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Ethena Labs 將比特幣作為其與美元掛鉤的合成產品 USDe 的抵押品,在加密貨幣社群內引發了爭論。儘管目標是在比特幣未平倉合約激增的情況下擴大 20 億美元的供應量,但人們對 USDe 的波動性和穩定性表示擔憂。這項決定引起了 CryptoQuant 執行長 Ki Young Ju 的批評,他警告潛在的傳染風險以及 Delta 對沖在緩解比特幣價格波動方面的局限性。
Ethena Labs' Gamble: Bitcoin as Collateral for Synthetic Dollar Raises Concerns
Ethena Labs 的賭博:比特幣作為合成美元的抵押品引發擔憂
Ethena Labs, a leading player in the decentralized finance (DeFi) space, has sparked a heated debate within the crypto community with its decision to incorporate Bitcoin (BTC) as collateral for its synthetic dollar-pegged product, USDe. While the move aims to scale USDe's supply from $2 billion amidst a surge in Bitcoin open interest, it has raised concerns over the volatility of the world's largest cryptocurrency.
Ethena Labs 是去中心化金融 (DeFi) 領域的領先企業,決定將比特幣 (BTC) 作為其與美元掛鉤的合成產品 USDe 的抵押品,引發了加密貨幣社群的激烈爭論。儘管此舉旨在在比特幣未平倉合約激增的情況下將 USDe 的供應量從 20 億美元擴大至 20 億美元,但它引發了人們對全球最大加密貨幣波動性的擔憂。
Ethena's Expansion Strategy and the Role of Bitcoin
Ethena 的擴張策略和比特幣的作用
Ethena Labs' decision to integrate Bitcoin as collateral is part of its broader strategy to expand the utility and scalability of USDe, a synthetic stablecoin that aims to maintain a 1:1 peg to the US dollar. By incorporating Bitcoin, Ethena hopes to tap into the growing popularity and liquidity of the crypto asset. The move comes as the market witnesses a surge in Bitcoin open interest, signaling increased confidence in the growth potential of the cryptocurrency.
Ethena Labs 決定將比特幣作為抵押品,是其擴大 USDe 實用性和可擴展性的更廣泛策略的一部分,USDe 是一種合成穩定幣,旨在保持與美元 1:1 的掛鉤。透過整合比特幣,Ethena 希望利用加密資產日益普及和流動性的優勢。此舉發生之際,市場見證了比特幣未平倉合約的激增,顯示人們對加密貨幣成長潛力的信心增強。
Concerns over Volatility and Stability
對波動性和穩定性的擔憂
However, Ethena Labs' decision has drawn criticism and skepticism from some quarters, particularly regarding the stability and risk associated with using Bitcoin as collateral for a stablecoin. CryptoQuant CEO Ki Young Ju expressed concerns on Twitter, comparing the move to the disastrous collapse of the TerraUSD (UST) stablecoin. Ju emphasized the inherent volatility of Bitcoin, which could potentially lead to contagion risks and destabilize USDe's peg.
然而,Ethena Labs 的決定引起了一些方面的批評和懷疑,特別是在使用比特幣作為穩定幣抵押品的穩定性和風險方面。 CryptoQuant 執行長 Ki Young Ju 在 Twitter 上表達了擔憂,並將此舉與 TerraUSD (UST) 穩定幣的災難性崩潰進行了比較。 Ju強調了比特幣固有的波動性,這可能會導致傳染風險並破壞美元與美元掛鉤的穩定性。
Ethena's Hedging Strategy and Collateral Sources
Ethena 的對沖策略和抵押品來源
Ethena Labs has defended its decision, arguing that it employs a sophisticated hedging strategy in Bitcoin derivatives to mitigate the impact of volatility on USDe's stability. To maintain the peg, Ethena sources collateral from reputable exchanges such as Binance, ByBit, and OKX.
Ethena Labs 為其決定進行了辯護,稱其在比特幣衍生品中採用了複雜的對沖策略,以減輕波動性對 USDe 穩定性的影響。為了維持掛鉤,Ethena 從 Binance、ByBit 和 OKX 等信譽良好的交易所獲取抵押品。
Diversification and Reduced Reliance on Traditional Finance
多元化並減少對傳統金融的依賴
Ethena Labs also highlighted its goal of reducing reliance on traditional banking systems by leveraging Bitcoin as collateral for USDe. This move aligns with the broader DeFi ethos of decentralized finance and could potentially increase the liquidity and robustness of the USDe product.
Ethena Labs 也強調了其透過利用比特幣作為 USDe 抵押品來減少對傳統銀行系統的依賴的目標。此舉符合更廣泛的去中心化金融 DeFi 精神,並有可能增加 USDe 產品的流動性和穩健性。
Industry Reaction and Market Impact
產業反應和市場影響
The crypto community remains divided on Ethena Labs' decision. Some experts support the move, citing the potential for increased liquidity and innovation. Others remain cautious, expressing concerns over the potential risks associated with using Bitcoin as collateral for a stablecoin. It remains to be seen how the market will react to this bold decision and whether Ethena Labs' strategy will ultimately succeed in expanding USDe's footprint while maintaining its stability.
加密社群對 Ethena Labs 的決定仍然存在分歧。一些專家支持此舉,認為此舉有增加流動性和創新的潛力。其他人則保持謹慎,對使用比特幣作為穩定幣抵押品的潛在風險表示擔憂。市場對此大膽決定有何反應,以及 Ethena Labs 的策略最終能否成功擴大 USDe 的足跡並保持其穩定性,還有待觀察。
Conclusion
結論
Ethena Labs' decision to incorporate Bitcoin as collateral for USDe has ignited a debate on the role of volatile crypto assets in the stablecoin ecosystem. While the move aims to increase liquidity and reduce reliance on traditional finance, it has also raised concerns over the potential for instability and risk. The ultimate success of this strategy will depend on Ethena Labs' ability to effectively mitigate the risks associated with Bitcoin's volatility and maintain the stability of USDe.
Ethena Labs 決定將比特幣作為 USDe 的抵押品,引發了關於不穩定的加密資產在穩定幣生態系統中的作用的爭論。雖然此舉旨在增加流動性並減少對傳統金融的依賴,但也引發了人們對潛在不穩定和風險的擔憂。這項策略的最終成功將取決於 Ethena Labs 能否有效降低比特幣波動性風險並維持 USDe 的穩定性。
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