X @Arthur Hayes

RT Haseeb ＞|＜ (@hosseeb)Did Ethena Really Depeg?I’ve seen a lot of chatter about the Ethena depeg during the market mayhem this weekend. The story is that USDe briefly depegged to ~68c before recovering. Here’s the Binance chart everyone is quoting:But digging into the data and talking to a bunch of folks over last couple days, it's now clear this story is not correct. USDe did not depeg.First thing to understand about USDe: its most liquid venue is actually not on exchanges, it’s on Curve. There’s hundre ...