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USDe Never De-Pegged—Binance Had the Bug
Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
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The Headline That Wasn’t
Twitter spent the weekend screaming that Ethena’s dollar-stable coin USDe had “de-pegged” to $0.68 on Binance. It didn’t. What collapsed was Binance’s price feed, not the stable-coin itself.
Where the Liquidity Actually Lives
USDe’s deepest liquidity is on Curve, not on any CEX. Curve pools hold nine-figure depth; Binance’s order-book is a thin tens of millions. While Binance printed a 32 % discount, Curve never budged more than 30 bps. One of these prices is the real market—the other is a tech outage.
Why Binance Went Rogue
API meltdown: deposits & withdrawals froze, so arbitrageurs were stuck.
No primary-dealer lane: Binance can’t mint/redeem USDe directly; Bybit and others can, so they snapped back to par in minutes.
Faulty oracle: Binance referenced its own illiquid book instead of external markets, liquidating users at ~$0.80 and feeding a cascade. The exchange is now refunding the wrongly liquidated—an implicit admission that the print was bogus.
Compare a Real De-Peg: USDC in March 2023
When Silicon Valley Bank went under, USDC traded at $0.87 everywhere—Curve, Coinbase, Kraken, OTC desks—because redemptions were literally halted. That is a de-pegging. This weekend, USDe could still be swapped 1:1 for its backing assets; only one venue failed to reflect it.
Take-Away for the Industry
The episode is a stress-test score-card for market infrastructure, not for USDe’s design. Collateral coverage actually rose as volatility increased. The lesson is exchange-specific: if you’re not the primary liquidity venue, look outside your walls before you trigger liquidations. USDe never broke its buck; Binance broke its data.
The Headline That Wasn’t
Twitter spent the weekend screaming that Ethena’s dollar-stable coin USDe had “de-pegged” to $0.68 on Binance. It didn’t. What collapsed was Binance’s price feed, not the stable-coin itself.
Where the Liquidity Actually Lives
USDe’s deepest liquidity is on Curve, not on any CEX. Curve pools hold nine-figure depth; Binance’s order-book is a thin tens of millions. While Binance printed a 32 % discount, Curve never budged more than 30 bps. One of these prices is the real market—the other is a tech outage.
Why Binance Went Rogue
API meltdown: deposits & withdrawals froze, so arbitrageurs were stuck.
No primary-dealer lane: Binance can’t mint/redeem USDe directly; Bybit and others can, so they snapped back to par in minutes.
Faulty oracle: Binance referenced its own illiquid book instead of external markets, liquidating users at ~$0.80 and feeding a cascade. The exchange is now refunding the wrongly liquidated—an implicit admission that the print was bogus.
Compare a Real De-Peg: USDC in March 2023
When Silicon Valley Bank went under, USDC traded at $0.87 everywhere—Curve, Coinbase, Kraken, OTC desks—because redemptions were literally halted. That is a de-pegging. This weekend, USDe could still be swapped 1:1 for its backing assets; only one venue failed to reflect it.
Take-Away for the Industry
The episode is a stress-test score-card for market infrastructure, not for USDe’s design. Collateral coverage actually rose as volatility increased. The lesson is exchange-specific: if you’re not the primary liquidity venue, look outside your walls before you trigger liquidations. USDe never broke its buck; Binance broke its data.
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