Market Dynamics - USDX depegged to $0.3887 [1] - A whale spent 800K $USDT to buy 933,241 $USDX at $0.8572 after noticing the depeg [1] Investment Opportunity - The whale added to the 1.4M $USDX he bought a week ago, all submitted for redemption [1] - If redemption succeeds, the whale will net around $135K in profit [1] Risk Assessment - Redemption has not yet successfully redeemed after 3 hours [1]

Insider Activity & Governance - Synthetix Infinex team allegedly sold SNX holdings before promoting sUSD deposits, aware of impending depeg [1] - Kain regained governance control in the same week as the alleged insider activity [1] Tokenomics & Risk - sUSD cannot be redeemed for SNX at par [1] - 171 million sUSD tokens are staked and face potential slashing if the depeg worsens [1] - Stakers risk being trapped with debt pool liability [1] Asset Valuation - Infinex Patrons NFT collection is now worth more than SNX itself [1]

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]

Stablecoin Analysis - The report questions whether the USDe event was a true 'depeg' or related to systemic issues unrelated to Ethena's fundamentals [1] - The report highlights that traders, including @ElonTrades, believe the flash crash on Friday has given Binance cause for reflection [1]

USDe Stability Analysis - The analysis indicates that USDe did not depeg during the market volatility, despite claims circulating [1] - USDe maintained a tight peg on its primary venue, Curve, throughout the episode [5] - USDe was fully collateralized and increased its backing collateral over the weekend [7] Binance-Specific Issues - Binance experienced a flash crash specific to its platform, which better market structure could have prevented [5] - Binance's instability during the liquidation event hindered market makers' ability to arbitrage due to API failures and blocked withdrawals/deposits [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] Market Structure and Liquidity - USDe's most liquid venue is Curve, with hundreds of millions of dollars in standing liquidity, compared to tens of millions on exchanges like Binance [2] - The incident highlights the importance of robust market infrastructure and liquidity management for exchanges [6][7] - The analysis draws a distinction between a dislocation event and a true depeg, referencing the USDC depeg in 2023 as an example of the latter [5]

Market Opportunity - stETH 价格脱锚至 0.97 时存在套利机会 [1] - 由于赎回队列的存在，价格最终会被拉回至锚定价格 [1] - 可通过买入脱锚的 stETH 并卖出恢复锚定的 stETH 来进行套利 [1] Risk Analysis - 仅有 0.35% 的 stETH 供应量可以在不产生影响的情况下退出 [1] - 大量杠杆解除可能导致价格波动，创造套利机会 [1] - Lido 通过流动性不足的池子处理了 420 亿美元的交易量，存在风险 [1]

Market Risk - Venus Protocol's utilization rate is reaching 99% [1] - USD1 depegs 200 basis points (2%) on BNB Chain every Sunday at 2 AM UTC [1] Investment Implication - Funding 20% APY exits [1]

Market Trends - Pudgy Penguins' value has increased significantly relative to BTC [1] - From May 1st to now, Pudgy Penguins' value relative to BTC has increased by 130% (from 0.2 BTC to 0.46 BTC) [1] Valuation Analysis - On May 1st, 1 Pudgy Penguin was valued at 0.2 BTC [1] - On June 1st, 1 Pudgy Penguin was valued at 0.22 BTC [1] - On July 1st, 1 Pudgy Penguin was valued at 0.21 BTC [1] - Currently, 1 Pudgy Penguin is valued at 0.46 BTC [1]