三箭資本朱蘇對 Ethena 的高風險基差交易發出危險信號

三箭資本倒閉後，聯合創始人朱蘇向 Ethena 分享了他對風險管理的見解，建議利用 ETH 交易的多頭，利用 DeFi 協議來提振 ETH 需求。

Ethena's Risky Basis Trade: Warnings from Three Arrows Capital's Zhu Su

Ethena的基差交易有風險：三箭資本朱蘇的警告

London, April 19, 2024 - Three Arrows Capital (3AC) co-founder Zhu Su, whose hedge fund spectacularly collapsed in 2022, has offered unsolicited advice to Ethena, a decentralized finance (DeFi) protocol that offers high yields on stablecoins.

倫敦，2024 年4 月19 日- 三箭資本(3AC) 聯合創始人朱蘇（他的對沖基金在2022 年慘敗）主動向Ethena 提供了建議，Ethena 是一種提供高穩定幣收益的去中心化金融(DeFi) 協議。

3AC's collapse was precipitated by its aggressive pursuit of a "supercycle" thesis and its subsequent refusal to cooperate with creditors and liquidators. This led to Su's imprisonment in Singapore in September 2023 for attempting to flee the country.

3AC 的崩潰是由於其積極追求「超級循環」理論以及隨後拒絕與債權人和清算人合作。這導致蘇於 2023 年 9 月因試圖逃離該國而在新加坡被監禁。

Despite his past transgressions, Su has audaciously suggested that Ethena leverage up its long ETH positions to maintain a high "funding rate" for its USDe stablecoin.

儘管過去有過違規行為，Su 仍大膽建議 Ethena 利用其 ETH 多頭頭寸來維持其 USDe 穩定幣的高「資金費率」。

Ethena's Basis Trade and Funding Rate

Ethena 的基差交易和資金費率

Ethena's model involves accepting deposits in various stablecoins and using these funds to purchase staked ETH. This long position is hedged by shorting ETH on exchanges, which generates a "funding rate" based on market sentiment.

Ethena 的模型涉及接受各種穩定幣的存款並使用這些資金購買質押的 ETH。這種多頭部位透過在交易所做空 ETH 來對沖，這會根據市場情緒產生「資金費率」。

By leveraging up the long side of this trade, Su believes Ethena can boost demand for leverage and keep USDe's yields elevated.

Su 認為，透過利用多頭交易，Ethena 可以提振槓桿需求，並保持 USDe 的收益率較高。

Risks and Concerns

風險和擔憂

However, industry experts have raised concerns over the sustainability of Ethena's model. If funding rates were to turn negative, as they did briefly during recent market instability, the staking rewards earned on the long side of the trade could be canceled out. This could potentially lead to a depeg of USDe from the US dollar.

然而，行業專家對 Ethena 模式的可持續性表示擔憂。如果資金利率變成負數，就像最近市場不穩定期間短暫的那樣，那麼在多頭交易中獲得的質押獎勵可能會被抵消。這可能會導致 USDe 與美元脫鉤。

Comparisons to UST and Three Arrows Capital

與UST和三箭資本的比較

Ethena's USDe has drawn comparisons to Do Kwon's collapsed algorithmic stablecoin, UST, which also offered high "stable" yields via the Anchor protocol. 3AC's collapse occurred shortly after UST's depeg in May 2022.

Ethena 的 USDe 與 Do Kwon 崩潰的演算法穩定幣 UST 進行了比較，後者也透過 Anchor 協議提供了高「穩定」收益。 3AC 的崩潰發生在 2022 年 5 月 UST 脫鉤後不久。

Zhu Su's Imprisonment and OPNX

朱蘇入獄與OPNX

Following 3AC's collapse, Su spent several months in a Singaporean prison. Despite his incarceration, he has remained active in the crypto industry.

3AC 倒閉後，蘇在新加坡監獄待了幾個月。儘管被監禁，他仍然活躍在加密行業。

Together with his former partner Kyle Davies, Su launched OPNX, a bankruptcy claims trading platform. However, OPNX's own token has plummeted by 85% since its all-time high in August 2023.

蘇與前合夥人凱爾戴維斯 (Kyle Davies) 一起推出了破產債權交易平台 OPNX。然而，OPNX 自己的代幣自 2023 年 8 月的歷史高點以來已暴跌 85%。

Conclusion

結論

While Ethena's high yields may be tempting, it is crucial for investors to understand the risks associated with its basis trade strategy. The concerns raised by experts and the cautionary tale of Three Arrows Capital's implosion underscore the need for prudent risk management in the volatile world of decentralized finance.

儘管 Ethena 的高收益率可能很誘人，但投資者了解與其基礎交易策略相關的風險至關重要。專家提出的擔憂和三箭資本內爆的警示故事強調了在動盪的去中心化金融世界中進行審慎風險管理的必要性。