Odaily Planet Daily reports that benmo.eth reviewed the October 11th USDe depegging event from the perspective of lending and leveraged trading. He noted that Binance offered three high-leverage products during the event: VIP Loans, Easy Deposit and Loan, and Margin Trading. The leveraged trading sector was the hardest hit. Due to the real-time liquidation mechanism triggering a chain reaction, users of 5x revolving loans lost nearly all of their principal, becoming the primary battlefield of the depegging event.

The article analyzed that the fuse of the incident was the market plunge caused by macro news, which in turn triggered the liquidation of BTC and ETH leveraged positions, resulting in a large amount of USDe being sold; and Binance's ETH hot wallet automatically stopped withdrawals when the Gas was too high, making USDe unable to be redeemed (redeem) on the chain, the arbitrage channel was blocked, and the price fell all the way to US$0.66.

Benmo.eth pointed out that Binance's compensation announcement clearly identified the price anomaly between 5:36 and 6:16 (ET) as non-market behavior, and compensation has already been initiated. He suggested improving redemption efficiency through an on-site mint-redeem mechanism or adjusting multi-sig limits to prevent similar incidents from happening again.