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"@ethena_labs $USDe's "depeg" was a @binance only flash crash not a real peg break. During Oct 1011 volatility $USDe briefly hit $XXXX on Binance while holding $X everywhere else. Ethena processed $2B redemptions in 24h with only 30bps slippage mint/redeem worked fine. What broke: Circular oracle: Binance priced USDe using its own thin order book turning a liquidity gap into a death spiral Collateral cascade: Users with USDe/wBETH/BNSOL collateral in Unified Margin got liquidated as the local price crashed feeding more selling Volatility amplifier: Broader market chaos record liquidations"
X Link @StablecoinData 2025-10-14T17:12Z 1096 followers, XXX engagements
"Star Xu (@star_okx) emphasized that $USDe's sharp decline reflects stress on a synthetic-dollar instrument not a stablecoin de-peg. Traders misinterpreted its structure while analysis hints at possible coordinated market pressure. Know More 🔗"
X Link @CoinEdition 2025-10-13T20:31Z 10.3K followers, XXX engagements
"Dragonfly partner @hosseeb noted that Ethena's $USDe didn't depeg during the Oct.11 flash crash but rather Binance experienced price anomalies due to technical issues. 👀 TLDR: - $USDe's most liquid venue Curve dropped only XXX% while larger drops occurred on exchanges like Binance - Binance API failures blocked deposits/withdrawals preventing market makers from arbitraging and causing temporary price disruption - Binance lacks primary dealer relationship with Ethena and had faulty oracle execution that wrongly liquidated user positions now refunding affected users - True depegging example"
X Link @BlockFlow_News 2025-10-13T13:29Z 2596 followers, XXX engagements
"The Oct. XX crash revealed the hidden danger of looping leverage in DeFi. $USDes yield strategy allowed users to borrow USDT convert to USDe re-collateralize borrow again up to 4.4x leverage"
X Link @0xDeckard_eth 2025-10-13T08:05Z XX followers, XX engagements