Ethena Labs founder: The platform has processed the maximum redemption volume in a single day, and USDe has not experienced insufficient collateral
2025-02-22 03:57:32
Ethena Labs founder @leptokurtic_ posted on the X platform that the past 24 hours have been very difficult. Ethena Labs handled the largest redemption volume in a single day and lifted all unrealized exposures to Bybit within an hour after the incident. USDe has never experienced undercollateralization. Even if the unrealized exposure to Bybit did not drop to zero within an hour, USDe is still overcollateralized. I hope this incident can validate some of the design decisions made to reduce the risk of users using OES hosting solutions. The simple design route is to avoid costs and the increased engineering complexity of custodians in the off-chain hedging system. Ethena Labs did not experience any support loss or redemption request issues.
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