USDE De-peg Event Analysis - The report analyzes the USDE de-peg event from a lending and leveraged trading perspective, focusing on the impact on different user groups [1] - The analysis suggests that Binance's ETH withdrawal restrictions inadvertently locked USDE's lifeline, preventing arbitrage bots from stabilizing the price [4] - Binance compensated users affected by the de-peg between 05:36 and 06:16 (UTC+8), acknowledging its responsibility during that period [5] Impact on User Groups - VIP loan users were largely unaffected, while "存贷易" (deposit & loan) users experienced minor losses (within 10%), and leveraged trading users suffered significant losses [1][2] - Leveraged trading users with 25x leverage or higher potentially lost their entire principal, with liquidation fees alone costing 8% of the principal for 5x leverage users [2] Potential Causes and Solutions - The report speculates that a large sell-off of BTC and ETH, possibly triggered by Trump's comments on tariffs, led to liquidations in leveraged trading products, causing a downward spiral for USDE [3] - The report suggests setting a minimum price for USDE's oracle parameters, potentially at 085, and implementing an on-site mint-redeem mechanism on Binance to mitigate future price drops [6] - Ethena can process 10 million USDE every 12 seconds (one Ethereum block) for redemptions, with the gas fees passed on to users, bypassing Binance's hot wallet limitations [7][8]