Ethena Labs 的 USDe 穩定幣流動池獲得批准，反應不一

合成美元 USDe 背後的開發商 Ethena Labs 與 Frax Finance 合作，在 Curve 上創建了 USDeFRAX 流動性池，上限為 2.5 億美元。此舉旨在使 FRAX 穩定幣殖利率多樣化並增強鏈上美元流動性。

Ethena Labs Secures Liquidity Pool Approval for USDe Stablecoin, Sparking Mixed Reactions

Ethena Labs 獲得 USDe 穩定幣流動性池批准，引發不同反應

In a significant development for the decentralized finance (DeFi) sector, Ethena Labs has received the green light to create a liquidity pool for its USDe stablecoin with Frax Finance. The pool will operate on the Curve decentralized exchange and will have a ceiling of $250 million, providing a crucial avenue for users to trade USDe.

作為去中心化金融 (DeFi) 領域的一項重大發展，Ethena Labs 已獲準與 Frax Finance 為其 USDe 穩定幣創建流動性池。該礦池將在 Curve 去中心化交易所上運行，上限為 2.5 億美元，為用戶交易 USDe 提供重要途徑。

The approval comes after Ethena Labs submitted a proposal to Frax Finance's governance forum, outlining the benefits of the collaboration. Ethena Labs expressed its admiration for the FRAX team, acknowledging their expertise in the DeFi space and expressing excitement about future initiatives to bolster the on-chain dollar economy.

Ethena Labs 向 Frax Finance 治理論壇提交了一份提案，概述了合作的好處，隨後獲得批准。 Ethena Labs 表達了對 FRAX 團隊的欽佩，承認他們在 DeFi 領域的專業知識，並對未來支持鏈上美元經濟的舉措表示興奮。

Following the approval, USDe's issuer and Frax Finance aim to enhance dollar liquidity on the blockchain. However, the move has raised concerns among some observers, who draw parallels between USDe and Terraform's ill-fated algorithmic stablecoin, UST.

獲得批准後，USDe 的發行人和 Frax Finance 旨在增強區塊鏈上的美元流動性。然而，此舉引起了一些觀察家的擔憂，他們將 USDe 與 Terraform 命運多舛的演算法穩定幣 UST 進行了比較。

Terraform's UST Shadow Looms Large

Terraform 的 UST Shadow 顯得特別突出

Fantom developer Andre Cronje has voiced concerns about USDe's risk profile, specifically its reliance on collateralized positions to maintain its peg to the U.S. dollar. This mechanism, he argues, bears striking similarities to UST's design, which ultimately led to the collapse of Terra's ecosystem.

Fantom 開發商 Andre Cronje 對 USDe 的風險狀況表示擔憂，特別是其依賴抵押頭寸來維持與美元掛鉤的情況。他認為，這種機制與 UST 的設計有著驚人的相似之處，而 UST 的設計最終導致了 Terra 生態系統的崩潰。

Furthermore, CryptoQuant founder Ki Young Ju has echoed Cronje's concerns, citing the potential for a crypto contagion if USDe were to experience a similar fate as UST. Terraform also utilized Bitcoin (BTC) as a reserve asset before its downfall.

此外，CryptoQuant 創辦人 Ki Young Ju 也回應了 Cronje 的擔憂，並表示如果 USDe 經歷與 UST 類似的命運，加密貨幣可能會蔓延。 Terraform 在崩潰之前也利用比特幣（BTC）作為儲備資產。

USDe's Market Success Amidst Skepticism

USDe 的市場成功受到質疑

Despite the skepticism, USDe has gained traction among users since its launch in February, with its supply surpassing $2 billion. Ethena Labs offers the dollar-pegged token exclusively on Ethereum's mainnet.

儘管存在質疑，USDe 自 2 月推出以來仍受到用戶的青睞，其供應量超過 20 億美元。 Ethena Labs 專門在以太坊主網上提供與美元掛鉤的代幣。

Although the protocol initially faced a security exploit that resulted in a loss of $290,000, the issue was promptly resolved. Since then, Ethena Labs has continued to expand USDe's integration and utility.

儘管該協議最初面臨安全漏洞並導致 29 萬美元的損失，但該問題很快就得到了解決。此後，Ethena Labs 繼續擴展 USDe 的整合度和實用性。

To reward early supporters and participants, the stablecoin provider conducted an airdrop of its governance token, ENA, distributing 750 million free tokens.

為了獎勵早期支持者和參與者，穩定幣提供者對其治理代幣 ENA 進行了空投，分發了 7.5 億個免費代幣。

Conclusion

結論

The collaboration between Ethena Labs and Frax Finance marks a significant step in enhancing dollar liquidity on the blockchain. However, the project's similarities to Terraform's UST have raised concerns among some industry experts. As the DeFi sector evolves and matures, it remains to be seen how USDe will navigate these challenges and whether it can avoid the pitfalls that befell its predecessor. Only time will tell the fate of this synthetic dollar.

Ethena Labs 和 Frax Finance 之間的合作標誌著增強區塊鏈美元流動性的重要一步。然而，該計畫與 Terraform 的 UST 的相似之處引起了一些行業專家的擔憂。隨著 DeFi 領域的發展和成熟，USDe 將如何應對這些挑戰，以及是否能夠避免其前身遭遇的陷阱，還有待觀察。只有時間才能告訴我們這種合成美元的命運。