Ethena 的合成美元：它能重新定義加密貨幣的穩定性嗎？

Ethena 的加密原生穩定幣以快速增長和高收益挑戰規範，但風險有多大？深入了解故事。

Ethena, an Ethereum-based protocol, has introduced a synthetic dollar (USDe) and a yield-bearing token (sUSDe) as part of its unique approach to stablecoins. Here's a closer look at the protocol and its key aspects:

Ethena 是一種基於以太坊的協議，它引入了合成美元 (USDe) 和收益代幣 (sUSDe)，作為其獨特的穩定幣方法的一部分。以下是該協議及其關鍵方面的詳細介紹：

**What Is Ethena?**

**什麼是 Ethena？

Ethena is an innovative protocol in the decentralized finance (DeFi) space. It aims to create a crypto-native stablecoin and a yield-bearing asset, both within the Ethereum ecosystem. The protocol's native token is ENA, and its stablecoin is called USDe. Additionally, Ethena introduces a yield-generating token known as sUSDe, which is designed to pay interest over time and is often referred to as the "Internet Bond."

Ethena 是去中心化金融（DeFi）領域的創新協議。它的目標是在以太坊生態系統內創建一種加密原生穩定幣和一種產生收益的資產。該協議的原生代幣是 ENA，其穩定幣稱為 USDe。此外，Ethena 還推出了一種名為 sUSDe 的產生收益的代幣，旨在隨著時間的推移支付利息，通常被稱為「網路債券」。

**How Ethena Works**

**Ethena 的工作原理**

To understand Ethena's functioning, let's break down its components:

為了了解 Ethena 的功能，讓我們分解它的組件：

1. **Synthetic Dollar (USDe):** This stablecoin is pegged to the value of the US dollar and can be minted by depositing assets like Ethereum (ETH) into OES (On-chain Escrow Service) protocols. These protocols handle asset custody and interactions with exchanges.

1. **合成美元（USDe）：** 這種穩定幣與美元的價值掛鉤，可以透過將以太坊（ETH）等資產存入 OES（鏈上託管服務）協議來鑄造。這些協議處理資產託管以及與交易所的互動。

2. **Yield-Bearing Token (sUSDe):** Also known as the "Internet Bond," this token represents a claim on future Ethena revenues. Users can deposit assets, stake USDe, and earn interest, creating a cycle of growth that drives adoption.

2. **收益代幣 (sUSDe)：** 也稱為“互聯網債券”，該代幣代表對未來 Ethena 收入的索取權。用戶可以存入資產、質押 USDe 並賺取利息，形成推動採用的成長循環。

**Why Ethena Is Gaining Traction**

**為什麼 Ethena 越來越受歡迎**

Several factors contribute to Ethena's growing popularity among crypto enthusiasts:

Ethena 在加密貨幣愛好者中越來越受歡迎有幾個因素：

1. **Fully Crypto-Native Design:** Unlike over-collateralized stablecoins like DAI, which rely on cryptocurrency over-collateralization, Ethena's model is more capital efficient. This has enabled USDe to rapidly ascend in the stablecoin rankings.

1. **完全加密原生設計：** 與 DAI 等依賴於加密貨幣超額抵押的超額抵押穩定幣不同，Ethena 的模型更具資本效率。這使得USDe在穩定幣排名中迅速上升。

2. **Attractive APYs:** Ethena's capital efficiency and yield-bearing tokens offer higher Annual Percentage Yields (APYs) compared to other stablecoins.

2. **有吸引力的 APY：** 與其他穩定幣相比，Ethena 的資本效率和收益代幣可提供更高的年收益率 (APY)。

3. **Less Slippage in Perp Funding Rates Futures:** Ethena's integration into perpetual futures markets has reduced slippage in funding rates futures, making them more efficient.

