RT Maurice Andrew (@ShubzyM)yeah we did a cool thing during @WebX_Asiapowered by $hello ...

So much for property rights. China - first, then your bank account next. $BTC for the win. https://t.co/Qpb632ikxU ...

Market Analysis of USDe - The analysis indicates that USDe did not depeg during the market volatility, despite claims circulating [1] - The primary venue for USDe, Curve, maintained a tight peg throughout the episode [5] - The incident exposed lessons for the industry regarding market infrastructure [7] Binance-Specific Issues - Binance experienced a flash crash specific to its platform, which could have been prevented with better market structure [5] - Binance's instability during the liquidation event hindered market makers' ability to arbitrage due to API failures and withdrawal/deposit issues [2] - Binance lacked a primary dealer relationship with Ethena, preventing direct minting and redemption on the platform [3] - Binance's poorly implemented oracle and aggressive liquidation mechanisms exacerbated the price decline of USDe [4] - Binance is refunding users liquidated on USDe due to its flawed price assessment, unlike other exchanges [4] Comparison with True Depeg Events - Unlike the USDC depeg in 2023, USDe remained fully collateralized and worth $1 on its primary venue [5][7] - The USDC depeg involved price declines across all venues and halted redemptions, representing a true depeg event [5] Liquidity and Venue Analysis - Curve holds the most liquid venue for USDe, with hundreds of millions of dollars in standing liquidity [2] - Other exchanges, including Binance, have only tens of millions of dollars in liquidity for USDe [2] - USDe experienced varying price fluctuations across different centralized exchanges (CEXs), with Binance showing the most significant depeg [2]

RT Mike Silagadze🛡 (@MikeSilagadze)During the flash crash $weETH held its peg within 5bps of ETH, better than any other LST or LRT on the market.@ether_fi has the most widely used staking assets in DeFi, on every chain and major protocol, which makes this all the more impressive.This is how trust is built. https://t.co/gVeNEHTKGi ...

RT G | Ethena (@gdog97_)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: https://t.co/lb4OeaGn9Y ...

Incident Overview - Approximately $60-90 million of $USDe was dumped on Binance, alongside $wBETH and $BNSOL, exploiting a pricing flaw [1][3] - This localized depeg triggered $500 million - $1 billion in forced liquidations, cascading into over $19 billion globally [2] - Attackers profited about $192 million via $1.1 billion in BTC/ETH shorts opened on Hyperliquid [2][4] Root Cause Analysis - Binance's Unified Account valued collateral using its own spot market instead of external oracles, creating a major vulnerability [3] - Binance announced a fix to move to oracle-based pricing on Oct 6, but the rollout wasn't until Oct 14, leaving an 8-day window for exploitation [3] - A coordinated manipulation of Binance's order books, amplified by a macro shock (Trump's tariffs) and systemic leverage, caused the crash [2] Responsibility and Aftermath - Binance's design flaw and delay in oracle rollout were the root cause of the incident [5] - Binance admitted "platform-related issues," promised compensation, and rolled out minimum price floors + oracle integration [6] - Ethena (USDe) was not at fault, as the protocol remained 1:1 collateralized, redemptions were normal, and the peg held everywhere else [6]

USDe Overcollateralization - Ethena Labs 的 USDe 稳定币保持超额抵押状态，应对过去 24 小时的市场波动 [1] - 独立第三方机构（包括 Chaos Labs、Chainlink、Llama Risk 和 Harris & Trotter）已确认 USDe 仍超额抵押约 6600 万美元 [1] Transparency and Attestation - Ethena Labs 通常每周提供 USDe 储备证明，由第三方独立机构进行验证 [1] - 应社区要求，Ethena Labs 在常规周期之外提供了储备证明 [1] - Ethena Labs 致力于最大程度地提高透明度 [2]

Honourable mentionget.wif.it (@stephenwifhat):@CryptoHayes We’ve been reading your little essays 💁🏽‍♂️ https://t.co/pejw1gi462 ...

Honourable mentionSmokey 一目均衡表 (@SmokeyHosoda):@CryptoHayes British people can‘t compete in this competition cause they‘re risking landing in jail ...

Honourable mentionChart Simpson (@ChartSimpson):@CryptoHayes This only deserves 3/5's of a whole caption ...