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

ChainCatcher news, written by benmo.eth, reviews the USDe depegging 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 sector 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 depegging event. The article analyzes that the catalyst for the event was a market crash triggered by macro news, 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, making it impossible to redeem USDe 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 identifies the price anomalies between 5:36 and 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 multi-signature limit adjustments to prevent similar events from happening again at the mechanism level.