Ethena (ENA)：一個針對 DeFi 基礎設施的新型合成穩定幣平台

Ethena 是一個 DeFi 平台，引入了合成穩定幣系統，旨在提供獨立於傳統經濟和銀行系統的穩定數位資產。

Ethena is a decentralized finance (DeFi) platform that aims to solve the trust and scalability issues inherent in traditional financial systems. The platform introduces a system of synthetic stablecoins, designed to offer a stable digital asset that is independent of traditional economies and banking systems.

Ethena 是一個去中心化金融（DeFi）平台，旨在解決傳統金融系統固有的信任和可擴展性問題。該平台引入了合成穩定幣系統，旨在提供獨立於傳統經濟和銀行系統的穩定數位資產。

Ethena: Solving the Achilles’ Heel of Crypto Stability

Ethena：解決加密貨幣穩定性的致命弱點

The crypto market and decentralized finance (DeFi) face an extremely complex problem on a daily basis: stability. This kind of Achilles’ heel has been both the reason for being and the driving force behind the creation of new solutions. Among them, we find Ethena, a project designed to solve the trust and scalability issues of decentralized financial systems.

加密市場和去中心化金融（DeFi）每天都面臨著一個極其複雜的問題：穩定性。這種致命弱點既是存在的原因，也是創造新解決方案背後的驅動力。其中，我們發現了 Ethena，一個旨在解決去中心化金融系統的信任和可擴展性問題的計畫。

In essence, Ethena is a DeFi platform that introduces a system of synthetic stablecoins, with the aim of offering a stable digital asset, independent of traditional economies and banking systems. Its goal is to provide a more resilient and scalable alternative to traditional stablecoins, such as USDT or USDC, which are often subject to centralized regulation and market fluctuations.

從本質上講，Ethena 是一個 DeFi 平台，引入了合成穩定幣系統，旨在提供獨立於傳統經濟和銀行系統的穩定數位資產。其目標是為傳統穩定幣（例如 USDT 或 USDC）提供更具彈性和可擴展性的替代品，而傳統穩定幣通常受到集中監管和市場波動的影響。

Ethena uses a model backed by a variety of liquid assets, which allows it to offer stability while maintaining the inherent flexibility of cryptocurrencies.

Ethena 使用由各種流動資產支援的模型，這使其能夠提供穩定性，同時保持加密貨幣固有的靈活性。

The Synthetic Dollar: USDe

合成美元：USDe

The central pillar of Ethena is its stablecoin USDe, which is issued and maintained in a 1:1 ratio with the US dollar. Unlike other stablecoins that are backed by assets of lower liquidity or depend on a simple reserve in a fiat currency, USDe is backed by highly liquid assets such as Ethereum and Bitcoin.

Ethena 的核心支柱是其穩定幣 USDe，它與美元按照 1:1 的比例發行和維持。與其他由流動性較低的資產支持或依賴法定貨幣的簡單儲備的穩定幣不同，USDe 由以太坊和比特幣等高流動性資產支持。

Its multiple backing strategy offers superior stability against market fluctuations, a crucial factor given the high level of volatility in cryptocurrencies.

其多重支持策略針對市場波動提供了卓越的穩定性，考慮到加密貨幣的高波動性，這是一個關鍵因素。

USDe differentiates itself from other stablecoins by using a ‘mint and burn’ mechanism backed by real assets, not by a simple promise or debt contract. In addition, its system is designed to withstand market disruptions, including negative funding rates that have affected other solutions in the past.

USDe 與其他穩定幣的區別在於它使用由實體資產支持的「鑄幣和銷毀」機制，而不是簡單的承諾或債務合約。此外，其係統旨在承受市場幹擾，包括過去影響其他解決方案的負融資利率。

Staking USDe

質押 USDe

The protocol allows users to earn rewards through the USDe staking mechanism. This process is controlled by the StakedUSDe smart contract, which users can interact with directly or through the Ethena decentralized application (dApp) interface.

該協議允許用戶透過 USDe 質押機制獲得獎勵。該過程由 StakedUSDe 智能合約控制，用戶可以直接或透過 Ethena 去中心化應用程式 (dApp) 介面與之互動。

When a user stakes, they transfer USDe to the contract and receive sUSDe (staked USDe) in return, which is another ERC20 token. Over time, additional USDe is transferred into the contract as rewards.

