I have looked through everything, and this round of liquidation has roughly two lines:
1. ETH has fallen, causing ETH-related altcoins to decline.
2. Market makers close positions, accelerating further declines in ETH.
3. The cycle of leveraged positions leads to a series of liquidations, impacting the de-pegging of USDE.
4. Market makers sell USDE to buy ETH, replenishing positions.
5. ETH drops again, USDE drops again, liquidity collapses
Off-chain:
1. Similar to the above, multiple collateral coins are decoupled.
2. The exchange experiences downtime, leading to a chain reaction of margin ca
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