The market shock in October hit Ethena the hardest.

It's clear from the data. The project's lifeline—its stablecoin USDe—faced an unprecedented blow. Funds are rapidly fleeing.

TVL dropped from a peak of $14.8 billion to now $7.4 billion. This isn't a short-term adjustment but a sustained withdrawal over several months. A total of $8 billion has already left.

In October alone, $5.7 billion was redeemed, and the withdrawals continued over the next two months, with a total outflow reaching $8 billion. Other stablecoins haven't experienced such a situation.

Why has USDe been particularly hard hit? Two main reasons. First, the sharp decline in October triggered numerous liquidation events. Second, USDe briefly decoupled during that drop, causing market confidence to collapse at that moment. Investors couldn't tolerate this and immediately voted with their feet.

Interestingly, the money hasn't left the stablecoin sector entirely. It has just shifted from USDe to other products.

Over the past three months, due to USDe's unstable performance, other stablecoin yield products have attracted a large influx of funds. This is a typical market self-correction—investors are seeking safer alternatives within the same sector. #2025Gate年度账单