由於對加密生態系統內美元掛鉤的擔憂，ENA 飆升 42%

Ethena 的治理代幣 ENA 在 24 小時內飆升了 42% 以上，而社區對 USDe（由 Ethena 的 Delta 對沖策略維護的合成美元代幣）的穩定性引發了爭論和擔憂。

Ethena's Governance Token, ENA, Skyrockets with 42% Surge as USDe Peg Raises Doubts Within Crypto Ecosystem

由於美元掛鉤引發加密生態系統內的質疑，Ethena 的治理代幣 ENA 飆升 42%

In a remarkable surge, Ethena's governance token, ENA, has soared by an impressive 42% within the past 24 hours, marking a significant milestone for the project. This surge comes on the heels of an airdrop of ENA tokens to users, which sparked a wave of buying interest.

Ethena 的治理代幣 ENA 在過去 24 小時內飆升了 42%，令人印象深刻，標誌著該計畫的一個重要里程碑。這一激增是在向用戶空投 ENA 代幣之後發生的，這引發了一波購買興趣。

Ethena's Meteoric Rise Amidst Concerns over USDe Peg

Ethena 在對美元掛鉤的擔憂中迅速崛起

The airdrop of governance tokens has propelled ENA's value to new heights, with the token soaring by over 100% since its launch. The cryptocurrency, which debuted on exchanges at approximately $0.640, quickly captured the attention of investors and surged to an all-time high of $1.297 on Wednesday. At the time of writing, ENA is trading around $1.112, with a remarkable market capitalization of $1.72 billion and a fully diluted valuation approaching $17.2 billion.

治理代幣的空投將ENA的價值推向了新的高度，自上線以來，代幣價格飆升了100%以上。這種加密貨幣在交易所首次亮相時價格約為 0.640 美元，很快就吸引了投資者的注意力，並在週三飆升至 1.297 美元的歷史新高。截至本文撰寫時，ENA 的交易價格約為 1.112 美元，市值高達 17.2 億美元，完全攤薄後的估值接近 172 億美元。

On-Chain Metrics Echo ENA's Price Growth

鏈上指標反映了 ENA 的價格成長

Complementing the price growth of ENA, on-chain metrics also paint a rosy picture for the project. Ethena's total value locked (TVL) has witnessed an astonishing increase of over 2,100% since the beginning of the year, according to data from DeFiLlama. This surge can be attributed in part to the high yield of approximately 27.6% offered on USDe, Ethena's flagship synthetic dollar token.

作為 ENA 價格成長的補充，鏈上指標也為該專案描繪了一幅美好的圖景。根據 DeFiLlama 的數據，自今年年初以來，Ethena 的總鎖定價值（TVL）驚人增長了 2,100% 以上。這一飆升部分歸因於 Ethena 的旗艦合成美元代幣 USDe 提供的約 27.6% 的高收益率。

USDe's High Yields Raise Sustainability Concerns

USDe 的高收益引發了永續性問題

While USDe's high yields have attracted investors, the crypto community has raised concerns about the sustainability of its dollar peg. USDe maintains its value by holding staked Ethereum (ETH) and delta hedging it with short positions on centralized exchanges. Doubts have been cast on this strategy, particularly in light of recent market volatility.

雖然 USDe 的高收益率吸引了投資者，但加密貨幣社群對其與美元掛鉤的可持續性表示擔憂。 USDe 透過持有質押的以太坊（ETH）並透過中心化交易所的空頭部位進行 Delta 對沖來維持其價值。人們對這項策略表示懷疑，特別是考慮到最近的市場波動。

Aave, MakerDAO Debate Viability of USDe

Aave、MakerDAO 爭論 USDe 的可行性

The proposal to allocate 600 million DAI to USDe through DeFi protocol Morpho Labs has sparked intense debate within the crypto community. Marc Zeller, co-founder of Aave, has expressed concerns about the move, terming it "the definition of reckless." The Aave Chan Initiative (ACI) has proposed reducing the loan-to-value ratio (LTV) for DAI on Aave to 0% in response.

透過 DeFi 協議 Morpho Labs 向 USDe 分配 6 億 DAI 的提議引發了加密社群的激烈爭論。 Aave 聯合創始人 Marc Zeller 對此舉表示擔憂，稱其為「魯莽的定義」。作為回應，Aave Chan Initiative (ACI) 提議將 Aave 上 DAI 的貸款價值比 (LTV) 降低至 0%。

Industry Experts Voice Doubts

業界專家質疑

Other industry experts have echoed these concerns. DeFi solutions architect Andre Cronje has questioned the long-term viability of USDe, citing potential flaws in its delta hedging methods. Guy Young, founder of Ethena Labs, has acknowledged these concerns and stated that he will address them in greater detail later this week.

其他行業專家也表達了這些擔憂。 DeFi 解決方案架構師 Andre Cronje 對 USDe 的長期生存能力提出質疑，理由是其 Delta 對沖方法有潛在缺陷。 Ethena Labs 的創始人 Guy Young 承認了這些擔憂，並表示他將在本週晚些時候更詳細地解決這些問題。

Conclusion

結論

Ethena's ENA token has enjoyed a remarkable surge in value, but the sustainability of its USDe peg remains a topic of debate within the crypto ecosystem. As the community continues to grapple with these concerns, the long-term trajectory of Ethena and its associated tokens remains uncertain.

Ethena 的 ENA 代幣價值顯著飆升，但其與 USDe 掛鉤的可持續性仍然是加密生態系統中爭論的話題。隨著社區繼續解決這些問題，Ethena 及其相關代幣的長期發展軌跡仍然不確定。