1011其实跟ethena没什么关系，链上循环杠杆更多，也没出现严重脱锚等问题，这个问题非常简单，在同一事件中，有些地方正常，有些地方出了问题，那很明显就是出问题的地方风控有问题。
到底最大责任方是binance还是做市商，还是谁，我说不好，但把锅甩给一个抵押品并没有出问题的稳定币，是明显不对的

ethena这项目算是废了，时不时就被人提及1011罪魁祸首，目前量化也凉了，ena结局只能。。。

很大很大的橙子

Twitter

1011 actually has little to do with Ethena. There's more on-chain leverage, and no serious issues like de-pegging have occurred. The problem is very simple: in the same event, some parts functioned normally while others malfunctioned, clearly indicating a risk control issue in the problematic area.

Whether the primary responsibility lies with Binance, the market maker, or someone else, I can't say for sure, but blaming a stablecoin whose collateral didn't have problems is clearly wrong.

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
...

The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

是的，底层本质原因和ena项目本身关系不大。

Yes, the underlying reason has little to do with the ENA project itself.