Ethena Dey Blame Binance Price for USDe Crash
Guy Young wey be founder for Ethena Labs blame Binance internal way dem dey set price for why USDe stablecoin no hold gidigba last Friday wen market crash happen. Binance rely on their thin order-book oracle plus small liquidity, e make USDe crash from $1 to as low as $0.65 for their exchange. For other places, USDe minting and redemption still dey work well well, with $2 billion wey dem redeem for Curve, Fluid and Uniswap pools and price no cross 30 bps. Analysts don already talk say Binance Unified Account wey dey use their own oracle data get opportunity for problem. Crypto trader dem wey dem call “ElonTrades” talk say attackers drop about $90 million USDe for Binance, den dem short BTC and ETH for Hyperliquid, make about $192 million gain and cause around $20 billion liquidations. Binance yan say dem wan fit use external oracle feed by October 14 and dem don remove restriction for deposit and withdrawal so people fit do arbitrage. The matter show say stablecoin market need better oracle design and plenty liquidity.
Bearish
Di USDe depeg for Binance wey cause by internal oracle wahala and small liquidity don shake traders trust for stablecoin stability. Short-term, dem fit reduce exposure to USDe and price still dey under pressure as risk perception dey rise. Long-term, Binance move to external oracles fit bring trust back, but di incident show say protocol still get gbege, e dey make market cautious.