On October 29th, Sentora Research reported that after the cryptocurrency market crash, the nearly $1 billion DeFi position involving Ethena staking USDe (sUSDe) is at risk. The crash led to a significant drop in DeFi market interest rates, reducing the profits of leverage strategies such as sUSDe circular trading. In the Aave v3 core version, the borrowing rates for USDT and USDC are approximately 2% and 1.5% higher than the returns on sUSDe. Users borrowing stablecoins to leverage long sUSDe are facing negative returns, and the circular positions of borrowing stablecoins to buy sUSDe are starting to incur losses. If this situation continues, approximately $1 billion in the Aave v3 core version is exposed to negative interest rate differentials or liquidation. Negative interest rate differentials may force collateral liquidation or deleveraging, weakening exchange liquidity and triggering a chain reaction. Sentora reminds traders to pay attention to the difference between the Aave lending annualized yield and sUSDe returns, especially when it continues to be negative, as well as the utilization rates of the USDT and USDC lending pools. Currently, more and more circular positions are approaching liquidation, and in the future, traders should watch for a surge in the utilization rates of the USDT and USDC lending pools, which could increase borrowing costs and exacerbate market pressure when the interest rate differential is negative.