Ethena Labs：追逐收益的穩定幣引發風險擔憂，與 Terra 崩潰相呼應

Ethena Labs 是一個以 USDe 穩定幣為特色的 DeFi 項目，儘管對其長期可持續性持懷疑態度，但仍引起了人們的關注。其產生收益的模式涉及持有空頭部位和質押，但這些策略帶來了巨大的風險。空頭部位風險源自潛在的負融資利率，而在嚴重經濟衰退期間，儲備基金可能會不足，從而彌補了這一風險。由於使用以太坊的流動質押代幣 stETH，也存在抵押品脫鉤風險，該代幣可能會經歷脫鉤事件或流動性問題。這些風險值得 USDe 用戶和投資者密切監控。

Ethena Labs: Unpacking the Risks of a Yield-Focused Stablecoin

Ethena Labs：揭示以收益為中心的穩定幣的風險

Ethena Labs, a provider of the USDe stablecoin, has recently gained significant attention within the decentralized finance (DeFi) community. However, concerns about the project's inherent vulnerabilities have also surfaced, prompting analysts to speculate about potential risks similar to those that led to the collapse of the Terra/UST ecosystem.

Ethena Labs 是 USDe 穩定幣的供應商，最近在去中心化金融 (DeFi) 社群中引起了極大關注。然而，對該專案固有漏洞的擔憂也浮出水面，促使分析師猜測類似於導致 Terra/UST 生態系統崩潰的潛在風險。

1. Short Position Risk

1. 空頭風險

A key feature of Ethena's operation is its reliance on short positions in centralized exchanges. These positions are intended to provide compensation for potential losses in collateral value and generate funding income. However, this strategy also exposes Ethena to significant risks.

Ethena 營運的一個主要特點是依賴中心化交易所的空頭部位。這些頭寸旨在補償抵押品價值的潛在損失並產生資金收入。然而，這項策略也使 Ethena 面臨重大風險。

The funding rate, which represents the difference between the perpetual futures market price and the index price, has historically favored long positions. This has resulted in positive funding income for short holders like Ethena. However, during market downturns, funding rates can turn negative, requiring short holders to pay long holders.

資金費率代表永續期貨市場價格與指數價格之間的差額，歷來有利於多頭頭寸。這為 Ethena 等空頭持有者帶來了積極的資金收入。然而，在市場低迷期間，融資利率可能會變為負值，要求空頭持有人向多頭持有人付款。

Ethena has established a reserve fund to mitigate the impact of negative funding rates, absorbing payments during such periods. The stability of this reserve fund is crucial for the project's viability. Researchers estimate that significant negative funding rates during periods of high USDe market capitalization may require substantial increases in the reserve fund, ranging from $40 million to $100 million.

Ethena 設立了儲備基金，以減輕負資金利率的影響，吸收在此期間的付款。此儲備金的穩定性對於專案的可行性至關重要。研究人員估計，在 USDe 市值較高期間，若出現顯著的負融資率，可能需要大幅增加儲備基金，金額從 4,000 萬美元到 1 億美元不等。

2. Collateral Depegging Risk

2. 抵押品脫鉤風險

Another potential vulnerability for Ethena lies in its collateral composition. While initially envisioning Bitcoin or Ethereum as collateral, the project currently holds approximately 15% of its collateral in Ethereum's liquid staking tokens, primarily Lido's stETH. This introduces an additional layer of risk due to the potential for a depegging event between stETH and ETH.

Ethena 的另一個潛在漏洞在於其抵押品的構成。雖然最初設想比特幣或以太坊作為抵押品，但該項目目前持有約 15% 的抵押品為以太坊的流動質押代幣，主要是 Lido 的 stETH。由於 stETH 和 ETH 之間可能發生脫鉤事件，這會帶來額外的風險。

A depegging of stETH could result in losses for Ethena due to its impact on margin requirements and possible forced liquidations. Factors contributing to potential depegging include Lido's operational issues, hacking incidents, or broader market factors.

由於 stETH 的脫鉤可能會影響保證金要求並可能導致強制清算，因此可能會給 Ethena 帶來損失。導致潛在脫鉤的因素包括麗都的營運問題、駭客事件或更廣泛的市場因素。

Moreover, the on-chain liquidity of stETH has recently declined, raising concerns about its price stability in the event of significant sell orders. While stETH can theoretically be unstaked to rebalance with ETH, this process may not be feasible on a large scale in a short period due to validator exit queues.

此外，stETH的鏈上流動性近期有所下降，引發了人們對其在出現大量賣單時價格穩定性的擔憂。雖然理論上可以解除 stETH 的質押以與 ETH 進行重新平衡，但由於驗證者退出隊列，此過程可能無法在短時間內大規模實施。

Conclusion

結論

The aforementioned risks highlight the potential vulnerabilities inherent in Ethena's yield-generating strategies. While these risks may seem remote during the current bull market, they underscore the importance of vigilant monitoring by users of USDe and related projects, particularly in the face of potential market downturns.

上述風險凸顯了 Ethena 創收策略固有的潛在漏洞。雖然這些風險在當前的多頭市場中似乎很遙遠，但它們強調了 USDe 和相關項目的用戶保持警惕監控的重要性，特別是在面臨潛在的市場低迷的情況下。

The ability of Ethena to withstand simultaneous adverse events, such as a major stETH slashing event, a depegging, and prolonged negative funding rates, remains a subject of ongoing scrutiny and debate. Only time will tell whether Ethena can navigate these challenges and maintain the stability of its USDe stablecoin.

Ethena 承受同時發生的不利事件的能力，例如重大的 stETH 削減事件、脫鉤和長期負資金利率，仍然是持續審查和爭論的主題。只有時間才能證明 Ethena 能否應對這些挑戰並維持 USDe 穩定幣的穩定性。