Core Insights - Ethena's price increased by 8% to $0.44 on October 17, standing out in a declining crypto market where Bitcoin and Ethereum faced significant drops [1] - The rise in Ethena's price follows a recovery from a de-peg event of its stablecoin USDe, which had previously dropped to $0.65 during a $19 billion liquidation event [2][3] - Ethena's market capitalization is currently at $3.14 billion, placing it among the top 50 cryptocurrencies by valuation [6] Market Context - The broader crypto market experienced a crash, with Bitcoin and Ethereum briefly losing key support levels of $104,000 and $3,700 respectively [1] - A significant liquidation event on October 10 led to a 50% drop in ENA price from $0.56 to $0.34 [2] - Despite the market turmoil, USDe managed to maintain its peg during subsequent $1.2 billion liquidations [4] Company Developments - Ethena announced an expansion of its Stablecoin-as-a-Service (SaaS) product suite to Conduit, enabling projects to launch their own stablecoins [5] - Conduit supports 55% of Ethereum's active rollups and manages over $4 billion in total value locked across various applications [6] - Trading volume for Ethena surged by 60.5% to $627.9 million, indicating renewed interest from large investors as concerns over USDe's de-peg eased [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]

Crisis Response & Transparency - The company addresses concerns arising from a viral post and assures users of their commitment, emphasizing that user stories are prioritized [1][2] - The company states that all traders were immediately and automatically paid out without issue following a massive liquidation cascade [3] - The company clarifies there were no clawbacks or socialized losses [4] - The company publishes daily proof of reserves, and the exchange has been operating uninterrupted since the event, albeit with some hiccups [4] - The company emphasizes its approachability and commitment to doing the right thing, lacking a PR crisis management team [15] Technical Explanation & System Design - The company explains that a screenshot was taken out of context, clarifying it was a technical explanation of how futures profits and losses work, not a policy decision [3][5] - The company operates as a neutral peer-to-peer exchange, not taking positions for users or providing liquidity [6] - The company details the settlement process where profits are exchanged between longs and shorts, highlighting that winners earn from losers in a zero-sum system [7][8] - The company clarifies that bankrupt users caused a settlement issue, which was resolved by the company settling all accounts before publishing proof of reserves [9][10] - The company designed the system to be robust to liquidation events, isolating risk between longs and shorts, with spot holders unaffected [13]

Binance released its 35th Proof of Reserves report (snapshot date: October 1). User BTC holdings stood at 591K, down 2.67% from the previous report (September 1), a decrease of 16.2K BTC. User ETH holdings were 4,133K, down 4.78%, a decrease of 207K ETH. User USDT holdings totaled 30.28B, down 3.10%, a decrease of 968M USDT.https://t.co/pIqA2Umosp ...

Cryptocurrency Exchange Transparency - Binance is questioned about the absence of Proof of Reserves for Dash ($DASH) and DigiByte ($DGB) [1] - The inquiry highlights the presence of Bitcoin Cash ($BCH) and Dogecoin ($DOGE) in Binance's Proof of Reserves [1] Digital Asset Focus - The request specifically targets the inclusion of Dash and DigiByte in Binance's Proof of Reserves [1] - DigitalGoldTalk is mentioned in relation to the inquiry about Dash and DigiByte [1]

User Holdings - OKX's user BTC holdings increased by 3.67%, reaching approximately 125,000 BTC [1] - OKX's user ETH holdings decreased by 2.01%, to around 1704 million ETH [1] - OKX's user USDT holdings decreased by 2.56%, to approximately 9436 billion USDT [1] Holdings Change - BTC holdings increased by 4432 BTC [1] - ETH holdings decreased by 35011 ETH [1] - USDT holdings decreased by around 248 million USDT [1]

Reserves Verification - Company released its 35th Proof of Reserves report [1] - Reserves are 100%+ across 22 assets [2] Asset and Audit - Verified assets total $33.7 billion [2] - BTC/USDT units increased, not just value [2] - Audited by @hackenclub [2]

Reserve Ratio - Bitget's reserve ratio reaches 186%, indicating a high level of asset backing [1] - The exchange aims to set a standard for trust and security in the industry [1] Company Positioning - Bitget positions itself as the world's largest Universal Exchange (UEX) [1]

🔥 : @Backapck CEO Armani Ferrante (@armaniferrante) on bringing crypto standards to exchanges:“We recently introduced daily proof of reserves. Every day we attest to a ledger with zero-knowledge proofs so anyone can verify their assets are held. You don’t have to trust us—just the math.”Unlike traditional finance, where audits are quarterly or yearly, Ferrante says the goal is real-time verification a milestone for transparency. ...

Proof of drip 😎 https://t.co/K8sKZ7WEe2 ...