Insight: USDe is a financial instrument rather than a stablecoin, and its marketing narrative's dissonance is intended to target use cases.
October 11th. Forgiven, a co-founder of Conflux, expressed his viewpoints on USDe, a project under Ethena Labs. He stated that USDe is essentially a financial certificate rather than a stablecoin. Some users also pointed out that USDe is a Hedge Fund Product with a built-in rebase mechanism, where the Net Asset Value (NAV) can always be pegged to 1 US dollar. The claim that "USDe is a stablecoin" is the greatest misalignment in its marketing narrative. This is done deliberately to attract more use cases, such as payments, USD trading pairs, and margin trading. However, the reality is that USDe is a form of aggressive financial product innovation.
Founder of Today's Formula News, Vida, stated that the root cause of today's large-scale liquidation may be the "forced liquidation of USDe arbitrageurs' loop positions." This led to a decrease in the collateral capacity of USDe as a unified account collateral, causing more liquidation of positions of market makers who were using USDe as coll
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Imperial Commercial Bank: Gold Price Surge Driven by Long-Term Inflation Concerns, Expected to Reach $4500 in the Next Two Years
On October 11th, Anita Soni, an analyst from the Capital Markets division of the Canadian Imperial Bank of Commerce, predicted in her latest forecast that the price of gold will reach $4500 per ounce in 2026 and 2027. Then, it will decline to $4250 in 2028 and further drop to $4000 in 2029. The analyst indicated that she still anticipates a favorable macroeconomic environment for gold. Uncertainty in tariff policies will continue, and the negative impact of tariffs that have been implemented and those that are about to be implemented on consumer purchasing power has not yet fully manifested in the U.S. economy. Meanwhile, the Federal Reserve yielded to Trump's call for rate cuts earlier than Soni had expected. Soni believes that the earlier increase in gold prices this year was related to rate cuts, but the recent parabolic surge is driven by concerns about long-term inflation and wealth preservation because the Fed's monetary policy has not specifically focused on long-term inflation.
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Bitmine's Ethereum Cost Basis Average is approximately $4526, facing an unrealized loss of around $2.076 billion.
On October 11th, according to strategicethreserve data, Ethereum's leading institution Bitmine increased its holdings by 27,256 ETH today. It currently holds 2,857,407 ETH, with a total acquisition cost of 12.934 billion US dollars and an average price of approximately 4526 US dollars. Based on the current ETH price of 3,800 US dollars, its portfolio is currently valued at around 10.858 billion US dollars, facing an unrealized loss of approximately 2.076 billion US dollars.
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Phase One: Affected users will be handled on a case-by-case basis due to platform delays, and no action will be taken to reclaim the depegged assets purchased at a lower price
On October 11th, a co-founder of Binance, He Yi, stated, "Thank you very much for your support. I would like to reiterate our principle: Binance will handle issues related to the platform appropriately. Those users who bought decoupled assets at a low price yesterday did so through staying up late and earned it. We will not take back these assets. For financial management users involving these three types of decoupled packaged assets, we are handling them gradually. For trading users who suffered losses or liquidation due to platform delays, we will handle each case individually."
Some friends have been actively spreading information about Binance's loss compensation, resulting in a surge in inquiries. We have activated a customer service team that is still in training and arranged for cross-language translation. This has easily led to more backlog and issues. Once again, I would like to emphasize that we do not compensate for individual transaction losses caused by price fluctuations
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Analysis: The market has become fragile but profitable, a rebound in volatility implies potential opportunity
October 11th. The transaction information platform Kobeissi Letter released a market perspective today, indicating that during today's flash crash, Bitcoin witnessed a daily candlestick price fluctuation of $20,000. Bitcoin's market capitalization also underwent a significant fluctuation of $380 billion within a single day, a situation that has never been seen before in history. This black swan event was triggered by various sudden technical factors, but it will not have a long-term fundamental impact. Technical corrections have been ongoing for a long time, and we believe that a trade agreement will be reached. Cryptocurrencies still maintain their strength, and we maintain an optimistic outlook on the future market trend.
This week's rebound in volatility presents an opportunity for investors. The macroeconomy is in a state of change, and investments can be made in stocks, commodities, bonds, and cryptocurrencies. The downturn reminds us of how fragile the market has become, yet how
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Binance CEO: Apologizes to Users Affected During Flash Crash, Will Address Each Issue Seriously
On October 11th, Richard Teng, the CEO of Binance, stated: "During the past 24 hours, the cryptocurrency market has been highly volatile. I am aware that many people have faced challenges on our platform. To all the affected users, I offer my sincere apologies."
"We will never make any excuses. Instead, we will listen attentively, learn from these experiences, and continuously strive to improve. If you still have any unresolved problems, please get in touch with our Binance support team. We will handle each issue with seriousness and provide appropriate compensation when necessary. Market fluctuations are an inherent part of the market, and we encourage all users to stay well-informed and exercise caution during periods of volatility. Thank you for your continuous support."
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