According to CoinMeta, less than 9% of E-Mode positions carry about half of the outstanding debt, with the debt-weighted LTV approaching 90%, and an average health factor of around 1.06. These positions mainly use WEETH, RSETH, WSTETH, and other ETH collateralized derivatives as security, and borrow WETH to form highly leveraged ETH collateralized basis trading. Galaxy estimates that if the relevant collateralized derivatives are generally discounted by about 8%–9% relative to ETH, the average health factor could approach the liquidation line. Previous models showed that if WEETH detaches from the anchor by 10%, approximately 205 accounts might fall below a health factor of 1.