Defi Guru 對 Ethena Labs 的穩定幣發出危險信號：TerraUSD 恐怖的迴聲

著名 DeFi 思想領袖 Andre Cronje 對 Ethena Labs 的 USDe 穩定幣相關的潛在風險發出警告。 Cronje對該協議使用的永續期貨合約的融資利率表示擔憂，擔心會出現與 Terra 的 UST 類似的崩潰。儘管 Ethena Labs 聲稱採取了強有力的風險管理措施，但 Cronje 強調了在負融資情況下無擔保資產的潛力。

Eminent DeFi Visionary Raises Concerns Over Ethena Labs' USDe, Echoes TerraUSD Catastrophe

著名 DeFi 遠見家對 Ethena Labs 的 USDe 表示擔憂，與 TerraUSD 災難相呼應

Andre Cronje, the esteemed mastermind behind Fantom, has sounded the alarm over Ethena Labs' USDe synthetic dollar, expressing apprehensions that it could potentially trigger a devastating collapse reminiscent of the catastrophic TerraUSD (UST) debacle that wiped out tens of billions of dollars in May 2022.

Fantom 背後受人尊敬的策劃者Andre Cronje 對Ethena Labs 的USDe 合成美元敲響了警鐘，他擔心它可能會引發毀滅性的崩潰，讓人想起5 月份導致數百億美元損失的災難性TerraUSD (UST ) 崩潰。2022 年。

Cronje, widely regarded as one of decentralized finance's (DeFi) most influential thought leaders, shared his concerns in a candid message, highlighting the inherent risks associated with the financing rates within perpetual futures contracts, albeit without explicitly naming the protocol or the synthetic dollar in question.

克羅涅被廣泛認為是去中心化金融（DeFi）最有影響力的思想領袖之一，他在一份坦誠的信息中分享了他的擔憂，強調了與永續期貨合約中的融資利率相關的固有風險，儘管沒有明確指出該協議或合成美元。問題。

"While things are thriving presently, fueled by a buoyant market and positive shorting funding rates, a reversal is inevitable," Cronje stated in a poignant post on April 3rd. "When the tide turns, funding becomes negative, margin/collateral is liquidated, and an unbacked asset emerges."

克羅涅在 4 月 3 日發表的一篇令人心酸的帖子中表示：“雖然目前在市場活躍和賣空融資利率為正的推動下，情況正在蓬勃發展，但逆轉是不可避免的。” “當潮流轉向時，資金變成負值，保證金/抵押品被清算，並且出現無擔保資產。”

Ethena's USDe stablecoin, which debuted on the public mainnet on February 19th, has raised eyebrows with its tantalizing 27.6% annual percentage yield (APY) – a figure significantly higher than the 20% yield offered by the ill-fated TerraUSD on the Anchor protocol before its calamitous implosion.

Ethena 的USDe 穩定幣於2 月19 日在公共主網上首次亮相，以其誘人的27.6% 年收益率(APY) 引起了人們的關注，這一數字遠高於此前命運多舛的TerraUSD 在Anchor協議上提供的20% 收益率。它災難性的內爆。

Guy Young, the founder of Ethena Labs, has sought to allay skepticism in the wake of the mainnet launch, asserting that the industry has matured and become more discerning after the lessons learned from Terra's collapse.

Ethena Labs 的創始人 Guy Young 在主線上線後試圖消除質疑，聲稱在從 Terra 崩潰中汲取教訓後，該行業已經成熟並且變得更加敏銳。

In response to concerns about negative funding rates, Young downplayed their significance, emphasizing that even during the tumultuous cryptocurrency market conditions of 2022 – one of its most challenging years – funding rates dipped below -3% for only a single week.

為了回應對負融資利率的擔憂，Young 淡化了其重要性，強調即使在2022 年（最具挑戰性的年份之一）動盪的加密貨幣市場狀況下，融資利率也僅在一周內跌至-3 % 以下。

Ethena has implemented various safeguards to mitigate the risks of negative funding rates, including an emergency insurance fund and arbitrage mechanisms.

Ethena 實施了各種保障措施來降低負資金利率的風險，包括緊急保險基金和套利機制。

"Imagine this as an exogenous interest rate for the system," explains Young. "When the interest rate falls too low, the market signals that the supply of USDe exceeds the system's leverage demands. As a result, users will withdraw from the product, lifting the shorts and allowing funding to return to zero or above."

「將其想像為系統的外生利率，」楊解釋。 “當利率跌得太低時，市場會發出信號，表明 USDe 的供應超過系統的槓桿需求。結果，用戶將退出該產品，解除空頭並允許資金回到零或以上。”

Young underscores the crucial distinction between USDe's yield and that of Anchor protocol, which was essentially fabricated. USDe's yield, he maintains, is transparently verifiable and generated through staking returns and shorting Ether perpetual futures contracts.

Young 強調了 USDe 的產量與 Anchor 協議的產量之間的重要區別，後者本質上是捏造的。他堅稱，USDe 的收益率是透明可驗證的，是透過質押回報和做空以太坊永續期貨合約產生的。

The recent surge in Fantom's FTM token, which has gained over 190% in the past month, provides a stark reminder of the potential for high yields to ignite enthusiasm among investors. However, Cronje's timely warning serves as an important caution against the perils of excessive risk-taking and the need for investors to exercise due diligence and thoroughly assess the underlying mechanisms before committing their funds.

Fantom 的 FTM 代幣最近的飆昇在過去一個月內上漲了 190% 以上，這清楚地提醒人們，高收益有可能激發投資者的熱情。然而，克羅涅的及時警告是對過度冒險危險的重要警告，投資者需要在投入資金之前進行盡職調查並徹底評估潛在機制。