The USDe depeg wasn’t related to a fundamental collateralization problem, but rather to a liquidity crisis<\/strong> in secondary markets. Alex Kr\u00fcger, a recognized crypto trader and economist, pointed out that tokens with lower trading<\/a> volume on centralized platforms<\/strong> such as ENA<\/a> didn’t suffer as much and quickly recovered from the fall.<\/p>\n\n\n\n The price divergence<\/strong> between different platforms reveals market fragmentation during periods of extreme stress. Binance<\/a> and Bybit<\/a> displayed prices reflecting real-time transactions around $0.65<\/strong>, while lending protocols like Aave maintained USDe pegged at $1<\/strong> in their oracles. This valuation difference<\/strong> created partial protection for some users, but also amplified confusion about the actual value of the asset<\/strong>.<\/p>\n\n\n\n Ethena’s economic model relies on a cash and carry strategy, using short positions in derivatives markets to neutralize directional exposure<\/strong> of its crypto collateral. During a liquidation cascade<\/strong> of this magnitude, this mechanism is severely tested, as price gaps between spot and futures<\/strong> abruptly disappear<\/strong>.<\/p>\n\n\n\n