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DeFi is navigating intense volatility, highlighted by Ethena's USDe enduring its biggest stress test. While it's now the third most important stablecoin behind USDT and USDC, this episode revealed structural vulnerabilities including dependence on centralized exchanges and execution risks under duress. Ethena displayed technological resilience, processing over $2 billion in redemptions despite severe market pressure. Resolution lies in maintaining operational robustness amid external uncertainties. Read more insights from @especulacion.
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