The wave of crashes in October caused chaos across the entire market, and Ethena directly became one of the most heavily impacted projects. In just one month, TVL dropped from $14.8 billion to $7.4 billion, a direct halving. The culprit behind this is pointed to one thing—USDe being疯狂ly redeemed by investors.

In October alone, $5.7 billion was withdrawn from USDe. Looking back over the past two months, the total outflow has approached $8 billion. Such a large-scale sell-off was triggered by the liquidation wave, and USDe once again decoupled from a major exchange, directly shattering market confidence. Compared to other stablecoins with similar yields, USDe's loss of funds is clearly the fastest.

Money didn't disappear out of thin air; it just moved elsewhere. In the past 90 days, competitors like sUSDS and syrupUSDC have been continuously attracting new funds. To put it plainly—when risk appears, funds immediately turn and leave.

Ethena's native token ENA also didn't escape unscathed. After this round of liquidation, ENA has fallen from its high point, with a Q4 decline of 62%, and even briefly broke below $0.2. Trading volume also hit a new all-time low, indicating that market participation is rapidly shrinking, and investor enthusiasm has cooled to freezing point.