Ethena的「合成美元」是否會為去中心化金融（DeFi）帶來新的系統性風險？

儘管渴望避免被貼上穩定幣的標籤，但 USDe 正越來越多地在 DeFi 領域的一些最大參與者中被用作穩定幣。然而，有些人擔心，將 USDe 視為中心化穩定幣會改變其作為抵押資產的風險狀況。

Ethena’s synthetic dollar (USDe) is being increasingly used as a stablecoin across some of the biggest players in decentralized finance (DeFi). However, some are concerned that treating USDe as a centralized stablecoin changes its risk profile as a collateral asset.

Ethena 的合成美元（USDe）越來越多地被去中心化金融（DeFi）領域的一些最大參與者用作穩定幣。然而，有些人擔心將 USDe 視為中心化穩定幣會改變其作為抵押資產的風險狀況。

An early-stage Aave governance proposal to peg USDe 1:1 with Tether’s USDT has raised concerns over potential conflicts of interest, especially given the contrast in depeg risks between the two assets.

Aave 早期提出的一項將 USDe 與 Tether 的 USDT 以 1:1 掛鉤的治理提案引發了人們對潛在利益衝突的擔憂，特別是考慮到兩種資產之間脫鉤風險的對比。

The proposal, posted to Aave governance forums on Monday and currently in the “Request for Comments” stage, suggests “hardcoding the USDe price to match the USDT price in Aave’s pricing feeds.”

該提案於週一發佈到 Aave 治理論壇，目前處於“徵求意見”階段，建議“對 USDe 價格進行硬編碼，以匹配 Aave 定價源中的 USDT 價格。”

This would replace the current Chainlink USDe/USD oracle in an attempt to avoid liquidations that prove “unprofitable for liquidators, potentially causing bad debt to Aave.”

這將取代目前的 Chainlink USDe/USD 預言機，以避免「清算人無利可圖，可能對 Aave 造成壞帳」的清算。

However, both co-authors of the proposal, ChaosLabs and LlamaRisk, are either actively working with or have previously worked for Ethena.

然而，該提案的兩位共同作者 ChaosLabs 和 LlamaRisk 要么正在積極與 Ethena 合作，要么曾在 Ethena 工作過。

Criticism of the proposal boils down to the fact that Tether is (ostensibly) fully-backed by off-chain assets, ensuring the ability to redeem USDT 1:1 for USD off-chain.

對該提案的批評歸結為這樣一個事實：Tether（表面上）完全由鏈下資產支持，確保了將 USDT 1:1 兌換為鏈下美元的能力。

Read more: Tether’s Q3 attestations prove that it can’t quit secured loans

閱讀更多：Tether 第三季的證明證明它無法退出擔保貸款

USDe, on the other hand, is backed by a delta-neutral balance of long and short ETH positions, exposed to the risk of “persistently negative funding rates” which may occur if market sentiment turns bearish.

另一方面，USDe 受到 ETH 多頭和空頭部位的 Delta 中性平衡的支持，如果市場情緒轉為看跌，則可能面臨「持續負資金利率」的風險。

One user likened the move to an “aggressive growth proposal” while another criticized the circular logic of acknowledging the differing risks and then treating the assets as having the same value instead of taking appropriate steps.

一位用戶將此舉比作“積極的成長建議”，而另一位用戶則批評這種循環邏輯，即承認不同的風險，然後將資產視為具有相同的價值，而不是採取適當的步驟。

ImperiumPaper also raised similar concerns days earlier following a proposal to expose USDS (the rebranded version of DAI) to USDe and sUSDe via Spark. They also highlighted issues with the timing of such a suggestion.

幾天前，在提議透過 Spark 將 USDS（DAI 的重新命名版本）暴露給 USDe 和 sUSDe 後，ImperiumPaper 也提出了類似的擔憂。他們也強調了提出此類建議的時機問題。

The MakerDAO community bigwig has been a harsh critic of Maker in recent months, selling their stake in governance following a wobbly rebrand and worries over an overleveraged founder putting the project’s token MKR in jeopardy.

