Ethena Protocol 的合成美元引發 DeFi 社區分裂

在 DeFi 領域，MakerDAO 和 Aave 之間正在醞釀的爭端圍繞著新興的 Ethena Protocol 及其合成美元 USDe 展開。 MakerDAO 提議對 USDe 金庫投資 6 億美元，引發了 Aave 的擔憂，對潛在系統性風險的擔憂與 Terra/Luna 崩潰相呼應。這場爭論凸顯了與 USDe 等合成穩定幣相關的高回報和風險，這些穩定幣透過演算法機制​​複製美元的價值。儘管 MakerDAO 看到了 USDe 在用戶激勵和空投獎勵方面的潛力，但 Aave 仍然持懷疑態度，建議將 DAI 作為可抵押資產從其平台中刪除，以減輕傳染風險。這場糾紛凸顯了在快節奏的 DeFi 世界中謹慎的風險管理和盡職調查的必要性。

Ethena Protocol and Its Synthetic Dollar USDe: A Battle of Opinions in the DeFi Community

Ethena 協議及其合成美元 USDe：DeFi 社群的意見大戰

The DeFi ecosystem has recently become captivated by the emergence of the Ethena Protocol and its flagship product, the synthetic dollar USDe. However, this fascination has been intertwined with apprehension, as the possibility of high returns is juxtaposed against fears of a UST-style stablecoin collapse.

DeFi 生態系統最近因 Ethena 協議及其旗艦產品合成美元 USDe 的出現而著迷。然而，這種迷戀與擔憂交織在一起，因為高回報的可能性與對 UST 式穩定幣崩潰的擔憂並存。

MakerDAO Embraces USDe, Aave Expresses Concerns

MakerDAO 擁抱 USDe，Aave 表示擔憂

MakerDAO, the decentralized autonomous organization (DAO) behind the stablecoin DAI, recently allocated $100 million to the Morpho Spark DAI vault, which provides exposure to USDe, a synthetic stablecoin issued by Ethena Labs. Subsequently, MakerDAO representatives and analysts from BA Labs, a member of the project's advisory board, highlighted the potential benefits of expanding the fund allocation to USDe.

MakerDAO 是穩定幣 DAI 背後的去中心化自治組織 (DAO)，最近向 Morpho Spark DAI 金庫撥款 1 億美元，該金庫提供了對 Ethena Labs 發行的合成穩定幣 USDe 的投資。隨後，MakerDAO 代表和專案顧問委員會成員 BA Labs 的分析師強調了將資金分配擴大到 USDe 的潛在好處。

In a bold move, MakerDAO is now contemplating allocating $600 million, allowing its users to collateralize USDe and borrow DAI. This "debt ceiling" proposal encompasses a comprehensive exposure of $1 billion, with an initial allocation of $600 million, with the remainder to be disbursed over time.

MakerDAO 現在正在考慮撥款 6 億美元，這是一項大膽的舉措，允許其用戶抵押 USDe 並借入 DAI。這項「債務上限」提案涵蓋10億美元的綜合風險敞口，初始撥款為6億美元，其餘部分將隨著時間的推移支付。

The decision to invest such a substantial sum highlights a strong demand from users for USDe-backed loan pools, potentially attracting retail users and increasing protocol usage. Additionally, USDe holders are enticed with "Shards" airdrop points, which will be converted into ENA tokens (Ethena governance tokens) during a subsequent airdrop.

投資如此大筆資金的決定凸顯了用戶對美元支持的貸款池的強烈需求，這可能會吸引散戶用戶並增加協議的使用。此外，USDe 持有者也受到「碎片」空投積分的吸引，這些積分將在隨後的空投過程中轉換為 ENA 代幣（Ethena 治理代幣）。

MakerDAO's governance forum reflects an unusual level of confidence in USDe, considering it more advantageous than the wrapped version, sUDe, also supported by Ethena. While sUDe offers fewer airdrop points, it compensates with a higher APY of approximately 36%.

MakerDAO 的治理論壇反映了人們對 USDe 不同尋常的信心，認為它比同樣由 Ethena 支持的封裝版本 sUDe 更有優勢。雖然 sUDe 提供的空投點較少，但它以約 36% 的較高 APY 來彌補。

However, despite the prestigious support from MakerDAO, the crypto community, including Aave, expresses concerns about the synthetic nature of USDe and the potential risks associated with it. Aave, a prominent lending protocol, has proposed removing DAI from its platform due to these concerns.

