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Insight: Market Oracle Price + High Collateralization Ratio Lead to USDe Following in UST's Footsteps, LSD Assets Face the Same Issue

6 hours ago

On October 11th, Mindao, the founder of the DeFi protocol dForce, posted on social media stating that the similarity between this plunge and the sudden crash of Luna is that both occurred when major exchanges began accepting non-pegged stablecoins as high LTV collateral, resulting in risks spreading across exchanges. At that time, it was UST; today, it is USDe. The combination of "stability" and a high collateralization rate has misled most people. When introducing non-pegged stable assets as collateral, the worst combination is to use the market price as the oracle price while allowing a high collateralization rate. Additionally, if the CEX itself does not have a fully open arbitrage environment and the arbitrage efficiency is low, it further amplifies the risk. LSD-like assets face the same issue. These assets are essentially volatile assets disguised in the guise of "stability."

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「Buddy」 Longs ETH and HYPE Again, Ethereum Entry Price $3826

On October 11th, according to EmberCN's monitoring, "Brother Ma" Huang Lizheng entered a long position again after his ETH long position was liquidated in the morning. Within the past hour, he transferred 177 ETH to Hyperliquid in exchange for 677,000 USDC and continued to hold long positions in ETH and HYPE. Longed 1800 ETH with an entry price of $3826 and a liquidation price of $3505; Longed 55,000 HYPE with an entry price of $39.8 and a liquidation price of $28.8. Previously reported, "Brother Ma" Huang Lizheng went from a floating profit of $44.5 million to a current loss of $10.6 million in 22 days, resulting in a total loss of $55.1 million due to long positions.

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Binance will launch MET Perpetual Futures Pre-market Trading

October 11th. As per an official announcement, Binance is set to commence MET perpetual contract trading at 20:30 on October 11, 2025 (Beijing Time) during pre-market trading.

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Aster has added BTC, ETH, ADA, DOGE, and other trading pairs.

On October 11th, according to market information, Aster has included trading pairs for BTC, ETH, ADA, DOGE, LRC, DOT, AVAX, SHIB, and SAND.

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Error One: Users who suffered losses during the flash crash due to Binance, please contact customer support to register.

On October 11th, He Yi, a co-founder of Binance, posted an article stating, "Due to significant market volatility in the past 16 hours and a high volume of user traffic, some users encountered issues with their trades. We sincerely offer our apologies for this. If you have suffered losses due to Binance, please get in touch with customer service to register. We will individually review the account activities, analyze the situation, and provide appropriate compensation. However, losses resulting from market volatility and unrealized profits are not included in the compensation." "Binance is Binance because we never evade issues. When confronted with problems, we take on responsibilities - without making excuses or just offering apologies. Binance is dedicated to serving every user to the best of our ability and handling the responsibilities that we should assume. Currently, the market is experiencing significant volatility, so please be aware of investment risks."

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Shitcoin Season Index Drops to 35, Hits Two-Month Low

On October 11th, according to Coinmarketcap data, the Altcoin Season Index has plummeted to 35, reaching a two-month low. Previously, on September 20th, it reached its peak at 78. The weekly average for last week was 61 and the monthly average for last month was 65. This index indicates that in the past 90 days, approximately 35 projects among the top 100 cryptocurrencies by market capitalization have outperformed Bitcoin. Note: The CMC Cryptocurrency Altseason Index is a real-time indicator used to determine whether the current cryptocurrency market is in an altcoin-dominated season. This index is based on the performance of the top 100 altcoins in relation to Bitcoin over the past 90 days.