Rough timeline of events here: 1. Justin Sun pulls ETH supply from Aave. 2. Utilization spikes ETH borrow rates on Aave. 3. stETH loopers are now unprofitable, so start de-leveraging. 4. A bunch of this de-levered stETH hits the staking withdrawal queue. 5. stETH depegs 30 basis points as some sell to avoid the queue. 6. Loopers are now forced to either take this 30 bips hit (3% loss on 10x leverage), or lose money on the position until peg re-gains. All of these stETH oracles use redemption not market rate, so lenders are stuck in the position for potentially ~18 days as thats the ETH unstake queue right now. We may end up seeing some stETH liquidations from interest accrual which will only make the situation worse by de-pegging stETH further.