Viewpoint: The source of this massive margin call may be the forced liquidation of USDE arbitrageurs' revolving loan positions.
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最新报道：According to Bijie.com, on October 11th, Vida, founder of Formula News, posted on social media: "A while ago, a friend told me about a guaranteed arbitrage opportunity: a revolving loan using USDE on Binance, with an annualized interest rate of around 26%. An institutional friend he knows used 100 million USDT to recycle into 500 million USDE and arbitrage on the Binance exchange." Vida explained that this massive margin call was likely caused by a significant market decline with low liquidity: The USDE arbitrageurs' revolving loan positions were liquidated, driving down the USDE price, reducing the collateralization capacity of USDE as collateral for unified accounts, triggering forced liquidations of more market makers using USDE as margin, and triggering forced liquidation thresholds for wealth management assets such as BNSOL and WBETH. While BNSOL and WBETH have high collateralization ratios, their value is entirely determined by the market price. Under the prevailing conditions, there was no one to maintain the peg, which triggered a price collapse and more forced liquidations. It can be guessed that there is a high probability that the unified accounts used by some market makers have also been liquidated, which is why there are many small coins with very extreme prices.
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