然而，儘管得到了 MakerDAO 的大力支持，包括 Aave 在內的加密社群仍對 USDe 的合成性質及其相關潛在風險表示擔憂。由於這些擔憂，著名的借貸協議 Aave 已提議從其平台上刪除 DAI。

Marc Zeller, founder of Aave Chan and a prominent member of the Aave community, has initiated a proposal to eliminate DAI as a collateralizable asset, citing fears of a potential collapse if the support system of USDe fails. This precautionary measure aims to minimize contagion risks for Aave users and preserve the stability of the platform.

Aave Chan 的創始人、Aave 社群的知名成員 Marc Zeller 發起了一項取消 DAI 作為抵押資產的提案，理由是擔心如果 USDe 的支援系統出現故障，可能會導致崩潰。這項預防措施旨在最大限度地降低 Aave 使用者的傳染風險並保持平台的穩定性。

Aave's Concerns and Strategies

Aave 的擔憂和策略

Zeller emphasizes that prudent risk management should not necessitate "shady deals, compromises on user security, or the printing of magical money in untested protocols." Aave's decision to remove DAI, if implemented, would demonstrate its commitment to safeguarding user funds.

澤勒強調，審慎的風險管理不應導致「不正當交易、對用戶安全的妥協或在未經測試的協議中印製神奇貨幣」。 Aave 取消 DAI 的決定如果實施，將表明其對保護用戶資金的承諾。

Interestingly, Aave's profits are currently at an all-time high, potentially surpassing those of MakerDAO. The platform also benefits from significant liquidity, which could accommodate a surge in new debt.

有趣的是，Aave 的利潤目前處於歷史最高水平，有可能超過 MakerDAO。該平台還受益於大量的流動性，這可以適應新債務的激增。

Understanding USDe: High Returns with High Risks

了解 USDe：高回報與高風險

The dispute between MakerDAO and Aave underscores the need to contextualize the role and characteristics of USDe. It is not a true stablecoin but rather a synthetic currency designed to algorithmically track the value of the US dollar.

MakerDAO 和 Aave 之間的爭議強調了需要將 USDe 的角色和特徵置於背景中。它不是真正的穩定幣，而是一種旨在透過演算法追蹤美元價值的合成貨幣。

In bull market conditions, USDe can generate substantial returns through interest rates on ether perpetuals and a bullish ETH price action. However, these high yields come with inherent risks.

在牛市條件下，USDe 可以透過以太永續合約的利率和看漲的 ETH 價格走勢產生可觀的回報。然而，這些高收益也伴隨著固有的風險。

As the market shifts to a bear market, the mechanism that maintains USDe's peg to the dollar may cease to function. In such a scenario, the value of USDe could plummet, exposing holders to significant losses.

隨著市場轉向熊市，維持 USDe 與美元掛鉤的機制可能會停止運作。在這種情況下，USDe 的價值可能會暴跌，從而使持有者遭受重大損失。

The Impact of Leveraging and Due Diligence

槓桿作用和盡職調查的影響

Leveraging USDe for higher returns can be prudent if the exposure is controlled and does not jeopardize the stability of the protocol. However, Ethena's recent search for a risk manager raises questions about its due diligence procedures, especially considering the substantial market capitalization of USDe.

如果風險得到控制並且不會危及協議的穩定性，那麼利用 USDe 獲得更高的回報可以是謹慎的。然而，Ethena 最近尋找風險經理的行為引發了對其盡職調查程序的質疑，特別是考慮到 USDe 的巨大市值。

ENA Token Surges

ENA 代幣激增

Amidst the controversy, ENA, the governance token of Ethena, has surged by over 59% in the last 24 hours, driven by an airdrop to early platform users. Its market capitalization currently stands at $1.3 billion.

在爭議中，Ethena 的治理代幣 ENA 在向早期平台用戶進行空投的推動下，在過去 24 小時內飆升了 59% 以上。目前其市值為13億美元。

Conclusion

結論

The debate surrounding Ethena Protocol and USDe highlights the complexities and risks inherent in the DeFi space. While opportunities for high returns exist, investors must carefully weigh these against the potential consequences of market fluctuations and protocol failures. Due diligence, cautious risk management, and a clear understanding of the underlying mechanisms are crucial to navigating this rapidly evolving landscape.

圍繞 Ethena Protocol 和 USDe 的爭論凸顯了 DeFi 領域固有的複雜性和風險。儘管存在高回報的機會，但投資者必須仔細權衡這些機會與市場波動和協議失敗的潛在後果。盡職調查、謹慎的風險管理以及對潛在機制的清晰了解對於應對這一快速發展的情況至關重要。