3. **永續資金利率期貨滑點減少：** Ethena 融入永續期貨市場減少了資金利率期貨滑點，提高了效率。

**Potential Risks Associated with Ethena**

**與 Ethena 相關的潛在風險**

Despite its innovations, Ethena's model comes with significant risks:

儘管有創新，Ethena 的模式也存在重大風險：

1. **CEX Dependency:** A majority of Ethena's income depends on futures funding rates on centralized exchanges (CEXs). If these exchanges fail or encounter problems, Ethena could face serious difficulties.

1. **CEX 依賴性：** Ethena 的大部分收入取決於中心化交易所（CEX）的期貨融資利率。如果這些交易所失敗或遇到問題，Ethena 可能會面臨嚴重困難。

2. **Custodial Risk:** Assets held by OES providers may be subject to withdrawal delays or legal challenges, impacting Ethena's ability to generate revenue.

2. **託管風險：** OES 提供者持有的資產可能會受到提款延遲或法律挑戰的影響，進而影響 Ethena 的創收能力。

3. **Negative Funding Rates:** Ethena relies on positive funding rates to generate income. If rates turn negative, Ethena's income could stop.

3. **負資金費率：** Ethena 依賴正資金費率來產生收入。如果利率變成負值，Ethena 的收入可能會停止。

4. **Systemic Risk:** With over 10% of perpetual futures markets tied to Ethena, its collapse could ripple through DeFi, potentially leading to a loss of confidence in the broader ecosystem.

4. **系統性風險：** 由於超過 10% 的永續期貨市場與 Ethena 相關，其崩潰可能會波及 DeFi，可能導致對更廣泛的生態系統失去信心。

**Lessons from Terra and Ethena's Resilience**

**Terra 和 Ethena 的韌性的教訓**

Ethena's rapid growth and high yields have drawn comparisons to the Terra ecosystem, which collapsed in 2022 after its stablecoin, UST, lost its peg. While Ethena employs stronger mechanisms and diversifies risk, complexity adds fragility. Even small cracks in Ethena's foundation could lead to a loss of confidence and a rush for the exits.

Ethena 的快速成長和高收益與 Terra 生態系統相比較，該生態系統在其穩定幣 UST 失去錨定後於 2022 年崩潰。雖然 Ethena 採用更強大的機制並分散風險，但複雜性增加了脆弱性。即使 Ethena 的根基出現微小的裂縫，也可能導致信心喪失並急於退出。

**Should You Care About ENA?**

**您應該關心 ENA 嗎？

Ethena's governance token, ENA, offers mixed benefits:

Ethena 的治理代幣 ENA 具有多種優勢：

1. **Voting Rights:** Holders of ENA are granted voting rights to participate in Ethena's governance.

1. **投票權：** ENA 持有者被授予參與 Ethena 治理的投票權。

2. **sENA Rewards:** Staking ENA to earn sENA provides holders with a portion of the protocol's revenue, offering additional rewards.

2. **sENA 獎勵：** 質押 ENA 來賺取 sENA 為持有者提供協議收入的一部分，提供額外獎勵。

3. **Future Dilution Risks:** Only 20% of the ENA token supply is currently circulating, with 80% locked. This creates a risk of future dilution as more tokens enter the market.

3. **未來稀釋風險：** 目前只有 20% 的 ENA 代幣供應量在流通，其中 80% 被鎖定。隨著更多代幣進入市場，這會帶來未來稀釋的風險。

**Valuation Metrics**

**估值指標**

ENA's fully diluted valuation ($17 billion) far exceeds its current market cap ($300 million), raising concerns for long-term investors. However, ENA’s valuation, based on circulating supply, appears more reasonable at 3.7x Ethena's 2024 revenue projections.

ENA 完全攤薄後的估值（170 億美元）遠遠超過其當前市值（3 億美元），引起了長期投資者的擔憂。然而，ENA 基於流通供應量的估值似乎更合理，為 Ethena 2024 年營收預測的 3.7 倍。