Ethena Labs 的 ENA 代幣飆升 60%，引發金融脆弱性擔憂

Ethena Labs 的治理代幣 ENA 空投後暴漲 60% 至 0.96 美元，市值升至 13.4 億美元，排名第 80 位。儘管 Ethena 的數位美元平台旨在挑戰傳統銀行業務，但 Fantom 聯合創始人 Andre Cronje 警告稱，由於 ENA 依賴產生收益的資產作為抵押品，存在潛在風險，並指出與 Terra Luna 的倒閉類似。

Ethena Labs' ENA Token Surges by 60%, Sparking Concerns over Financial Vulnerabilities

Ethena Labs 的 ENA 代幣飆升 60%，引發對金融漏洞的擔憂

Exponential Rise in ENA Value

ENA 價值呈指數級成長

Ethena Labs' recently launched governance token, ENA, has experienced a remarkable surge in value, escalating by approximately 60% shortly after its market introduction. The token's price has climbed to approximately $0.96, propelling its market capitalization to nearly $1.34 billion and elevating it to the 80th position among the largest cryptocurrencies by market cap.

Ethena Labs 最近推出的治理代幣 ENA 的價值經歷了顯著的飆升，在上市後不久就上漲了約 60%。該代幣的價格已攀升至約 0.96 美元，使其市值達到近 13.4 億美元，並在市值最大的加密貨幣中排名第 80 位。

The surge in ENA's value follows Ethena's strategic distribution of 750 million ENA tokens, representing 5% of its total supply, through an airdrop to holders of its USDe token. The USDe, a synthetic dollar, lies at the core of Ethena's offerings, leveraging a combination of ether liquid staking tokens and short Ether (ETH) perpetual futures positions to maintain a target value near $1.

ENA 價值飆升之前，Ethena 透過向 USDe 代幣持有者空投策略分配了 7.5 億個 ENA 代幣（佔其總供應量的 5%）。 USDe 是一種合成美元，是 Ethena 產品的核心，它利用以太坊流動質押代幣和空頭以太坊 (ETH) 永續期貨頭寸的組合來維持接近 1 美元的目標價值。

ENA Tokenomics and Ecosystem

ENA 代幣經濟與生態系統

The ENA token serves as the cornerstone of Ethena's value proposition, designed to facilitate a digital dollar platform on the Ethereum blockchain. This platform aims to provide a viable alternative to traditional banking mechanisms through its innovative 'Internet Bond'. Utilizing the potential of derivative markets and staked Ethereum, the Internet Bond offers a dollar-denominated savings instrument accessible globally, independent of conventional banking infrastructure.

ENA 代幣是 Ethena 價值主張的基石，旨在促進以太坊區塊鏈上的數位美元平台。該平台旨在透過其創新的「網路債券」為傳統銀行機制提供可行的替代方案。利用衍生性商品市場和質押以太坊的潛力，網路債券提供了一種可在全球範圍內使用的以美元計價的儲蓄工具，獨立於傳統的銀行基礎設施。

The total supply of ENA tokens is capped at 15 billion, with an initial issuance of 1.425 billion tokens. The distribution plan for ENA tokens prioritizes ecosystem development (30%), core contributor rewards (30%), investor engagement (25%), and foundation support (15%), reflecting a holistic approach to tokenomics. Notably, Binance's endorsement of ENA as the 50th project on its Binance Launchpool, enabling users to farm ENA tokens by staking BNB and FDUSD, further underscores the token's appeal.

ENA代幣總發行量上限為150億枚，首次發行14.25億枚。 ENA 代幣的分配計畫優先考慮生態系統開發（30%）、核心貢獻者獎勵（30%）、投資者參與（25%）和基金會支持（15%），反映了代幣經濟學的整體方法。值得注意的是，幣安認可 ENA 作為其 Binance Launchpool 上的第 50 個項目，使用戶能夠透過質押 BNB 和 FDUSD 來種植 ENA 代幣，這進一步凸顯了該代幣的吸引力。

Concerns Raised by Fantom Co-Founder

Fantom 聯合創辦人提出的擔憂

Amidst the euphoria surrounding ENA's rapid ascent, Andre Cronje, co-founder of the Fantom Foundation, has issued a cautionary warning, drawing parallels to the concerns that preceded the collapse of Terra Luna. Cronje has expressed apprehension regarding the structural vulnerability of perpetual contracts (perps), a derivative product that allows traders to speculate on the price movement of an asset without holding the actual asset.

