USDe Depeg Incident on Binance
Ethena founder Guy Young stated, "Not a true depeg," regarding the USDe depeg incident on Binance.
Young advised using external oracles with deep liquidity as a USDe price tracker, as the incident was isolated to Binance due to its use of its own oracle.
The market is still recovering from the October 10th crash, which wiped out over $19 billion in leveraged positions, with USDe's depeg being one of the factors.
- USDe dropped to $0.65, a 35% drop, on Binance.
- Bybit saw a 5% drop, while Kraken's slipped by about 80 basis points (0.80%).
Not a true depeg
This incident highlights the importance of using external oracles with deep liquidity, according to Guy Young.
Author's summary: USDe depeg incident occurred on Binance.