Ethena團隊成員

Ethena團隊成員具有豐富的背景，並在加密，金融和技術等領域具有深厚的專業知識和實踐經驗。

Author: 0xCousin

作者：0xcousin

1. Who is behind Ethena?

1。誰在埃塞娜（Ethena）背後？

Ethena team members have rich backgrounds and possess deep expertise and practical experience in fields such as Crypto, finance, and technology.

Ethena團隊成員具有豐富的背景，並在加密，金融和技術等領域具有深厚的專業知識和實踐經驗。

Founder G (Guy Young) used to work in a hedge fund with a market value of US$60 billion. After Luna went bankrupt, he founded Ethena; COO Elliot Parker was previously a product manager at Paradigm and also worked at Deribit; Jane Liu, head of institutional growth in Asia Pacific, has served as head of investment research at Fundamental Labs and head of institutional partnerships and fund relations at Lido Finance.

創始人G（Guy Young）曾經在市場價值為600億美元的對沖基金中工作。露娜（Luna）破產後，他創立了埃塞納（Ethena）。 Coo Elliot Parker以前是Paradigm的產品經理，還曾在Deribit工作。亞太地區機構增長負責人簡·劉（Jane Liu）曾擔任Lido Finance基本實驗室的投資研究主管，也是機構合作夥伴關係和基金關係的負責人。

Ethena’s financing

埃塞納的融資

According to Rootdata, Ethena has completed three rounds of financing, with a total financing amount of US$119.5 million. The lead investors include Dragonfly, Maelstrom Capital, and Brevan Howard Digital.

根據Rootdata的數據，Ethena已完成了三輪融資，總融資為1.195億美元。首席投資者包括蜻蜓，漩渦Capital和Brevan Howard Digital。

Ethena has attracted the attention and investment of many well-known investment institutions, which not only brought considerable funds to the development of Ethena, but also provided valuable industry resources for the business development of Ethena. Ethena's investment institutions include exchanges (YZi Labs, OKX Ventures, HTX Ventures, Kraken Ventures, Gemini Frontier Fund, Deribit, etc.), market makers (GSR, Wintermute, Galaxy Digital, Amber Group, etc.), and investment institutions with traditional financial backgrounds (Paypal Ventures, Franklin Templeton, F-Prime Capital, etc.).

Ethena吸引了許多著名的投資機構的關注和投資，這些機構不僅為Ethena的發展帶來了可觀的資金，而且為Ethena的業務發展提供了寶貴的行業資源。 Ethena的投資機構包括交易所（Yzi Labs，Okx Ventures，HTX Ventures，Kraken Ventures，Gemini Frontier Fund，Deribit等），做市商（GSR，Wintermute，Galaxy Digital，Amber Group等）以及具有傳統財務背景的投資機構（Paypal Ventures，Franklin Templeton，Fprimetects，Fprimetects，Franklin Fellime copsects）。

2. What is Ethena?

2。什麼是埃塞娜？

In a nutshell, Ethena is a synthetic dollar protocol that has launched the US dollar stablecoin USDe and the US dollar savings asset sUSDe. The stability of USDe is supported by crypto assets and corresponding Delta neutral hedging (short futures) positions.

簡而言之，Ethena是一項合成美元協議，它推出了美元Stablecoin USDE和美元儲蓄資產Susde。 USDE的穩定性得到加密資產和相應的Delta中性對沖（短期貨）的支持。

From the perspective of the project mission, Ethena aims to connect the funds in the three fields of CeFi, DeFi, and TradFi through the stablecoin USDe. At the same time, Ethena captures the interest rate differences of funds in these three fields (exchanges, on-chain, and traditional finance), thereby providing customers with more returns. If the scale of USDe grows large enough, it may also promote the convergence of capital and interest rates among DeFi, CeFi, and TradFi.

