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According to a report by Jinse Finance, on-chain analyst Ai Yi has analyzed that the mass un-staking event involving 620,000 ETH may be related to a significant withdrawal of ETH deposits from a certain exchange platform, which in turn caused a spike in borrowing rates. The rapid and large-scale withdrawal of ETH deposits from the exchange led to soaring borrowing rates, forcing leveraged players who previously profited from interest rate spreads into losses. As a result, they were compelled to redeem stETH to deleverage, leading to the current situation. At one point, the ETH borrowing APR on the exchange surged to 10%. The Lido stETH exit waiting period has now been extended to 21 days (normally within a week), and there is still a discount of nearly 0.4% when swapping stETH for ETH on-chain. Regarding the implementation of leveraged lending, the exchange offers a collateral ratio of 93% for ETH, meaning arbitrage players can use leverage of up to 14 times to earn interest rate spreads. Under normal circumstances, the annualized return on principal can reach approximately 7%.

According to Jinse Finance, vertical farming technology company Nature's Miracle Holding Inc. (OTCQB: NMHI) announced today that it will establish a corporate XRP fund program of up to $20 million. The company will use proceeds from equity financing provided by GHS Investments to purchase XRP and meet working capital needs. The S-1 registration statement for GHS Investments was recently declared effective by the U.S. Securities and Exchange Commission (SEC).