For USDe, there is a dangerous signal that cannot be ignored:
The annualized funding rate of BTC and ETH has turned negative since 00:00 today. Currently, BTC is -5.43%/2.97%, and ETH is -13.7%/-4.61%.
According to the official website of Ethena Labs, the total value of USDe's Bitcoin collateral assets exceeds US$800 million, and the Ethereum position exceeds US$1 billion, accounting for nearly 80% of the total, which also constitutes the main source of USDe's high returns:
Ethena is actually harvesting all cryptocurrency traders who are long in the bull market and pay funding fees for it, so the high yield is extremely dependent on the positive funding rate behind the market sentiment.
So from this perspective, in the next 24-48 hours, if the funding rate of the entire network continues to turn negative, or even increases, USDe will be in danger - in the context of negative funding rates, USDe will likely find it difficult to maintain its anchor, and then fall below $1 (in fact, it has already fallen below $1 at the time of posting, slightly de-anchored), and then panic and liquidation will begin.
