1011 actually has nothing to do with ethena. There's more on-chain recursive leverage, and no serious depegging issues have occurred. This issue is very simple: in the same event, some areas are fine, while others have problems. It's obvious that the problem lies in the risk control of the areas with issues. Whether the main responsibility lies with Binance, the market makers, or someone else, I can't say for sure. But blaming a stablecoin whose collateral is not problematic is clearly wrong.