Buterin’s appeal to make Ethereum cypherpunk again, and set up ETHSofia as an attempt to showcase and enhance the next generation of Ethereum innovation. We invite everyone working toward or advocating for privacy, trustlessness, and decentralization to join us and help us deliver a world-class event!”, Vlad Dramaliev said.
The Super Early Bird tickets are set to go on sale very soon, so follow the ETHSofia social media channels on X, LinkedIn, or Telegram, or subscribe to their newsletter to stay in the loop.
About ETHSofia Conference & HackathonCrafted as the brainchild of devoted blockchain professionals and enthusiasts, ETHSofia is set to welcome a vanguard of thought leaders and builders innovating in ZK proofs, account abstraction, AI, L2s, security, and decentralized infrastructure. The goal? Design a global, scalable free market built on open-source blockchain technology.
