According to the source, traders debating a reported USDe depeg versus an exchange-oracle print should validate peg robustness via redemption mechanics and market indices per Ethena Labs documentation and major exchange index methodologies. Check whether USDe trades persistently away from 1.00 across liquid venues and whether redemption maintains parity after fees and limits per Ethena Labs documentation and Binance and Bybit index methodology disclosures. Inspect on-chain mint and burn flows and stablecoin pool imbalances to gauge sustained redemption pressure and slippage per Ethena Labs documentation and Curve Finance documentation. Evaluate hedge health by monitoring ETH perpetual funding, basis and open interest given USDe’s delta-hedged design using short perps per the Ethena whitepaper and Binance and Bybit derivatives documentation. Differentiate oracle incidents by cross-checking Chainlink and Pyth status reports with exchange index constituents and circuit-breaker rules, as rapid price snap-backs alongside oracle notices typically indicate data issues rather than fundamental depeg risk per Chainlink documentation, Pyth Network documentation, and Binance index safeguards.