埃塞娜受到掃描，安德烈·克羅涅的懷疑引發了穩定性擔憂

在猜測和審查中，Ethena 加密貨幣計畫面臨 YearnFi 和 Fantom 聯合創始人 Andre Cronje 提出的擔憂。 Cronje 的分析對 Ethena 的 USDe 穩定幣的穩定性提出質疑，聲稱其使用質押的以太坊作為空頭頭寸的抵押品存在潛在風險。隨後，加密貨幣交易員將 Ethena 標記為“騙局”，並計劃處置他們的 ENA 代幣。

Ethena Under Scrutiny: Andre Cronje's Allegations Raise Concerns about Its Stability

Ethena 受到審查：Andre Cronje 的指控引發對其穩定性的擔憂

Noida, India (CoinChapter.com) - Ethena, a burgeoning blockchain project, has come under intense scrutiny following skepticism raised by Andre Cronje, the founder of Yearn Finance and Fantom. The allegations have sparked a torrent of speculation about Ethena's legitimacy, with many questioning whether it is a viable investment or a potential scam.

印度諾伊達 (CoinChapter.com) - Ethena 是一個新興的區塊鏈項目，在受到 Yearn Finance 和 Fantom 創始人 Andre Cronje 的質疑後，受到了嚴格的審查。這些指控引發了人們對 Ethena 合法性的大量猜測，許多人質疑這是一項可行的投資還是潛在的騙局。

The Allure of Ethena

艾西娜的魅力

Ethena Labs, the company behind Ethena, has garnered significant attention since its launch. The project's native token, ENA, has attracted investors with its promise of high returns through a combination of collateralization, delta hedging, and yield generation. Additionally, BitMEX founder Arthur Hayes has publicly endorsed the project, further bolstering its credibility.

Ethena 背後的公司 Ethena Labs 自推出以來就引起了廣泛關注。該項目的原生代幣 ENA 以其透過抵押、德爾塔對沖和收益產生相結合的高回報承諾吸引了投資者。此外，BitMEX 創辦人 Arthur Hayes 公開支持該項目，進一步增強了其可信度。

USDe's Questionable Stability

USDe 的穩定性值得懷疑

However, Ethena's USDe stablecoin, which offers yields of over 27%, has raised concerns among some market participants. Critics draw parallels to the Terra Luna debacle, where the UST stablecoin's collapse wiped out billions of dollars in investor funds. Ethena Labs maintains that USDe operates on a distinct model from UST, but Cronje's analysis has cast doubt on its long-term stability.

然而，Ethena 的 USDe 穩定幣的收益率超過 27%，引起了一些市場參與者的擔憂。批評者將其與 Terra Luna 的崩潰相提並論，UST 穩定幣的崩潰導致投資者資金損失數十億美元。 Ethena Labs 堅稱 USDe 的營運模式與 UST 不同，但 Cronje 的分析對其長期穩定性提出了質疑。

Cronje's Skepticism

克羅涅的懷疑論

Cronje's skepticism stems from his examination of USDe's operational model. He argues that maintaining a stable peg for stablecoins is inherently challenging, and he questions whether Ethena's technological underpinnings provide genuine stability or conceal underlying vulnerabilities. Cronje has emphasized the need for transparency and a community-driven vetting process to validate Ethena's claims.

克羅涅的懷疑源自於他對 USDe 營運模式的檢視。他認為，維持穩定幣的穩定掛鉤本質上是具有挑戰性的，他質疑 Ethena 的技術基礎是否提供了真正的穩定性或隱藏了潛在的漏洞。 Cronje 強調需要透明度和社群驅動的審查流程來驗證 Ethena 的主張。

Community Fallout

社區影響

Cronje's allegations have sparked a wave of backlash from the crypto community. Many users have labeled Ethena a scam cryptocurrency, while others have called for further investigation. Crypto trader CoinMamba has expressed plans to dump his ENA tokens due to the project's heightened risk profile.

Cronje 的指控引發了加密貨幣社群的強烈反對。許多用戶將 Ethena 標記為詐騙加密貨幣，而其他用戶則呼籲進一步調查。由於該專案的風險狀況較高，加密貨幣交易商 CoinMamba 已表示計劃拋售其 ENA 代幣。

Hayes to Address Concerns

海耶斯解決問題

In response to Cronje's criticisms, Arthur Hayes has announced that Guy Young, founder of Ethena Labs, will host a Twitter space on April 5th to address the concerns raised. It remains to be seen whether this will alleviate the doubts of skeptics and restore confidence in the project.

為了回應 Cronje 的批評，Arthur Hayes 宣布 Ethena Labs 創辦人 Guy Young 將於 4 月 5 日主持 Twitter 空間，以解決所提出的擔憂。這是否會緩解懷疑者的疑慮並恢復對該項目的信心還有待觀察。

Conclusion

結論

Andre Cronje's skepticism has cast a shadow over Ethena, raising legitimate questions about the project's stability and overall viability. While Ethena Labs maintains its commitment to transparency and the soundness of its USDe model, the crypto community remains divided. As the investigation unfolds, investors and users are advised to exercise caution and conduct thorough research before making any investment decisions.

Andre Cronje 的懷疑給了 Ethena 陰影，引發了對該項目穩定性和整體可行性的合理質疑。儘管 Ethena Labs 始終致力於其 USDe 模型的透明度和健全性，但加密社群仍然存在分歧。隨著調查的展開，建議投資者和用戶在做出任何投資決定之前保持謹慎並進行徹底的研究。