Ethena's synthetic stablecoin USDe has seen its market capitalization shrink by nearly half from its October high, with a cumulative outflow of approximately $8.3 billion.

Ethena's synthetic stablecoin USDe has seen a net outflow of approximately $8.3 billion since the massive crypto market liquidation on October 10th. A 10x Research report indicates a continued decline in market confidence in leveraged and synthetic collateral models. CoinMarketCap data shows that USDe's market capitalization has fallen from approximately $14.7 billion on October 9th to approximately $6.4 billion currently. Guy Young, founder of Ethena Labs, stated that USDe briefly de-pegged to Binance due to an internal oracle issue on the exchange, but the protocol's minting and redemption mechanisms remained operational during the crash. (Cointelegraph)