Ethena：穩定幣懷疑中的混合謎團

Luna 和 UST 崩潰後，類似的穩定幣項目受到了質疑。然而，Ethena 作為結構性產品和穩定幣的混合體，呈現出比其前身更加透明和公開討論的風險狀況。儘管其複雜性，該平台承認潛在風險，包括交易對手損失、融資利率和監管問題。這種新發現的透明度和與批評者互動的意願標誌著該行業的潛在轉變，表明願意解決潛在的漏洞並鼓勵明智的決策。

Delving into the Depths of Ethena: A Complex Beast Amidst Stablecoin Skepticism

深入研究 Ethena：穩定幣懷疑中的複雜野獸

In the wake of the catastrophic collapse of Luna and UST, the cryptocurrency market has been rife with skepticism towards projects resembling such stablecoins. When Ethena (ENA), a project bearing similarities to the ill-fated UST, emerged on the scene, it was met with inevitable comparisons and a torrent of concerns.

在 Luna 和 UST 災難性崩潰之後，加密貨幣市場對類似穩定幣的項目充滿了懷疑。當與命運多舛的 UST 有相似之處的 Ethena (ENA) 項目出現時，不可避免地遭到了比較和擔憂。

Ethena: A Hybrid Enigma

雅典娜：混合謎團

Ethena presents a complex structure that defies easy categorization. Superficially, it resembles stablecoins offering high yields, reminiscent of UST. However, a deeper examination reveals a more intricate concoction, merging elements of stablecoins and structured products. The distinction between these components depends on whether the ENA token is staked or not, as noted by the research organization Bulk search.

Ethena 呈現出一個難以簡單分類的複雜結構。從表面上看，它類似於提供高收益的穩定幣，讓人想起 UST。然而，更深入的研究揭示了一種更複雜的混合物，融合了穩定幣和結構性產品的元素。正如研究組織 Bulk search 所指出的，這些組件之間的差異取決於 ENA 代幣是否被質押。

Confronting Potential Pitfalls with Transparency

以透明度應對潛在陷阱

In an interview with The Block in February, Ethena's founder, Guy Young (pseudonym: Leptokurtic), acknowledged counterparty risk as the project's primary concern. He expressed his willingness to engage in open discussions about potential vulnerabilities, recognizing the importance of transparency in risk assessment.

在二月接受 The Block 採訪時，Ethena 的創始人 Guy Young（化名：Leptokurtic）承認交易對手風險是該計畫的首要關注點。他表示願意參與潛在漏洞的公開討論，並認識到風險評估透明度的重要性。

Ethena's FAQ page is a testament to this transparency, explicitly outlining seven potential risks, ranging from funding rates to regulatory challenges. Each risk is thoroughly dissected, and the project's strategies for monitoring and mitigating these risks are meticulously detailed.

Ethena 的常見問題頁面證明了這種透明度，明確概述了從融資利率到監管挑戰等七個潛在風險。每個風險都被徹底剖析，專案監控和減輕這些風險的策略也被細緻地詳細化。

A Departure from Skeptical Silencing

擺脫懷疑的沉默

Ethena's transparent approach to risk disclosure marks a significant departure from the culture of skepticism and censorship that plagued the Luna and UST ecosystem. The Lunatics, a fervent cult surrounding Do Kwon, readily dismissed any critical analysis, often resorting to personal attacks on detractors.

Ethena 透明的風險揭露方法標誌著與困擾 Luna 和 UST 生態系統的懷疑主義和審查文化的重大背離。圍繞 Do Kwon 的狂熱邪教 The Lunatics 輕易地駁回了任何批評性分析，經常對誹謗者進行人身攻擊。

In contrast, Ethena welcomes scrutiny and acknowledges the need for constructive criticism in identifying potential vulnerabilities. This commitment to transparency represents a step forward in fostering a healthier dialogue surrounding the risks and benefits of cryptocurrency projects.

相比之下，Ethena 歡迎審查，並承認在識別潛在漏洞時需要建設性批評。這種對透明度的承諾代表著在促進圍繞加密貨幣項目的風險和收益進行更健康的對話方面向前邁出了一步。

The DOJ's Bitcoin Conundrum: A Tale of Misinterpreted Transactions

美國司法部的比特幣難題：誤解交易的故事

In a separate development, several major crypto news outlets erroneously reported that the United States Department of Justice (DOJ) had transferred a staggering 30,000 bitcoins to the cryptocurrency exchange Coinbase. However, this figure was grossly inaccurate.

