Ethena Labs has reported fluctuations in the secondary market price of USDe due to market volatility and large-scale liquidations. Despite these challenges, the protocol confirmed that minting and redemption functions have continued to operate normally without interruption, and USDe remains over-collateralized. The ongoing lower prices of perpetual contracts compared to spot prices have allowed Ethena's short positions to realize unrealized gains, further enhancing USDe's collateralization ratio. The team plans to provide more updates as developments unfold.