Over the past few days, DeFi has faced one of the most intense volatility events since the collapse of Terra. Amid this chaos, Ethena (USDe) —a synthetic stablecoin backed by derivatives positions— underwent the most significant stress test in its history. The result: a remarkable display of technical resilience, yet also a stark reminder of the structural risks embedded in the most sophisticated layers of decentralized finance. Today, USDe stands as the third most important stablecoin in the...

Over the past few days, DeFi has faced one of the most intense volatility events since the collapse of Terra. Amid this chaos, Ethena (USDe) —a synthetic stablecoin backed by derivatives positions— underwent the most significant stress test in its history. The result: a remarkable display of technical resilience, yet also a stark reminder of the structural risks embedded in the most sophisticated layers of decentralized finance. Today, USDe stands as the third most important stablecoin in the...