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The TLDR on $USDe is that: (i) mint/redeem was uninterrupted (ii) backing remained over-collateralized and even had some unrealized P&L (iii) underlying basis trade had any issues (e.g., no ADLs) Which basically means USDe worked as expected and never depegged on the primary

Great write up, in line with what I just wrote on $USDe 👇👇👇

While we share these suggestions privately with any partner we work with across both DeFi and CeFi, want to surface this publicly so there is zero doubt going forward on what we view as appropriate oracle design and risk management for USDe:

The Oct 11 Crypto Crash — What Really Happened TL;DR: Roughly $60–90M of $USDe was dumped on Binance, along with $wBETH and $BNSOL, exploiting a pricing flaw that valued collateral using Binance’s own order-book data instead of external oracles. That localized depeg triggered

💯correct. Exactly what people need to understand: $USDe DID NOT depeg. This was entirely a liquidity vacuum and exchange issue. Anyone saying $USDe depegged either doesn’t understand how market structure works or simply looking to spread FUD.

Friday could have one of DeFi's worst black swan events. On paper, over $19 billion in liquidations hit across CEXs and perp DEXs. The real figure was likely higher. Many were surprised that on-chain lending markets came out mostly untouched, but outcomes can be misleading.

Ethena did NOT depeg, agreed with Haseeb ＞|＜ but there's a shorter, clearer description imo: The peg is not defined as the price on a single venue. If I create a centralized place where I buy/sell USDC for $.90 for a few hours does that mean “USDC is depegged?” Of course not. The

In the storm of volatility, fundamentals speak loudest. USDe had and has always remained overcollateralized, @chaos_labs oracles held the line as intended, and positions on Aave stayed safe. Through it all, PTs and yield strategies on Pendle stayed resilient just as designed

Want to commend the speed with which Binance has addressed the losses on their platform. The size of user compensation is unprecedented. This is the first step to regain user trust which will be rebuilt through time. Now is not the right time to be blaming each other. Binance

Today, we are proud to announce Multicoin Capital liquid fund’s investment in ENA, the native token for Ethena Protocol, the issuer of USDe, the leading synthetic dollar. Synthetic Dollars aim to generate yield and create stability by executing fully-collateralized delta-neutral