What you see is panic, while others see an opportunity for wealth.

Sometimes the difference in wealth between people comes from differences in perception.

Today I saw a tweet from the founder of Ethena, which mentioned that during the USDe incident on October 11, there were over a billion dollars withdrawn within a few hours. Some people think this is others panic selling. No, you are mistaken; these people are making a fortune.

During the October 11 incident, USDe on Binance dropped to a low of 0.6. However, this was not a decoupling of USDe (it is pegged to 1 USDT), but rather a regional price dislocation. Due to market panic and insufficient liquidity, there was a price dislocation. For example, many people on Binance used USDe for circular loans and were forcibly liquidated during the market downturn, which led to the drop in USDe's price. So this is completely different from the decoupling of other coins.

So what was the true value of USDe at that time? It was still 1 dollar. Because you could exchange 1 USDe for 1 dollar worth of USDT (or other tokens) at the official rate. Everything was functioning normally at the official exchange. Therefore, if you bought on Binance at that time, you were definitely making money. The smarter ones were buying USDT at 0.6 on Binance, exchanging it for 1 dollar worth of USDT at the official rate, then buying discounted USDe on Binance, and exchanging it back at the official rate. This cycle continued.

Don’t underestimate the small discount. But it happens very quickly. And most importantly, it is risk-free! It is risk-free! It is risk-free! Because Ethena's minting and redemption functions were completely normal.

Sometimes it is really important to thoroughly study a project. Especially in this era where MeMe is popular, not many people are willing to engage in such brain-intensive tasks. But sometimes it can really make money. Not only can it make money, but sometimes it can also save lives. The fate of Luna was different; due to a lack of understanding of the mechanism, when UST had issues, several friends around me who invested at the bottom ended up losing everything.

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