在另一起事件中，幾家主要的加密貨幣新聞媒體錯誤地報道稱，美國司法部 (DOJ) 已將驚人的 30,000 枚比特幣轉移到加密貨幣交易所 Coinbase。然而，這個數字非常不準確。

As The Block's real-time coverage revealed, the DOJ wallet initiated a test transaction of a mere 0.0001 BTC to an address labeled "Coinbase Prime" on the analytics platform Arkham. The remainder of the funds were untouched, remaining within the DOJ's custody.

正如 The Block 的即時報導所示，DOJ 錢包向分析平台 Arkham 上標記為「Coinbase Prime」的地址發起了一筆僅 0.0001 BTC 的測試交易。其餘資金未受影響，仍由司法部保管。

Subsequently, 2,000 BTC was transferred to the same Coinbase wallet, with the remaining funds being dispersed to a change address. While the complexities of the Bitcoin blockchain make these transactions appear convoluted, it becomes clear that only 2,000 BTC were actually sent to Coinbase, with the vast majority of the funds remaining dormant within the DOJ's wallet.

隨後，2000 BTC 被轉移到同一個 Coinbase 錢包，其餘資金分散到一個找零地址。雖然比特幣區塊鏈的複雜性使得這些交易顯得錯綜複雜，但很明顯，實際上只有 2,000 BTC 被發送到 Coinbase，絕大多數資金仍然休眠在 DOJ 的錢包中。

This distinction is crucial, as it translates to a difference between the government selling $132 million worth of bitcoin versus $2 billion.

這種區別至關重要，因為它意味著政府出售價值 1.32 億美元的比特幣與出售價值 20 億美元的比特幣之間存在差異。

Wormhole Hacker's Airdrop Blunder

蟲洞駭客的空投錯誤

In a slightly comical turn of events, the cross-chain protocol Wormhole mistakenly awarded airdrop tokens to the entity responsible for its $323 million hack in 2022. Approximately four addresses linked to the hack received a total of 31,600 W tokens, valued at roughly $38,000.

事件有點滑稽，跨鏈協議Wormhole 錯誤地將空投代幣授予了負責2022 年3.23 億美元黑客攻擊的實體。美元。

However, these tokens were swiftly removed from the hackers' addresses, according to a source familiar with the matter. This corrective action serves as a reminder of the evolving nature of cybersecurity in the crypto realm.

然而，據知情人士透露，這些代幣很快就從駭客的地址中刪除了。這項糾正措施提醒人們加密領域網路安全不斷發展的性質。

Big Players Fuel Alliance's Fund Raising

大玩家推動聯盟籌集資金

On a more positive note, Alliance, a crypto-focused accelerator, has secured significant investments from major industry players Brevan Howard Digital and Galaxy Digital. These commitments form part of Alliance Fund III, which has already raised $20 million out of its $100 million target.

從更積極的角度來看，專注於加密貨幣的加速器 Alliance 已獲得主要產業參與者 Brevan Howard Digital 和 Galaxy Digital 的大量投資。這些承諾是聯盟基金 III 的一部分，該基金已從 1 億美元目標中籌集了 2,000 萬美元。

The fund's strategic investments in promising startups aim to provide critical support for the development of the crypto ecosystem.

該基金對有前途的新創企業的策略性投資旨在為加密生態系統的發展提供關鍵支持。

Disclaimer and Additional Information

免責聲明和附加信息

The Block operates as an independent news organization, providing impartial coverage of the crypto industry. Foresight Ventures, an investment firm with holdings in crypto-related companies, acquired a majority stake in The Block in November 2023.

The Block 作為一個獨立的新聞機構運營，提供對加密貨幣行業的公正報導。 Foresight Ventures 是一家持有加密貨幣相關公司股份的投資公司，於 2023 年 11 月收購了 The Block 的多數股權。

Bitget, a cryptocurrency exchange, serves as an anchor LP for Foresight Ventures. However, The Block retains its editorial independence, delivering objective and timely information about the crypto market.

Bitget 是一家加密貨幣交易所，是 Foresight Ventures 的主要 LP。然而，The Block 保留其編輯獨立性，提供有關加密貨幣市場的客觀和及時的資訊。