USDe Depeg on Binance Appears Linked to Internal Oracle Data, Ethena Founder Says 🔍
The USDe depeg incident on Binance can be attributed to an internal oracle referencing a thin Binance orderbook, rather than issues with Ethena’s collateral or protocol. According to the founder of Ethena, this caused an isolated price distortion, with USDe reaching a value of $0.65 on the exchange. The depeg was not a result of Ethena's underlying system but was linked to the internal mechanics within Binance.
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