TechFlame reports that Jlabs Digital analyst Ben Lilly pointed out that currently STETH is being extracted from Lido. Another lending agreement, Figment, is absorbing Lido's market share, which means Figment may be the ETF's pledge partner. 32% of stETH (wstETH) is used as collateral for loan agreements, and decoupling may mean liquidation of loan agreements. Notably, 278,000 WstETH are currently in a “high risk” state (high risk is defined as a health factor between 1-1.1 times).