在 ENA 迅速崛起的歡欣鼓舞中，Fantom 基金會聯合創始人安德烈·克羅涅 (Andre Cronje) 發出了警告，與 Terra Luna 崩潰之前的擔憂相似。克羅涅對永續合約（perps）的結構性脆弱性表示擔憂，永續合約是一種衍生產品，允許交易者在不持有實際資產的情況下推測資產的價格變動。

Perpetual contracts operate on a system of funding rates designed to maintain a close relationship between the perpetual price and the underlying asset's spot price. However, Cronje highlights a critical weakness in this system: the reliance on yield-generating assets, such as staked Ethereum (stETH), as collateral.

永續合約按照融資利率系統運行，旨在維持永續價格與標的資產現貨價格之間的密切關係。然而，克羅涅強調了該系統的一個關鍵弱點：依賴產生收益的資產，例如質押以太坊（stETH）作為抵押品。

Potential for Financial Distress

潛在的財務困境

This approach theoretically enables a "neutral" position, where the gains from yield should offset losses from the short position if the asset's price declines. However, this equilibrium is precarious, as negative shifts in funding rates can erode the collateral, leading to liquidation. Cronje explains, "The mechanism – the theory here is that you can generate a ‘stable’ $1000, by buying $1000 of stETH, using this as collateral to open a $1000 stETH short, thereby achieving being ‘neutral’, while getting the benefit of the stETH yield (~3%) + whatever is paid in funding rates."

從理論上講，這種方法可以實現「中性」頭寸，如果資產價格下跌，收益率收益應抵消空頭頭寸的損失。然而，這種平衡是不穩定的，因為融資利率的負變化可能會侵蝕抵押品，導致清算。 Cronje 解釋道，「這個機制——這裡的理論是，你可以通過購買1000 美元的stETH，用它作為抵押品開立1000 美元的stETH 空頭，從而產生'穩定'的1000 美元，從而實現'中性'，同時獲得stETH 收益率 (~3%) + 支付的資金費率。”

Cronje's concerns echo the catastrophic implosion of Terra's algorithmic stablecoin UST in 2021, which resulted in significant financial losses across the board. By drawing a parallel between the structural weaknesses he perceives in Ethena's framework and the mechanisms that led to Terra's downfall, Cronje raises a red flag about the sustainability of complex financial products that lack transparent risk mitigation strategies.

Cronje 的擔憂與 2021 年 Terra 演算法穩定幣 UST 的災難性崩潰相呼應，導致全面重大財務損失。透過將他在 Ethena 框架中發現的結構性弱點與導致 Terra 垮台的機制進行比較，Cronje 對缺乏透明風險緩解策略的複雜金融產品的可持續性提出了危險信號。

Response from Ethena Labs

Ethena Labs 的回應

In response to Cronje's critique, Guy Young, founder of Ethena Labs, recognized the validity of the concerns raised. Young stated, "These aren't mid curve concerns at all Andre Cronje, you rightly point out risks that absolutely do exist here. Will work on a longer form response for you by end of this week with some thoughts."

針對 Cronje 的批評，Ethena Labs 創辦人 Guy Young 承認所提出的擔憂是正確的。楊表示，「安德烈·克羅涅，這些根本不是中曲線問題，你正確地指出了這裡絕對存在的風險。將在本週末之前為你制定一份更長的應對措施，並提出一些想法。”

Conclusion

結論

The exponential rise in ENA's value has sparked both excitement and caution within the cryptocurrency community. While the token's potential to facilitate a digital dollar platform and provide a global savings instrument is promising, concerns raised by experts regarding structural vulnerabilities in the underlying mechanism warrant attention. As the cryptocurrency market continues to evolve, it remains crucial for investors to carefully evaluate the risks and potential rewards associated with complex financial products.

ENA 價值的指數級上漲引發了加密貨幣社群的興奮和謹慎。雖然該代幣在促進數位美元平台和提供全球儲蓄工具方面的潛力是有希望的，但專家們對底層機制的結構性漏洞提出的擔憂值得關注。隨著加密貨幣市場的不斷發展，投資者仔細評估與複雜金融產品相關的風險和潛在回報仍然至關重要。