abewee
8.6K posts











Is @ethena the real culprit behind the 10/10 crash? In the aftermath of the sharp market crash on October 10, an intense debate has emerged around the question: “Who should be held responsible?” In this process, Binance and its founder, CZ, have become the primary targets of criticism on Crypto Twitter (CT). At the same time, another project has also been singled out as a potential culprit behind the crash — Ethena. The core of the argument placing responsibility on Ethena is based on claims put forward by @zmanian (Zaki), a core contributor to Cosmos. His argument can be summarized as follows. Due to the nature of Ethena’s product — which requires maintaining a delta-neutral position — the protocol was structurally compelled to build up a large amount of short open interest in the market. The issue, according to this view, is that these short positions were structured in a way that made them ineligible for Auto-Deleveraging (ADL) on centralized exchanges (CEXs). As market volatility increased, this allegedly led to a situation where Ethena’s large short positions were excluded from liquidation, while other traders’ short positions became the primary targets of ADL. In other words, the presence of structurally non-ADL-eligible short positions destabilized other market participants’ hedging strategies, causing risk to become concentrated in a single direction. In addition, critics argue that Binance lacked a redemption or liquidity mechanism that would have allowed Ethena’s capital to be utilized in real time during periods of stress. As a result, during the rapid market deterioration on October 10, Ethena’s capital failed to function as a potential shock absorber, and ultimately proved insufficient to prevent a cascading wave of liquidations. This, in essence, forms the basis of the argument attributing responsibility for the crash to Ethena. Ethena’s Response to the Claims In response to these claims, Ethena’s founder, Guy Young(@gdog97_ ), offered the following rebuttal. First, Ethena stated that it has never entered into any special or preferential ADL arrangements with centralized exchanges (CEXs). Furthermore, ADL-related risks were explicitly disclosed in the project’s official documentation from the very beginning. In other words, ADL was neither a hidden mechanism nor a structure uniquely designed to exempt Ethena, but rather a well-known and openly communicated risk from day one. While ADL policies may differ slightly across exchanges, their underlying principles are largely consistent. In general, ADL is applied with priority to: ① accounts employing high leverage, or ② accounts with the highest return on equity (ROE) or unrealized profit and loss (PnL). By contrast, Ethena operates under a structure that settles profit and loss daily (PnL sweep) and does not employ leverage. As a result, Ethena’s positions are categorized as low-risk under standard ADL criteria and therefore naturally fall toward the bottom of the ADL priority waterfall, according to the company. Ethena further noted that across the CEXs it utilizes, there have been no recorded instances of ADL being applied to BTC or ETH — the primary assets Ethena trades — since 2018, and that this remained true even during the market crash on October 10. My Thought Whenever problems arise in the market, people instinctively begin searching for someone to blame. To appease an angry crowd, someone must be brought to the square and placed on the guillotine. Of course, if the root cause of an issue can be clearly identified and a specific party is truly responsible, holding them accountable is entirely justified. However, what matters even more is putting structural safeguards in place to ensure that similar problems do not recur, and, through that process, strengthening the resilience of the market as a whole. Setting aside the question of Binance for the moment, there appear to be significant aspects of the Ethena case that are being unfairly interpreted. While large-scale liquidations on October 10 occurred simultaneously across most exchanges, the depegging of USDe — which many have focused on — was observed exclusively on Binance. Moreover, the USDe depeg did not occur prior to the liquidation cascade, but rather after large-scale liquidations were already underway. Framing the USDe depeg as the “cause” of the mass liquidations therefore seems to stretch the bounds of causality. Separately from this debate, it is also true that $ENA’s price performance has been disappointing. This is likely due, at least in part, to unfavorable broader market conditions and the growing dominance of short positioning, which has limited Ethena’s ability to generate meaningful returns through funding rates. That said, USDe has now been listed on multiple centralized exchanges — including Upbit — and liquidity is steadily being established. As market conditions stabilize, it is reasonable to hope for additional initiatives centered around $ENA to follow.




Bro, you should’ve read the docs before posting without proper research. The team clearly stated that the extra 2% tokens will be sold at the public auction price, meaning the FDV for Alpha users will be the same as the public auction. With such a large user base, you should be more careful about what you post.



