benmo.eth published an article reviewing the USDe depegment on October 11th from the perspective of lending and leveraged trading. The article noted that Binance offered three highly leveraged products during the event: VIP Loan, Easy Deposit and Loan, and Margin Trading, with the margin trading segment being the hardest hit. Due to a chain reaction triggered by the real-time liquidation mechanism, users of 5x revolving loans experienced near-total loss of principal, becoming the primary battlefield for the depegment. The article analyzed that the incident was triggered by a market crash triggered by macroeconomic news, which in turn triggered the liquidation of BTC and ETH leveraged positions, leading to a massive sell-off of USDe. Binance's ETH hot wallet automatically halted withdrawals when gas levels were too high, preventing USDe from being redeemed on-chain. This blocked arbitrage opportunities and caused the price to plummet to $0.66. Benmo.eth noted that Binance's compensation announcement clearly identified the price anomaly between 5:36 and 6:16 (ET) as non-market activity and initiated compensation payments. He suggested that in the future, redemption efficiency could be improved through the on-site mint-redeem mechanism or multi-signature limit adjustments to avoid similar incidents from happening again at the mechanism level.