benmo.eth: The USDe depegging event has become the main battleground for leveraged trading, and Binance's withdrawal mechanism unexpectedly locks down arbitrage paths

ChainCatcher news, written by benmo.eth, reviews the USDe de-pegging event from the perspective of lending and leveraged trading. He points out that Binance offered three types of high-leverage products during the event: VIP Loan, Easy Lending, and leveraged trading, with the leveraged trading segment being the most affected.

Due to the real-time liquidation mechanism triggering a chain liquidation, users with 5x revolving loans almost lost all their principal, becoming the main battleground of this de-pegging event. The article analyzes that the trigger for the event originated from macro news causing a market crash, which in turn triggered the liquidation of BTC and ETH leveraged positions, leading to a large amount of USDe being sold off; meanwhile, Binance's ETH hot wallet automatically stopped withdrawals when gas fees were too high, preventing USDe from being redeemed on-chain, blocking the arbitrage channel, and causing the price to drop to $0.66. Benmo.eth points out that Binance's compensation announcement clearly identified the price anomalies from 5:36 to 6:16 (UTC+8) as non-market behavior and has initiated compensation. He suggests improving redemption efficiency in the future through an on-site mint-redeem mechanism or adjusting multi-signature limits to prevent similar events from happening again at the mechanism level.