Ethena Lab 的 USDe 在比特幣支援下發出危險訊號

Ethena Lab 宣布以比特幣支持其 USDe 合成美元，由於與 Terra-LUNA 危機的相似之處，引起了加密貨幣專家的擔憂。 Ethena 依賴比特幣儲備來維持與穩定幣的掛鉤，這讓專家警告稱，可能會出現市場崩潰和蔓延效應，尤其是在熊市期間，維持 BTC 的 Delta 中性策略變得具有挑戰性。這種擔憂源於 Ethena 計劃在經濟低迷時期出售 BTC 以穩定 USDe 的錨定匯率。

Ethena Lab Raises Concerns Amid Decision to Back USDe Synthetic Dollar with Bitcoin

Ethena Lab 對用比特幣支持 USDe 合成美元的決定表示擔憂

Introduction:

介紹：

Ethena Lab, an innovative player in the crypto-financial landscape, has sparked industry-wide attention following its announcement to back its USDe synthetic dollar with Bitcoin (BTC). This move has raised concerns among financial experts, drawing comparisons to the catastrophic Terra-LUNA crisis and prompting fears of potential market disruptions.

Ethena Lab 是加密金融領域的創新參與者，在宣布以比特幣 (BTC) 支持其 USDe 合成美元後，引起了業界的廣泛關注。此舉引起了金融專家的擔憂，人們將其與災難性的 Terra-LUNA 危機進行了比較，並引發了對潛在市場混亂的擔憂。

Terra-LUNA Crisis as a Precedent:

Terra-LUNA 危機作為先例：

The Terra-LUNA crisis serves as a cautionary tale, showcasing the severe consequences of maintaining a stablecoin peg solely backed by Bitcoin reserves. In May 2022, the collapse of the TerraUSD (UST) stablecoin and its sister token LUNA sent shockwaves through the crypto community, resulting in billions of dollars in losses and the bankruptcies of several prominent crypto firms.

Terra-LUNA 危機是一個警示故事，展示了維持僅由比特幣儲備支持的穩定幣掛鉤的嚴重後果。 2022 年 5 月，TerraUSD（UST）穩定幣及其姊妹代幣 LUNA 的崩潰給加密社區帶來了衝擊，導致數十億美元的損失以及幾家著名加密公司的破產。

Ethena Lab's USDe and Bitcoin Backing:

Ethena Lab 的 USDe 和比特幣支援：

Ethena Lab's decision to back its USDe synthetic dollar with Bitcoin has raised concerns due to its perceived similarities to the Terra-LUNA crisis. The USDe is not directly backed by fiat currency or traditional financial assets but instead relies on a complex derivative hedging mechanism and an arbitrage system to maintain its dollar peg.

Ethena Lab 決定用比特幣支持其 USDe 合成美元，由於其與 Terra-LUNA 危機的相似之處而引發了擔憂。 USDe 並非直接由法定貨幣或傳統金融資產支持，而是依靠複雜的衍生性商品對沖機制和套利系統來維持與美元掛鉤。

Contagion Effects and Market Volatility:

傳染效應與市場波動：

Experts have expressed concerns that Ethena's reliance on Bitcoin backing could pose risks, especially during bear markets. When market conditions deteriorate, maintaining a delta-neutral strategy becomes increasingly challenging, raising the possibility of a "contagion effect" that could destabilize the broader crypto ecosystem.

專家擔心 Ethena 對比特幣支援的依賴可能會帶來風險，尤其是在熊市期間。當市場狀況惡化時，維持 Delta 中性策略變得越來越具有挑戰性，從而增加了「傳染效應」的可能性，從而破壞更廣泛的加密生態系統的穩定。

Ethena's Ambitions and Market Response:

Ethena 的野心與市場反應：

Ethena Lab believes that leveraging Bitcoin is crucial for the growth of its USDe synthetic dollar, aiming to expand its market capitalization from $2 billion to $10 billion. However, the market has reacted negatively to the news, with the price of Ethena's native token ENA experiencing a 9% decline in the last 24 hours.

Ethena Lab 認為，利用比特幣對其 USDe 合成美元的成長至關重要，旨在將其市值從 20 億美元擴大到 100 億美元。然而，市場對此消息反應消極，Ethena 原生代幣 ENA 的價格在過去 24 小時內下跌了 9%。

DeFi Giants Express Concerns:

DeFi 巨頭表達擔憂：

Major DeFi platforms such as Aave have raised concerns about the potential risks associated with Ethena's USDe protocol. Aave founder Marc Zeller expressed apprehension over the potential for contagion effects due to MakerDAO's proposal to allocate 1 billion DAI stablecoins to USDe.

Aave 等主要 DeFi 平台對 Ethena 的 USDe 協議相關的潛在風險表示擔憂。 Aave 創辦人 Marc Zeller 對 MakerDAO 提議將 10 億 DAI 穩定幣分配給 USDe 可能產生的蔓延效應表示擔憂。

Conclusion:

結論：

Ethena Lab's decision to back its USDe synthetic dollar with Bitcoin has sparked a heated debate within the crypto community. Industry experts have cautioned that the move bears striking resemblance to the Terra-LUNA crisis and could potentially lead to market disruptions and contagion effects. As the situation unfolds, it remains crucial for investors to exercise caution and monitor the developments closely.

Ethena Lab 決定用比特幣支持其 USDe 合成美元，引發了加密社群的激烈爭論。行業專家警告稱，此舉與 Terra-LUNA 危機驚人相似，可能會導致市場混亂和蔓延效應。隨著事態的發展，投資者保持謹慎並密切關注事態發展仍然至關重要。