Ethena 的比特幣支持的 USDe 引發市場崩盤擔憂

Ethena Labs 宣布以比特幣支持其 USDe 合成美元，引起了包括 CryptoQuant 首席執行官 Ki Young Ju 在內的加密貨幣專家的擔憂。 Ju認為，此舉帶來了類似 Terra LUNA-UST 危機的風險，在這場危機中，使用比特幣儲備維持穩定幣掛鉤導致了市場崩盤。他強調了在熊市期間維持比特幣的Delta中性策略的困難，並對在這種情況下可能出售比特幣以穩定美元匯率的擔憂表示擔憂。

Ethena Labs' Bitcoin-Backed USDe Raises Concerns of a Potential Market Crash

Ethena Labs 的比特幣支持的 USDe 引發了對潛在市場崩盤的擔憂

Ethena Labs, a decentralized finance (DeFi) platform, has recently announced its intention to back its synthetic dollar, USDe, with Bitcoin. This move has raised red flags among crypto experts, who warn that it could potentially destabilize the market.

Ethena Labs 是一個去中心化金融 (DeFi) 平台，最近宣布打算用比特幣支援其合成美元 USDe。此舉引起了加密貨幣專家的警惕，他們警告稱，這可能會破壞市場的穩定。

Ki Young Ju, founder and CEO of on-chain data platform CryptoQuant, is among those who have expressed skepticism about Ethena's decision. He believes that backing USDe with Bitcoin introduces the risk of a potential crisis similar to the Terra-LUNA collapse.

鏈上數據平台 CryptoQuant 的創辦人兼執行長 Ki Young Ju 是對 Ethena 的決定表示懷疑的人之一。他認為，用比特幣支持 USDe 會帶來類似 Terra-LUNA 崩潰的潛在危機的風險。

Terra-LUNA, a blockchain project that utilized an algorithmic stablecoin (UST), experienced a catastrophic collapse in May 2022. The Luna Foundation Guard (LFG), which was responsible for maintaining UST's peg to the US dollar, was forced to sell its vast Bitcoin reserves in an attempt to stabilize the stablecoin. However, this proved futile, and the entire Terra ecosystem imploded, leading to massive losses for investors and the bankruptcy of several crypto firms.

Terra-LUNA 是一個利用演算法穩定幣 (UST) 的區塊鏈項目，於 2022 年 5 月經歷了災難性崩潰。負責維持 UST 與美元掛鉤的 Luna Foundation Guard (LFG) 被迫出售其巨額代幣。儲備比特幣是為了穩定穩定幣。然而，事實證明這是徒勞的，整個 Terra 生態系統崩潰了，導致投資者遭受巨大損失，多家加密貨幣公司破產。

Ju highlights the challenges of maintaining a delta-neutral strategy for Bitcoin in a bear market. Ethena Labs plans to hold spot Bitcoin and short Bitcoin futures as part of a cash and carry trade to generate yield. However, Ju expresses concerns about the potential need to sell Bitcoin to stabilize USDe's peg if their algorithm fails during a bear market. He emphasizes the limited liquidity available in the short Bitcoin market, which could exacerbate any selling pressure.

Ju強調了在熊市中維持比特幣Delta中性策略的挑戰。 Ethena Labs 計劃持有現貨比特幣和做空比特幣期貨，作為現金和套利交易的一部分，以產生收益。然而，Ju 表示擔心，如果他們的演算法在熊市期間失敗，可能需要出售比特幣來穩定 USDe 的錨定匯率。他強調，做空比特幣市場的流動性有限，可能會加劇拋售壓力。

"If there's a method to short BTC by holding some DeFi-wrapped BTC, the market size would be smaller than its TVL," said Ju. "This is a CeFi stablecoin run by a hedge fund, effective only in bull markets. Correct me if I'm wrong."

Ju 表示：“如果有一種方法可以透過持有一些 DeFi 包裝的 BTC 來做空 BTC，那麼市場規模將小於其 TVL。” “這是由對沖基金運營的 CeFi 穩定幣，僅在牛市中有效。如果我錯了，請糾正我。”

Other crypto experts share Ju's concerns. Andre Cronje, a prominent figure in the DeFi space, acknowledged the novelty of Ethena's approach but expressed reservations about its sustainability.

其他加密貨幣專家也有同樣的擔憂。 DeFi 領域的知名人物 Andre Cronje 承認 Ethena 方法的新穎性，但對其可持續性表示保留。

"I often find myself on the mid curve for an extensive amount of time. I am comfortable here. That being said, there have been events in this industry I wish I was more curious about, there have also been events I definitely didn't want to be involved in," Cronje tweeted.

「我經常發現自己在很長一段時間內處於中間曲線。我在這裡很舒服。話雖如此，這個行業中有些事件我希望我更好奇，也有一些事件我絕對沒有希望參與其中，」克羅涅在推特上寫道。

Ethena claims that backing USDe with Bitcoin will enable it to scale significantly, potentially reaching a market capitalization of $10 billion. However, experts caution that USDe is a new protocol and not a stablecoin, and its yield could fluctuate based on market conditions.

Ethena 聲稱，用比特幣支持 USDe 將使其能夠大幅擴張，市值可能達到 100 億美元。然而，專家警告說，USDe 是一種新協議，而不是穩定幣，其收益率可能會根據市場狀況而波動。

Aave, a major lending protocol, recently announced its plans to remove MakerDAO's DAI stablecoin as collateral following a proposal by MakerDAO to allocate $1 billion in DAI to USDe. AAVE chancellor Marc Zeller cited the perceived contagion risk associated with Ethena's approach.

主要藉貸協議 Aave 最近宣布計劃取消 MakerDAO 的 DAI 穩定幣作為抵押品，此前 MakerDAO 提議將 10 億美元的 DAI 分配給 USDe。 AAVE 校長 Marc Zeller 提到了與 Ethena 的做法相關的已知傳染風險。

The concerns raised by crypto experts underscore the importance of careful evaluation and understanding before investing in new and innovative DeFi projects. The potential risks associated with Ethena's USDe warrant further scrutiny and transparency from the project team to ensure the stability and integrity of the broader crypto ecosystem.

加密貨幣專家提出的擔憂強調了在投資新的創新 DeFi 專案之前仔細評估和理解的重要性。與 Ethena 的 USDe 相關的潛在風險需要專案團隊進行進一步的審查和透明度，以確保更廣泛的加密生態系統的穩定性和完整性。