近幾個月來，MakerDAO 社群大佬一直對Maker 提出嚴厲批評，在品牌重塑不穩定後出售了他們在治理中的股份，並擔心創始人過度槓桿化會讓該項目的代幣MKR 陷入危險。

Curve, anyone?

曲線，有人嗎？

Looks like DAI/USDS is about to get partial direct backing by USDe instead of USDC. This is despite the proposer being an investor in Ethena and the risk consultants also working for Ethena. No independent risk assessment given. https://t.co/EvFXNPZHOy

看起來 DAI/USDS 即將獲得 USDe 而不是 USDC 的部分直接支援。儘管提議者是 Ethena 的投資者，風險顧問也為 Ethena 工作。沒有給予獨立的風險評估。 https://t.co/EvFXNPZHOy

Read more: MakerDAO could back a billion Dai with Ethena’s ‘synthetic dollar’ USDe

了解更多：MakerDAO 可以用 Ethena 的「合成美元」USDe 支援 10 億 Dai

In response, Ethena founder Guy Young has denied any conflicts, underlining the project’s risk committee which was set up in order to “provide external discipline and accountability with regards to the ongoing management of the product.”

作為回應，Ethena 創始人 Guy Young 否認有任何衝突，並強調該項目的風險委員會的成立是為了「為產品的持續管理提供外部紀律和問責制」。

He also points to a recent example of LlamaRisk proposing more stringent measures on the use of sUSDe as collateral on Aave.

他還提到了最近的一個例子，LlamaRisk 提議對使用 sUSDe 作為 Aave 的抵押品採取更嚴格的措施。

On Monday, Ethena’s former head of growth (or “taking risk”) Seraphim Czecker stepped down suddenly, stating that the firm is “entering a different phase in its growth.”

週一，Ethena 的前成長主管（或「承擔風險」）Seraphim Czecker 突然辭職，表示該公司正在「進入成長的不同階段」。

However, Ethena shows no signs of slowing down.

然而，Ethena 並沒有表現出放緩的跡象。

Yesterday, Young referred to ‘Aavethena’ (which saw combined deposits of sUSDe and USDe on Aave shoot to a total of $1 billion) as a “nice little proof of concept.”

昨天，Young 將「Aavethena」（Aave 上 sUSDe 和 USDe 的存款總額猛增至 10 億美元）稱為「一個不錯的小概念證明」。

Earlier today, a 2025 roadmap titled Convergence was published, setting out Ethena’s plans to integrate further with traditional finance and “completely alter the destiny of DeFi.”

今天早些時候，發布了一份名為「Convergence」的 2025 年路線圖，闡述了 Ethena 進一步與傳統金融融合併「徹底改變 DeFi 命運」的計劃。

Ethena’s Terra Flashbacks

伊西娜的泰拉閃回

On launch, Ethena’s high yield on its (don’t-call-it-a) stablecoin USDe drew comparisons to Terra’s UST, which imploded spectacularly in May 2022. While the comparisons were perhaps unfair, given the differing risk profile of the two assets, users were understandably wary after the fallout of UST’s collapse plunged DeFi into a deep and wearing bear market.

在推出時，Ethena 的（不要稱之為）穩定幣USDe 的高收益與Terra 的UST 進行了比較，後者在2022 年5 月發生了驚人的內爆。 ，這種比較可能是不公平的在 UST 崩盤的影響使 DeFi 陷入深度熊市之後，用戶的謹慎態度是可以理解的。

Read more: CHART: Do Kwon’s extradition has seen a total of 23 developments

閱讀更多：圖表：Do Kwon 引渡案共有 23 個進展

Do Kwon, the architect of Terra’s UST and LUNA, which wiped out an estimated $40 billion between them yesterday, pled not guilty to charges of fraud after being extradited to the US earlier in the week.

Terra 的 UST 和 LUNA 的設計師 Do Kwon 在本週稍早被引渡到美國後，對詐欺指控表示無罪，昨天這兩家公司損失了約 400 億美元。

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