Ethena 的合成美元因市場不穩定擔憂而受到審查

Ethena Labs 的 USDe 合成美元因其高收益而受到關注，但行業專家提出了擔憂。 Fantom 和 Yearn Finance 創辦人 Andre Cronje 警告稱，US​​De 的抵押機制可能會在不斷變化的市場條件下容易受到清算的影響，而其他人則強調評估託管和實體風險的重要性。儘管有這些擔憂，Ethena 的 USDe 仍出現了爆炸性增長，市值達到 13 億美元。一些分析師將其與 Terra 的 UST 穩定幣進行了比較，但其他人則認為 Ethena 的 Delta 中性設計和 stETH 支持使其具有根本的不同。

Ethena's Synthetic Dollar Draws Scrutiny Amidst Market Volatility Concerns

Ethena 的合成美元因市場波動擔憂而受到審查

[Insert Date] - Ethena Labs' launch of its USDe synthetic dollar on February 21 has sparked a heated debate among analysts due to its alluring double-digit yield. While some have lauded the project's innovative mechanism, others have raised concerns about potential risks.

[插入日期] - Ethena Labs 於 2 月 21 日推出的 USDe 合成美元因其誘人的兩位數收益率而引發了分析師的激烈爭論。雖然有些人稱讚該計畫的創新機制，但有些人則對潛在風險表示擔憂。

Andre Cronje's Warning

安德烈·克羅涅的警告

The latest prominent figure to voice skepticism about USDe is Andre Cronje, founder of Fantom and Yearn Finance. In a recent tweet, Cronje expressed his apprehension about the stability of USDe's collateral in the event of adverse market conditions.

最近對 USDe 表示懷疑的知名人物是 Fantom 和 Yearn Finance 的創辦人 Andre Cronje。在最近的一條推文中，Cronje 表達了他對 USDe 抵押品在不利市場條件下的穩定性的擔憂。

Cronje highlighted the mechanism underlying USDe, emphasizing the crucial role of funding rates in Ethena's architecture. He cautioned that if funding rates turn negative, triggering liquidations, the asset could abruptly lose its backing.

Cronje 強調了 USDe 的底層機制，強調資金費率在 Ethena 架構中的關鍵作用。他警告說，如果融資利率變為負值，引發清算，該資產可能會突然失去支持。

Echoed Concerns

呼應的擔憂

Cronje's concerns were echoed by Scoopy Trooples, the anonymous co-founder of Alchemix Finance. Trooples tweeted, "I've been showing concern for it at the risk of being labeled a midwit."

Alchemix Finance 的匿名共同創辦人 Scoopy Trooples 也表達了 Cronje 的擔憂。特魯普斯在推特上寫道：“我冒著被貼上助產士標籤的風險一直對此表示擔憂。”

Addressing Liquidation Risks

因應清算風險

However, Evgeny Gaevoy, CEO of algorithmic trading firm Wintermute, disputed the notion that liquidations pose a significant threat. Instead, he identified custodians as a more pressing concern, likening the risk to FTX rather than LUNA.

然而，演算法交易公司 Wintermute 的執行長 Evgeny Gaevoy 對清算構成重大威脅的觀點提出了質疑。相反，他認為託管人是更緊迫的問題，並將風險比作 FTX 而不是 LUNA。

MonetSupply, the pseudonymous co-founder of Block Analitica, a risk intelligence platform for DeFi, concurred with Gaevoy's assessment regarding liquidations. MonetSupply also highlighted custody risk as "one of the more significant risks," along with exchange solvency and Ethena entity risk, such as potential compromise of internal keys.

DeFi 風險情報平台 Block Analitica 的匿名聯合創始人 MonetSupply 同意 Gaevoy 關於清算的評估。 MonetSupply 還強調託管風險是“更重大的風險之一”，此外還有交易所償付能力和 Ethena 實體風險，例如內部金鑰的潛在洩漏。

Ethena's Rapid Growth

Ethena 的快速成長

Despite the concerns raised, USDe has experienced explosive growth. It is backed by staked Ether (stETH) and hedged with short ETH positions on centralized exchanges. Both stETH and the short positions contribute to the yield that is distributed to USDe holders.

