儘管演算法穩定幣存在擔憂，但 Ethena 仍因 USDe 需求激增

Ethena 是一家新興的區塊鏈公司，其服務需求激增，推高了其 ENA 代幣的價值。該公司的穩定幣 USDe 已成為業界第七大代幣，資產超過 23 億美元。儘管其成長令人印象深刻，但 USDe 由於其演算法支援和缺乏 1:1 的準備率而引起了人們的擔憂，這與臭名昭著的 Terra 崩潰進行了比較。目前市場波動較大，投資人需謹慎操作。

Ethena's Ascent Fueled by USDe Surge Amidst Algorithmic Stablecoin Concerns

演算法穩定幣擔憂中 USDe 飆升推動 Ethena 崛起

In the dynamic landscape of blockchain technologies, Ethena, a burgeoning player, has emerged as a force to reckon with. Its native token, ENA, has catapulted to a value of $1.1065 on Sunday morning, signaling a remarkable rise. This surge, however, has been overshadowed by the burgeoning demand for Ethena's stablecoin, USDe, which has soared to become the seventh largest cryptocurrency asset globally.

在區塊鏈技術的動態格局中，Ethena 作為一個新興參與者，已成為一股不可忽視的力量。其原生代幣 ENA 的價格在周日上午飆升至 1.1065 美元，標誌著價格的顯著上漲。然而，這種激增被對 Ethena 穩定幣 USDe 不斷增長的需求所掩蓋，USDe 已飆升至全球第七大加密貨幣資產。

With over $2.3 billion in assets, USDe's meteoric ascent has sparked both admiration and skepticism. The stablecoin's impressive growth has drawn comparisons to the infamous TerraUSD (UST), which collapsed spectacularly in 2022, raising concerns about the stability of USDe and the potential risks it poses to investors.

USDe 擁有超過 23 億美元的資產，其快速崛起既引發了欽佩，也引發了懷疑。這種穩定幣令人印象深刻的增長讓人與臭名昭著的TerraUSD (UST) 進行比較，後者在2022 年大幅崩盤，引發了人們對USDe 穩定性及其給投資者帶來的潛在風險的擔憂。

Unveiling Ethena's USDe: A Promise of High Returns with Inherent Risk

揭曉 Ethena 的 USDe：高回報承諾與固有風險

Unlike conventional stablecoins like Tether (USDT) and USD Coin (USDC), USDe's value is not directly pegged to the U.S. dollar on a 1:1 basis. Instead, Ethena employs an algorithmic stabilization mechanism known as "cash and carry." This strategy involves purchasing an underlying asset and simultaneously selling its derivative in a short position.

與 Tether (USDT) 和 USD Coin (USDC) 等傳統穩定幣不同，USDe 的價值並未以 1:1 的比例直接與美元掛鉤。相反，Ethena 採用了一種稱為「現金自運」的演算法穩定機制。該策略涉及購買標的資產並同時賣出其空頭部位衍生品。

While this arbitrage strategy has historically proven successful, as evidenced by the growth of ETFs like JEPI and JEPQ, it also carries significant risks. The collapse of UST, which promised similarly high returns, serves as a cautionary tale.

雖然這種套利策略在歷史上被證明是成功的，JEPI 和 JEPQ 等 ETF 的成長證明了這一點，但它也帶來了巨大的風險。承諾同樣高回報的科技大學的倒閉是一個警示。

Lessons from Terra's Demise: A Specter Haunting USDe's Promise

Terra 滅亡的教訓：困擾 USDe 承諾的幽靈

Terra's UST offered users alluring returns of over 20%, attracting a substantial pool of investors. However, its peg to the U.S. dollar proved unsustainable, leading to a catastrophic depegging event in 2022. The ensuing market turmoil resulted in losses exceeding $40 billion.

Terra 的 UST 為用戶提供了超過 20% 的誘人回報，吸引了大量投資者。然而事實證明，其與美元的掛鉤是不可持續的，導致2022年發生災難性的脫鉤事件。

While USDe's algorithmic stabilization differs from UST's, the underlying risks remain undeniable. The cryptocurrency market's recent volatility, including Bitcoin's plunge below $65,000 and the overall market capitalization decline of 6%, serves as a sobering reminder of the inherent uncertainties facing all crypto assets.

儘管 USDe 的演算法穩定性與 UST 不同，但潛在風險仍然不可否認。加密貨幣市場近期的波動，包括比特幣跌破65,000美元以及整體市值下降6%，清醒地提醒人們所有加密資產都面臨固有的不確定性。

Ethena's Promise: A Balancing Act Between High Yields and Potential Peril

Ethena 的承諾：高收益與潛在危險之間的平衡之舉

Ethena's USDe offers investors the tantalizing prospect of outperforming the market by delivering an annual percentage yield (APY) of 17.2% to its 147,000 holders. This far exceeds the average returns offered by even the riskiest corporate bonds, making it an attractive investment proposition.

Ethena 的 USDe 為投資者提供了超越市場的誘人前景，為其 147,000 名持有者提供了 17.2% 的年收益率 (APY)。這遠遠超過了即使是風險最高的公司債所提供的平均回報，使其成為一個有吸引力的投資主張。

However, the risks associated with USDe's algorithmic stabilization mechanism cannot be overlooked. In the event of a depegging, investors could face substantial losses. It is crucial to weigh these risks carefully against the potential rewards before making any investment decisions.

然而，與 USDe 演算法穩定機制相關的風險也不容忽視。如果脫鉤，投資者可能面臨巨額損失。在做出任何投資決定之前，仔細權衡這些風險與潛在回報至關重要。

As the cryptocurrency market navigates its current turbulence, Ethena's USDe presents a compelling yet potentially perilous investment opportunity. Investors are advised to exercise caution and conduct thorough due diligence before venturing into this high-stakes arena.

隨著加密貨幣市場當前的動盪，Ethena 的 USDe 提供了一個引人注目但潛在危險的投資機會。建議投資者在冒險進入這個高風險領域之前保持謹慎並進行徹底的盡職調查。