The signs were always there. USDe and any delta neutral tokens are not stablecoins, they are proxy receipt for an active market position that’s hedged. If the hedge breaks for any reason so will the peg. Know what you are holding.
USDe by Ethena will depeg, it's not a question of if, but when. What I did not expect was it taking down DAI with it when it happens. Issuing DAI with USDe as collateral is asking for trouble. Issuing 1B of DAI is making sure you get hurt. AAVE founder is right. @lemiscate
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