儘管存在擔憂，USDe 仍經歷了爆炸性增長。它由質押以太幣 (stETH) 提供支持，並透過中心化交易所上的空頭 ETH 頭寸進行對沖。 stETH 和空頭部位都有助於分配給 USDe 持有者的收益。

USDe's market capitalization has surged to $1.3 billion, placing it among the top 5 stablecoins on Coingecko. Ethena also recently completed its ENA airdrop, propelling the network to a $1 billion market capitalization.

USDe 的市值已飆升至 13 億美元，躋身 Coingecko 排名前 5 名的穩定幣之列。 Ethena 最近也完成了 ENA 空投，使該網路的市值達到 10 億美元。

Comparisons to Terra's UST

與 Terra 的 UST 的比較

Ethena's USDe has drawn comparisons to Terra's UST stablecoin. In 2022, Terraform Labs, led by Do Kwon, launched LUNA, a native token, and UST, an algorithmic stablecoin backed by LUNA. UST lost its peg after a dramatic decline in the price of LUNA, leading to a downward spiral and a run on deposits that wiped out nearly $50 billion of UST's market capitalization in a matter of days.

Ethena 的 USDe 與 Terra 的 UST 穩定幣進行了比較。 2022 年，Do Kwon 領導的 Terraform Labs 推出了原生代幣 LUNA 和由 LUNA 支援的演算法穩定幣 UST。 LUNA 價格大幅下跌後，UST 失去了錨定匯率，導致了螺旋式下跌和擠兌存款，幾天之內 UST 市值蒸發了近 500 億美元。

However, unlike UST, USDe is backed by stETH and, as of recently, BTC.

然而，與 UST 不同的是，USDe 由 stETH 以及最近的 BTC 支持。

Nic Carter's Perspective

尼克卡特的觀點

Nic Carter, general partner at Castle Island Ventures, dismissed the comparison between Ethena and Terra/Luna, stating, "I don't see any comparison between Ethena and Terra/Luna aside from the general category of stablecoin."

Castle Island Ventures 的普通合夥人 Nic Carter 駁斥了 Ethena 和 Terra/Luna 之間的比較，他表示：“除了穩定幣的一般類別之外，我沒有看到 Ethena 和 Terra/Luna 之間有任何比較。”

Carter elaborated that Ethena is a straightforward delta-neutral stablecoin that has existed in various contexts in the past and "should be able to" withstand a range of market conditions. In contrast, he characterized Terra as "effectively unbacked" and offering a fixed 20% rate, which necessitated constant capital raising to sustain it.

Carter 闡述道，Ethena 是一種簡單的 Delta 中性穩定幣，過去曾在各種情況下存在過，並且「應該能夠」承受一系列的市場條件。相比之下，他將 Terra 描述為“實際上沒有支持”，並提供 20% 的固定利率，這需要不斷籌集資金來維持。

Ryan Watkins' Support

瑞安·沃特金斯的支持

Ryan Watkins, a vocal supporter of Ethena, echoed Carter's sentiments. Watkins attributed the negative sentiment surrounding Ethena to the fallout from the LUNA collapse. "Nothing has changed," he remarked, adding that "everyone has PTSD from Terra."

埃西娜 (Ethena) 的堅定支持者瑞安沃特金斯 (Ryan Watkins) 也表達了卡特的觀點。沃特金斯將圍繞 Ethena 的負面情緒歸因於 LUNA 崩潰的影響。 “一切都沒有改變，”他說道，並補充道，“每個人都患有來自泰拉的創傷後壓力症候群。”

Chasing Clout

追逐影響力

Despite the skepticism, some analysts believe that the vocal criticism of Ethena stems from a desire for attention and clout. Nic Carter opined, "I honestly think because post-2022 collapse, a lot of people realized that there was significant clout to be achieved by being publicly bearish about high-profile projects ahead of time (as so many major projects did collapse) and are trying to get these criticisms in, in case they do indeed collapse."

儘管存在懷疑，一些分析人士認為，對 Ethena 的直言不諱的批評源於對關注和影響力的渴望。尼克卡特(Nic Carter) 表示：「老實說，我認為，由於2022 年崩盤後，很多人意識到，提前公開看空備受矚目的項目（因為許多重大項目確實崩潰了），可以產生巨大的影響力，並試圖吸收這些批評，以防它們真的崩潰。”

Carter concluded by expressing his belief that "Ethena is a sound system."

卡特最後表達了他的信念：“Ethena 是一個健全的系統。”