This flash crash started with a decline caused by policy changes, leading to some normal liquidations of ETH. Coupled with the high leverage of the USDe subsidy activity in Cex's circular loans, and the fact that USDe/BNSOL/WBETH can be used as contract margin, the hot wallet ran out of gas and was stuck for an hour on withdrawals. Thus, a small-scale decoupling ultimately triggered a chain reaction of massive liquidations, and many altcoins that relied solely on market makers for liquidity nearly went to zero. Fortunately, USDe at the center of the storm remained unscathed. After all, @ethena_labs does not support using USDe itself as collateral. Now, USDe is not only over-collateralized by $66 million, but the protocol's profits have also increased. This time, ethena has withstood the test, and the on-chain lending users were not affected. Moreover, the market has just cleared leverage, making it a perfect window period to look for the next project. Although it’s unfortunate that I couldn’t buy discounted USDe today, I still managed to withdraw some USDC to store in this @Terminal_fi pre-reserve fund ( ) Why store this under tight liquidity conditions? On one hand, there’s only a little over $1 million left in the deposit limit, and I’m afraid that if I wait too long, I won’t be able to deposit. On the other hand, the business does have some innovation; Terminal is designed for sUSDe, a composite benefit stablecoin that continuously appreciates over time. After adding it to LP, it protects profits. USDe itself does not carry profits; it can only be minted into sUSDe to do so. However, once sUSDe carries profits, people are reluctant to use it in LP, as the x*y=z AMM formula dictates that a portion of the annual profits will be eroded. In the Terminal pool, the profit layer of composite stablecoins can be separated from liquidity, just like Pendle separates potential profits from the value of the tokens themselves. The design of Terminal is not limited to sUSDe; in the future, it can serve more similar composite tokens, such as JLP, which recently swapped all USDC in collaboration with ethena, and many LST assets. Therefore, etherfi also has the insight to incentivize cooperation. If the experiment on ethena is successful, and the business steadily profits while gradually expanding, the future potential of this project is actually very large, as it hasn’t engaged in financing or marketing, leading many to somewhat underestimate this project.