Lido faces competition from Figment as stETH redemptions surge, potentially signaling a shift in the ETF staking partner landscape. This shift has significant repercussions for DeFi lending protocols and raises concerns about potential liquidation events. 32% of stETH is currently serving as collateral on lending platforms, according to analyst Ben Lilly. His analysis reveals that Figment may be gaining market share from Lido due to this move. The impact on the wider DeFi ecosystem could ripple across lending protocols. A noteworthy 278,000 wstETH is flagged as potentially vulnerable to liquidation events if ETH prices drop, creating heightened volatility for the entire crypto asset space.