The founder of Ethena Labs posted on the X platform: The oracle attempts to identify two different scenarios, one is a temporary misalignment of prices in the secondary market, and the other is a permanent impairment of collateral, which has never happened on USDe, and is much less likely to occur for most assets, including USDe. While the DeFi money market has been criticized for USDe anchoring USDT, it does believe that this approach is reasonable because it avoids liquidation due to temporary price imbalances.
Ethena provided proof of on-demand reserve to a small number of entities, some of which are also oracle providers, including Chaos Labs and Chainlink. Ethena's minting and exchange functions did not go down during the market turmoil this week. Major liquidity venues through on-chain venues such as Curve, Uniswap, Fluid experienced price dislocation. More than $9 billion of on-demand stablecoin collateral was available for immediate redemption, but the actual usage was only a fraction.
Ethena Labs founder: still believes that USDe anchors USDT reasonably, and casting and exchange have not been down during market turmoil
2025-10-12 09:34:00
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