Ethena Labs 的比特幣支持的合成美元產品引發市場風險擔憂

Ethena Labs 選擇使用比特幣 (BTC) 作為其 USDe 穩定幣的抵押品，以增加供應和流動性，這引起了 CryptoQuant 的 Ki Young Ju 的擔憂。 Ju 將這一決定與 LUNA 崩盤進行了比較，質疑 Ethena 風險管理的有效性，特別是在熊市中，由於市場規模的限制，做空 BTC 變得具有挑戰性。

Ethena Labs' Decision to Leverage Bitcoin Collateral for Synthetic Dollar-Pegged Product Raises Market Risk Concerns

Ethena Labs 決定利用比特幣抵押品來生產與美元掛鉤的合成產品，引發市場風險擔憂

Strategic Rationale and Implementation

戰略依據和實施

Ethena Labs, a pioneer in synthetic asset development, has implemented a strategic shift by employing Bitcoin (BTC) as collateral for its synthetic dollar-pegged product, USDe. This maneuver aims to augment the product's supply from its current level of $2 billion. By leveraging the burgeoning BTC derivatives market, Ethena Labs seeks to enhance scalability and liquidity in delta hedging practices.

Ethena Labs 是合成資產開發領域的先驅，該公司實施了策略轉變，採用比特幣 (BTC) 作為其與美元掛鉤的合成產品 USDe 的抵押品。這項措施的目的是在目前 20 億美元的基礎上增加該產品的供應量。透過利用新興的 BTC 衍生性商品市場，Ethena Labs 尋求增強 Delta 對沖實踐的可擴展性和流動性。

Industry Concerns and Risk Assessment

產業擔憂和風險評估

However, this decision has raised concerns among industry analysts, notably Ki Young Ju, CEO of analytics firm CryptoQuant. Ju draws parallels to the infamous LUNA crash, questioning the efficacy of Ethena Labs' risk management strategies, particularly in bearish market conditions.

然而，這項決定引起了產業分析師的擔憂，尤其是分析公司 CryptoQuant 執行長 Ki Young Ju。 Ju 將臭名昭著的 LUNA 崩潰進行了類比，質疑 Ethena Labs 風險管理策略的有效性，特別是在看跌的市場條件下。

Specific Risks and Challenges

具體風險和挑戰

Ju's primary concern revolves around the viability of delta-neutral strategies in bear markets. He asserts that shorting BTC during such periods poses challenges due to the potential for the market size to fall short of the total value locked (TVL), leading to market disruptions.

Ju 主要關心的是熊市中 Delta 中性策略的可行性。他聲稱，在此期間做空 BTC 會帶來挑戰，因為市場規模有可能低於鎖定總價值（TVL），從而導致市場混亂。

Additionally, Ju raises the specter of a situation similar to the LUNA crisis, where Ethena Labs might resort to selling off BTC to maintain the USDe peg in the event of an algorithmic collapse during a bearish market.

此外，Ju 還提出了類似 LUNA 危機的擔憂，即在熊市期間出現演算法崩潰的情況下，Ethena Labs 可能會出售 BTC 以維持與美元掛鉤。

Alternative Perspectives and Historical Precedents

另類觀點和歷史先例

OMAKASE, a former advisor to Sushiswap, echoes these concerns, highlighting historical difficulties with delta-neutral strategies. These strategies have been known to lose liquidity and become challenging to unwind without impacting market prices.

Sushiswap 前顧問 OMAKASE 也表達了這些擔憂，強調了 Delta 中性策略的歷史困難。眾所周知，這些策略會失去流動性，很難在不影響市場價格的情況下平倉。

Market Implications and Investor Vigilance

市場影響與投資者警惕

Ethena Labs' decision to back USDe with Bitcoin holds the potential to significantly scale the product. However, it is paramount for investors and stakeholders to exercise caution and thoroughly consider the potential market risks associated with this move.

Ethena Labs 決定用比特幣支援 USDe，這有可能大幅擴展該產品的規模。然而，投資者和利害關係人必須謹慎行事，並充分考慮與此舉相關的潛在市場風險。

The Terra-LUNA crisis serves as a stark reminder of the vulnerabilities inherent in complex financial instruments. As the crypto market continues to evolve, it is essential for participants to maintain a heightened awareness of emerging risks and weigh them carefully against potential rewards.

Terra-LUNA 危機清楚地提醒人們複雜金融工具固有的脆弱性。隨著加密貨幣市場的不斷發展，參與者必須保持對新興風險的高度認識，並仔細權衡它們與潛在回報。