Ethena 協議：對演算法穩定幣風險的審查加劇

2 月 21 日，Ethena 推出了其演算法穩定幣 USDe，由加密資產和空頭期貨部位支持，收益率高達 37%。儘管對其穩定性存在一些擔憂，但該協議的原生代幣 ENA 於 4 月 2 日空投，已飆升超過 70%，躋身市值前 100 名加密貨幣之列。

Ethena Protocol: A Deep Dive into its Algorithmic Stablecoin and Potential Risks

Ethena 協議：深入探討其演算法穩定幣和潛在風險

Introduction

介紹

Ethena, a synthetic dollar protocol, has garnered immense attention recently, particularly with the launch of its algorithmic stablecoin USDe and the subsequent airdrop of its native token ENA. However, concerns have emerged regarding Ethena's ability to maintain stability, raising questions about its potential risks.

Ethena 是一種合成美元協議，最近引起了極大關注，尤其是其演算法穩定幣 USDe 的推出以及隨後空投的原生代幣 ENA。然而，人們對 Ethena 維持穩定的能力感到擔憂，引發了對其潛在風險的質疑。

The Ethena Protocol

以太坊協議

Ethena's USDe stablecoin differs from traditional fiat-pegged stablecoins in that it is not directly collateralized with fiat currencies but rather with a combination of crypto assets and short futures positions. This unique collateralization model aims to achieve stability by offsetting fluctuations in the price of the collateral assets through the use of short futures positions. Additionally, Ethena offers attractive yields of up to 37% through staking ETH and utilizing the funding spread from its short hedges.

Ethena 的 USDe 穩定幣與傳統的與法幣掛鉤的穩定幣不同，它不是直接以法幣作為抵押品，而是以加密資產和空頭期貨頭寸的組合作為抵押。這種獨特的抵押模式旨在透過利用空頭期貨部位來抵消抵押資產價格的波動來實現穩定性。此外，Ethena 透過質押 ETH 並利用其空頭對沖的資金利差，提供高達 37% 的有吸引力的收益率。

ENA Airdrop and Market Performance

ENA 空投與市場表現

On April 2, Ethena airdropped 750 million ENA tokens, representing 5% of the total supply. ENA's price initially soared by 350% but has since retraced to trade at around $0.93. Despite the recent price volatility, ENA currently ranks #81 among cryptocurrencies based on market capitalization, highlighting the substantial interest in the project.

4 月 2 日，Ethena 空投了 7.5 億個 ENA 代幣，佔總供應量的 5%。 ENA 的價格最初飆升了 350%，但後來回落至 0.93 美元左右。儘管最近價格波動，ENA 目前在基於市值的加密貨幣中排名第 81，凸顯了對該項目的巨大興趣。

Potential Risks and Concerns

潛在風險和擔憂

While Ethena has attracted significant attention, concerns have been raised about its potential risks. Fantom founder Andre Cronje has expressed doubts about the protocol's ability to sustain high yields during negative funding rates, which can occur during market downturns. Negative funding rates would require short traders to pay a premium to long traders, putting a strain on Ethena's yield-generating capabilities.

儘管 Ethena 引起了廣泛關注，但人們也對其潛在風險表示擔憂。 Fantom 創辦人 Andre Cronje 對該協議在負融資利率期間維持高收益的能力表示懷疑，這種情況可能發生在市場低迷時期。負資金利率將要求空頭交易者向多頭交易者支付溢價，從而對 Ethena 的收益率產生能力造成壓力。

Additionally, the reliance on stETH as a collateral asset has raised concerns due to the potential risks associated with stETH, which is a staked version of ETH that cannot be immediately redeemed. If the Ethereum network experiences a significant downturn, stETH could lose value, potentially affecting the stability of USDe.

此外，由於與 stETH 相關的潛在風險，對 stETH 作為抵押資產的依賴引起了人們的擔憂，stETH 是 ETH 的質押版本，無法立即贖回。如果以太坊網路經歷嚴重下滑，stETH 可能會貶值，從而可能影響 USDe 的穩定性。

Industry Perspectives and Price Predictions

產業視角與價格預測

Despite these concerns, some experts believe that Ethena has the potential for success. Evgeny Gaevoy, CEO of Wintermute, argues that USDe's backing by stETH and BTC sets it apart from previous unstable stablecoin projects like Terra's UST, emphasizing its resilience and potential for long-term viability.

儘管有這些擔憂，一些專家認為 Ethena 有成功的潛力。 Wintermute 執行長 Evgeny Gaevoy 認為，USDe 得到 stETH 和 BTC 的支持，使其與 Terra 的 UST 等先前不穩定的穩定幣項目區分開來，強調了其彈性和長期生存潛力。

In terms of price predictions, the lack of sufficient data makes it challenging to determine the future trend with certainty. However, a breakdown below the $0.93 support level could trigger a 25% drop, while a breakout from the descending resistance trend line could lead to a 30% increase to the next resistance level at $1.20.

在價格預測方面，由於缺乏足夠的數據，很難確定未來的趨勢。然而，跌破 0.93 美元的支撐位可能會引發 25% 的下跌，而突破下降阻力趨勢線可能會導致上漲 30%，到達下一個阻力位 1.20 美元。

Conclusion

結論

Ethena's launch has generated significant excitement, but it is important to consider the potential risks associated with its unique collateralization model and reliance on stETH. While the ENA token has experienced initial price volatility, it remains to be seen how the protocol will perform in the long term. Investors and traders interested in Ethena should carefully assess the risks and potential rewards before making any investment decisions.

Ethena 的推出引起了極大的興奮，但重要的是要考慮與其獨特的抵押模型和對 stETH 的依賴相關的潛在風險。雖然 ENA 代幣經歷了最初的價格波動，但該協議的長期表現仍有待觀察。對 Ethena 感興趣的投資者和交易者在做出任何投資決定之前應仔細評估風險和潛在回報。