X @Ignas | DeFi
Ignas | DeFiยท2025-10-14 00:37
Every cycle, leverage creeps into the system.In the last cycle, the leverage was hidden from view in FTX/CeFi.Naturally, we looked for hidden leverage this time as well, with Ethena and DATs as primary targets.Yet, the leverage was sitting plainly in front of our eyes. Few cared.And unlike FTX/CeFi collapse last time, this flush is open and the risk of REKT entities with system risk is lower, too.Still hard to say 100% as rumors of Binance solvency (although very unlikely) need to be left behind.Feeling cau ...