從項目任務的角度來看，Ethena的目標是通過Stablecoin USDE將CEFI，DEFI和TRADFI三個領域的資金聯繫起來。同時，Ethena捕獲了這三個領域（交易所，鍊和傳統財務）中資金的利率差異，從而為客戶提供了更多的回報。如果USDE的規模足夠大，它也可能促進Defi，CEFI和Tradfi之間的資本和利率的融合。

The mechanism of stablecoin USDe

Stablecoin USDE的機制

Minting/Redemption Mechanism: Only two independent legal person minters (Ethena GmbH and Ethena BVI Limited) listed in the whitelist are eligible for minting and redemption of USDe. Minters need to use BTC/ETH/ETH LSTs/ USDT/USDC as collateral and interact with the USDe Mint and Redeem Contract. As shown below:

鑄造/贖回機制：白人列出的只有兩個獨立的合法人員（Ethena GmbH和Ethena BVI Limited）有資格獲得USDE的鑄造和救贖。 Minters需要將BTC/ETH/ETH LSTS/USDT/USDC用作抵押品，並與USDE MINT和贖回合同進行互動。如下所示：

A recent USDe minting based on the Ethena protocol USDe Mint and Redeem Contract V2

根據Ethena協議USDE MINT和贖回合同V2的最新USDE造幣

At the time of minting/redemption, the pricing of Backing Assets is obtained and continuously verified by multiple different sources, including CeFi Exchange, DeFi Exchange, OTC Markets, and Oracles such as Pyth and RedStone to ensure that the pricing is correct and reasonable.

在鑄造/贖回時，獲得了背景資產的定價，並通過多種不同來源（包括CEFI交換，Defi Exchange，OTC市場以及Pyth和Redstone）等多種不同來源進行驗證，以確保價格正確且合理。

USDe stability maintenance mechanism: To ensure the stability of USDe, the key is to hedge the price fluctuations of Backing Assets. Ethena adopts an automated and programmed Delta neutral strategy.

USDE穩定性維護機制：為了確保USDE的穩定性，關鍵是對沖備用資產的價格波動。 Ethena採用了一種自動化和編程的DELTA中性策略。

sUSDe’s revenue sources

蘇斯德的收入來源

The income of sUSDe comes from Ethena's disposal of collateral.

薩斯德的收入來自埃塞納（Ethena）的抵押品。

When Ethena receives collateral, it can hold it as a stablecoin and earn a fixed deposit rate;

當Ethena收到抵押品時，它可以將其作為Stablecoin持有並賺取定期存款率；

You can also entrust the selected CEX through a custodian, set up an airdrop futures position in the CEX to hedge the price fluctuations of the Backing Assets and earn funding rates at the same time;

您還可以通過託管人委託選定的CEX，在CEX中建立一個空能器期貨職位，以對沖後備資產的價格波動並同時賺取資金率；

If the Backing Assets spot is ETH, you can also do Staking and earn ETH Staking APR.

如果支持資產的景點是ETH，則您也可以積分並贏得ETH Staking Apr。

These earnings will be distributed to users in the form of returning more USDe when they cancel their pledged sUSDe and redeem USDe.

這些收入將以返回更多USDE取消承諾的Susde和贖回USDE時將更多USDE分發給用戶。

Uses of Stablecoins (USDe/sUSDe/iUSDe)

使用stablecoins（USDE/SUSDE/IUSDE）

In the DeFi space:

在Defi空間中：

In the CeFi space:

在CEFI空間中：

In the TradFi space:

在Tradfi領域：

3. Ethena’s Innovations

3。埃太的創新

Delta neutral strategy hedges the price fluctuations of Backing Assets

三角洲中立策略對沖支持資產的價格波動

Many stablecoin projects with Crypto Assets as Backing Assets eventually became insolvent and led to exchange rate decoupling. The key is that the price fluctuations of Backing Assets were not hedged. Ethena is the first project to use the Delta-Hedging algorithm and execution model to perform automated and programmatic Delta-neutral hedging on Backing Assets, making the Delta value of the portfolio close to 0. Although Ethena's Delta-Hedging algorithm and execution model were a black box in the early days, whether it can continue to achieve Delta-neutral results in the long term is a potential risk point, and this stability maintenance mechanism is an innovation. In the later stage, it may turn

許多帶有加密資產的Stablecoin項目最終破產，並導致匯率解耦。關鍵是支持資產的價格波動沒有對沖。 Ethena是第一個使用Delta-Hedging算法和執行模型來執行自動化和編程的Delta-Neutral對沖，這使得備用資產使該投資組合的三角洲值接近0。儘管Ethena的Delta-Hedda-Heding算法和執行模型在此期初都可以延續到delta，這是否可以延續到delta，是否可以繼續使用ISM是一種創新。在後期，它可能會轉