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Open original source ↗Shit is working just as it should.
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Due to turbulent market conditions and widespread liquidations the secondary market price for USDe experienced volatility. We can confirm the mint & redeem functionality has remained operational throughout with no downtime experienced, and USDe remains overcollateralised. Due to liquidations perpetual contracts have been and continue to trade below spot. This creates additional unexpected uPNL within USDe, due to Ethena being short these contracts, which is currently in the process of being realised to the benefit of the protocol. USDe will therefore be more overcollateralised than yesterday as a result of these events. We will provide further updates as we receive them.
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