The USDe “depeg” on Binance had little to do with fundamentals. Ethena’s system handled $2B in redemptions flawlessly, while liquidity stayed tight within 30bps on Curve, Fluid, and Uniswap. The crash came from a local oracle loop. Binance used its own orderbook instead of external feeds. Attackers exploited that gap, dumping $90M USDe and pocketing ~$192M through short positions. A rare reminder: in crypto, the weakest oracle defines the system’s risk. When markets depend on single-venue data, are we truly decentralized?