當用戶質押時，他們將 USDe 轉移到合約中並收到 sUSDe（質押的 USDe）作為回報，這是另一個 ERC20 代幣。隨著時間的推移，額外的 USDe 將作為獎勵轉入合約。

When performing an “unstake,” the sUSDe is burned in exchange for a proportionate amount of USDe, based on the total amount of sUSDe outstanding in relation to the total USDe in the smart contract. Users will receive the principal amount of sUSDe as well as their proportionate share of the deposited rewards when the staking is finalized.

當執行「取消質押」時，根據智能合約中未償付的 sUSDe 總量與 USDe 總量的比例，sUSDe 會被銷毀，以換取一定數量的 USDe。當質押完成時，用戶將收到 sUSDe 的本金以及其所存入獎勵的比例份額。

User Workflow

使用者工作流程

The StakedUSDe smart contract implements the ERC4626 Token Vault standard to ensure composability. This standard is widely used for on-chain reward accumulation, which makes it possible for user interfaces outside of the Ethena dApp to support USDe staking in the future.

StakedUSDe 智能合約實施 ERC4626 Token Vault 標準以確保可組合性。此標準廣泛用於鏈上獎勵累積，這使得 Ethena dApp 以外的使用者介面將來可以支援 USDe 質押。

The contract exposes various deposit and redemption functions, allowing staking with or without a slippage threshold, and with or without an ERC2612 Permit signature authorizing the transfer of USDe.

該合約公開了各種存款和贖回功能，允許在有或沒有滑點閾值的情況下進行質押，以及有或沒有授權轉移 USDe 的 ERC2612 許可證簽名。

It is important to note that there is no minimum staking period. If a user stakes and unstakes in consecutive blocks, they will receive their proportionate share of any increase in the value of USDe invested in the contract that has occurred in that approximately 12-second period.

值得注意的是，沒有最短質押期限。如果用戶在連續的區塊中進行質押和解除質押，他們將收到在大約 12 秒的時間內投資於合約的 USDe 價值增加的相應份額。

Since reward payments into the contract occur every 8 hours and are distributed linearly over that time, there are no sudden spikes in the value of USDe invested, which prevents “sandwich” attacks, where an informed staker stakes before a payment and unstakes after, to the detriment of other users.

由於合約中的獎勵每8 小時支付一次，並且在這段時間內呈線性分佈，因此投資的USDe 價值不會突然飆升，這可以防止「三明治」攻擊，即知情的質押者在付款前進行質押，然後在付款後取消質押，以防止「三明治」攻擊。

Security Guarantee for Stakers

質押者的安全保障

Users will never lose USDe when staking. Reward transfers can only be positive into the StakedUSDe contract. Therefore, the value of USDe in sUSDe can only increase or remain stable over time

用戶在質押時永遠不會損失USDe。獎勵轉移只能轉入 StakedUSDe 合約中。因此，sUSDe 中 USDe 的價值只能隨著時間的推移而增加或保持穩定

Ethena’s protocol is based on a delta hedging model that protects the value of USDe against market fluctuations. This strategy allows the system to efficiently manage the risks arising from short positions and funding rates in perpetual futures markets.

Ethena 的協議基於 Delta 對沖模型，可保護 USDe 的價值免受市場波動的影響。此策略使系統能夠有效管理永續期貨市場空頭部位和資金費率所產生的風險。

While the system has a reserve fund to protect users from adverse situations, its success depends largely on market liquidity and the stability of the backing assets. In fact, Ethena has been explicit about the inherent risks in its model, acknowledging that the possibility of a ‘depeg’ exists if market conditions are excessively volatile for extended periods.

雖然該系統有儲備基金來保護用戶免受不利情況的影響，但其成功很大程度上取決於市場流動性和支持資產的穩定性。事實上，Ethena 已經明確表示其模型中存在固有風險，並承認如果市場狀況長期過度波動，則存在「脫鉤」的可能性。

On the other hand, Ethena has implemented a series of safeguards to mitigate these risks. Transaction volume limits per block and a seven-day cooling period for USDe redemption operations have been established. These measures aim to prevent massive withdrawals that could affect the system’s stability in times of high volatility.

另一方面，Ethena 實施了一系列保障措施來減輕這些風險。每個區塊的交易量限制以及 USDe 贖回操作的 7 天冷卻期已經建立。這些措施旨在防止大規模提款，以免在高波動時期影響系統的穩定性。

Furthermore, the inclusion of Bitcoin

此外，比特幣的納入