Founder of Ethena Labs: Ethena handled the largest single-day redemption without encountering any losses or redemption issues

ChainCatcher message, Ethena Labs founder @leptokurtic_ posted on platform X: "Ethena handled the largest single-day redemption and closed all unrealized risk exposure at the first moment of the news outbreak. In any case, at its peak, the unrealized risk exposure was always just a small part of the USDe excess reserves.

Although Bybit, as the world's second-largest derivatives exchange, represents over 20% of the hedging exposure, USDe has never experienced an undervalued deposit situation. Even if the unrealized risk exposure does not drop to zero within hours, this exposure could be completely lost, while USDe would still be over-collateralized. We hope this incident can validate some design decisions made to reduce user risk with the OES custodial solution. The simple design approach is to avoid costs and the increased engineering complexity of custodians in the off-chain hedging system, and Ethena Labs has not encountered any support losses or redemption request issues."