Ethena did just fine during the largest (notional) liquidation event (8-10 bn): -Successfully processed ~50 million in redemptions without issues -USDe maintained peg, trading within 10 basis points of USDT- -sUSDe and USDe collateral across various DeFi platforms (Aave, Morpho, Fluid, Curve, Pendle) operated normally Bullish ENA.