Dari zaman Orde Baru sampai 2014, kita punya sistem pemasokan suplai bensin se-Indonesia yang aneh. Apabila bensin dari Timur Tengah mau masuk Indonesia, ia tidak boleh masuk lewat sembarang kapal tanker, tetapi harus lewat suatu Perusahaan Misterius X. Monopoli pengimporan ini memberikan kekuasaan bagi Organisasi Hitam Jahat Misterius itu untuk menetapkan biaya pengimporan bensin nasional secara asal-asalan dan sesukanya. Monopoli ini sudah ada sejak zaman Orde Baru. Pada saat itu, keluarga Cendana yang berkuasa telah menjadi the Lord of Crime di Indonesia. Untuk setiap liter bensin yang masuk ke Indonesia, harganya dinaikkan serampangan oleh gerombolan mafia ini. Keutungan perusahaan mafia ekspor impor ini tentu fantastis. Ratusan triliun per tahun. Perusahaan ini jelas merampok langsung dari rakyat secara gila-gilaan. Setiap kita beli bensin, sebagian uangnya dirampok oleh Perusahaan Misterius X ini. Mereka seperti hewan parasit cacing pita berbahaya yang menyedot ekonomi nasional secara gila-gilaan. Setiap tahun, uang sebanyak ratusan triliun mereka rampok. Setelah puluhan tahun, ribuan triliun dirampok. Uangnya mereka hamburkan untuk berjudi, hidup bermewah-mewahan di mansion-mansion, menyogok dan mendanai sebanyak-banyaknya orang / parpol / ormas yang perlu disogok, serta dengan paranoid membiayai usaha pembasmian terhadap siapapun yang berani membongkar. Jika usaha ini termasuk mendanai kekacauan besar-besaran yang menggoyang kestabilan nasional setelah 2014, maka ya dilakukan. Siapakah perusahaan ini? Siapa bos-bos mafia misterius ini? OK jawabannya sudah jelas. Perusahaannya adalah Petral. Nama yang muncul dalam catatan sejarah adalah Tommy Soeharto, Bob Hasan, dan lalu Riza Chalid. - Tommy Soeharto adalah anak Soeharto. Selain Petral, ia juga terlibat dan skema Perampokan Nasional fantastis lain seperti monopoli cengkeh BPPC. Ketika gabut ia juga terlibat skema-skema yang lebih kecil, tidak cerdas, dan langsung rampok seperti pencurian nilai aset tanah negara. Tommy sendiri tertangkap dan divonis sebagai dalang pembunuhan jaksa Syafiuddin Kartasasmita yang berusaha mengusutnya pada masa Reformasi. Syafiuddin dibunuh dengan brutal menggunakan senjata api hingga tewas berlubang-lubang. Pada saat yang sama, Tommy Soeharto juga berusaha membunuh Jaksa Agung Marzuki Darusman dan Menteri Industri dan Perdagangan Luhut B. Pandjaitan dengan bom karena dianggap membahayakan pundi-pundi kekayaan raksasa keluarganya. Pada saat yang sama, tim investigasi di masa kepresidenan Gus Dur mengumumkan bahwa Tommy Soeharto adalah dalang pengeboman Bursa Efek di Jakarta, yang dilakukan untuk merusak kestabilan nasional, membuat investor kabur, dan mencegah pengusutan lebih lanjut terhadap keluarga Cendana. Salah satu gerombolan ormas preman yang dipelihara Soeharto juga terlibat langsung dalam eksekusi pengeboman ini. "Jika kamu terus mengusut, Republik ini akan jatuh." Tim tersebut juga menduga bahwa Tommy terlibat dalam berbagai pengeboman teroris lain, bukan hanya Bursa Efek. Gus Dur sendiri kemudian digulingkan dari kursi kepresidenan. - Bob Hasan "si raja hutan" adalah operator bisnis keluarga Cendana yang sudah beraktivitas kriminal dengan Soeharto sejak mereka masih sibuk merampok hasil gula Jawa Tengah pada akhir 1950an. Ia adalah salah satu dari dua oligarki terbesar zaman Orde Baru. Oligarki satunya adalah Sudono Salim. - Riza Chalid sangat misterius. Ormas preman kalah rampok dibanding Brownies. Brownies kalah rampok dibanding Mafia Ekspor Impor. Dalam hal ini Petral adalah final boss dari Ekonomi Preman Indonesia. Tetapi apa iya yang terlibat hanyalah ketiga nama yang sering muncul ini? Siapa antek-antek mereka? Ketika SBY menaikkan harga BBM sehingga didemo besar-besaran, berapa persenkah dari harga BBM itu yang sebenarnya mereka rampok? Ketika Soeharto menaikkan harga BBM tahun 1998 yang memicu demo meluas oleh rakyat miskin dan menderita, berapa persenkan dari harga BBM itu yang masih saja dengan serakah mereka rampok? (Note: Pada Maret 1998, Bob Hasan ditunjuk Soeharto menjadi Menteri Industri dan Perdagangan. Merampok sampai akhir.) Apa yang mereka lakukan dengan uang itu? Kemanakah semua uang itu mengalir? Kok para politisi terima-terima saja dengan gerombolan preman ekspor impor migas raksasa ini sih? Apakah sistem ini masih ada hari ini? --- Selama puluhan tahun, Petral merampok ribuan triliun dari Indonesia. Dalam beberapa tahun saja, mafia judi online merampok ribuan triliun dari Indonesia. Ternyata ada final boss True Ending yang baru. Indonesia juga sedang dirampok lagi sebanyak ratusan triliun per tahun lewat MBG. Habis Petral terbitlah MBG.


















