Ethena USDe：資金費率波動引發擔憂，需謹慎

Ethena Labs 的 USDe 合成美元的推出引發了分析師的激烈爭論。 Fantom 和 Yearn Finance 的創辦人 Andre Cronje 警告了與 USDe 機制相關的潛在風險，而 Evgeny Gaevoy 對清算問題提出了異議。該協議的爆炸性增長以及與 Terra 的 UST 穩定幣的比較也受到了密切關注。然而，Nic Carter 和 Ryan Watkins 等專家駁斥了許多批評，認為 USDe 的結構和基礎資產與 UST 顯著不同。有些人猜測，這些批評可能源自於 2022 年一些備受矚目的專案失敗後對影響力的渴望。

Ethena USDe: A Comprehensive Analysis of its Risks and Rewards

Ethena USDe：風險與報酬的綜合分析

Prelude: The Genesis of Concerns

前奏：擔憂的起源

Ethena Labs' recent launch of its synthetic dollar, USDe, has ignited a heated debate within the cryptocurrency community. Its double-digit yield has garnered widespread attention, sparking both praise for its innovative mechanism and alarm over its potential risks. The latest crypto heavyweight to express concerns is Fantom and Yearn Finance founder Andre Cronje.

Ethena Labs 最近推出的合成美元 USDe 引發了加密貨幣社群的激烈爭論。其兩位數的收益率引起了廣泛關注，既引發了對其創新機制的讚譽，也引發了對其潛在風險的警惕。最新表達擔憂的加密貨幣重量級人物是 Fantom 和 Yearn Finance 創辦人 Andre Cronje。

Cronje's Warning: Funding Rate Volatility and Collateral Erosion

克羅涅的警告：資金利率波動與抵押品侵蝕

Cronje took to Twitter on April 3 to express his apprehension about USDe's underlying mechanism, highlighting the importance of funding rates in Ethena's architecture. He raised concerns that if market conditions change and funding rates turn negative, triggering liquidations, USDe could suddenly lose its collateral.

Cronje 於 4 月 3 日在 Twitter 上表達了他對 USDe 底層機制的擔憂，強調了資金費率在 Ethena 架構中的重要性。他擔心，如果市場狀況發生變化，融資利率變成負值，引發清算，USDe 可能會突然失去抵押品。

Echoes of Support: Alignment with Cronje's Assessment

支持的迴響：與克羅涅的評估一致

Cronje's tweet, which has garnered significant traction with over 2,000 likes, resonated with the anonymous co-founder of Alchemix Finance, Scoopy Trooples. Trooples expressed his own concerns about USDe, acknowledging the elevated risk despite the potential for significant rewards.

Cronje 的推文獲得了 2,000 多個點贊，引起了匿名 Alchemix Finance 聯合創始人 Scoopy Trooples 的共鳴。 Trooples 表達了他對 USDe 的擔憂，承認儘管有可能獲得巨大回報，但風險仍然很高。

Alternative Perspectives: Liquidations Not a Concern, Focus on Custody Risk

另類觀點：清算不是問題，關注託管風險

Evgeny Gaevoy, CEO of algorithmic trading firm Wintermute, challenged Cronje's concerns about liquidations, emphasizing that liquidations are not a primary concern. According to Gaevoy, the more pressing issue lies in the custodians who hold the collateral. He compared the risk to FTX rather than LUNA, highlighting the potential for custodian insolvency to compromise USDe's stability.

演算法交易公司 Wintermute 執行長 Evgeny Gaevoy 對 Cronje 對清算的擔憂提出了質疑，強調清算不是主要問題。 Gaevoy 認為，更迫切的問題在於持有抵押品的託管人。他將風險與 FTX 而不是 LUNA 進行了比較，強調託管人破產可能會損害 USDe 的穩定性。

MonetSupply, the pseudonymous co-founder of risk intelligence platform Block Analitica for DeFi, shared Gaevoy's skepticism about the liquidation risk. However, MonetarySupply emphasized the significance of custody risk, categorizing it as one of the more prominent risks associated with USDe. He further addressed other concerns, debunking some while acknowledging others, including exchange solvency and Ethena entity risk, such as the potential compromise of internal keys.

DeFi 風險情報平台 Block Analitica 的匿名聯合創始人 MonetSupply 與 Gaevoy 一樣對清算風險持懷疑態度。然而，MonetarySupply 強調了託管風險的重要性，將其歸類為與 USDe 相關的更突出的風險之一。他進一步解決了其他問題，揭穿了一些問題，同時承認了其他問題，包括交易所償付能力和 Ethena 實體風險，例如內部金鑰的潛在洩漏。

Ethena's Meteoric Rise and Comparisons to Terra's UST

Ethena 的迅速崛起以及與 Terra 的 UST 的比較

Ethena's USDe synthetic stablecoin is backed by staked Ether (stETH) while hedging stETH with short ETH positions on centralized exchanges. This mechanism generates yield, which is passed on to USDe holders. USDe's market capitalization has skyrocketed to $1.3 billion, making it one of the top 5 stablecoins on Coingecko.

Ethena 的 USDe 合成穩定幣由質押以太幣 (stETH) 支持，同時在中心化交易所上用空頭 ETH 頭寸對沖 stETH。該機制產生收益，並傳遞給 USDe 持有者。 USDe 的市值已飆升至 13 億美元，成為 Coingecko 上排名前 5 名的穩定幣之一。

The comparison between Ethena and Terra's failed UST stablecoin is inevitable. Terraform Labs, led by Do Kwon, launched LUNA and UST in 2022. UST, backed by LUNA, lost its peg after a sharp decline in LUNA's price, triggering a downward spiral that resulted in the loss of nearly $50 billion of market capitalization in a matter of days.

Ethena 和 Terra 失敗的 UST 穩定幣的比較是不可避免的。 Do Kwon 領導的 Terraform Labs 於 2022 年推出了 LUNA 和 UST。LUNA 支持的 UST 在 LUNA 價格大幅下跌後失去了錨定地位，引發了螺旋式下跌，導致市值損失近 500 億美元。幾天的事。

Distinguishing USDe from UST: Differences in Asset Backing

USDe 與 UST 的差異：資產支持的差異

Despite the superficial similarities, experts emphasize the fundamental differences between USDe and UST. Unlike UST, which was effectively unbacked, USDe is backed by stETH and, as of today, BTC. This diversified backing provides a stronger foundation for maintaining its peg.

儘管表面上有相似之處，但專家們強調了 USDe 和 UST 之間的根本差異。與實際上沒有支援的 UST 不同，USDe 由 stETH 和 BTC 提供支援。這種多元化的支持為維持其掛鉤提供了更堅實的基礎。

Echoes of Terra Collapse: PTSD and Unwarranted FUD

泰拉崩潰的迴響：創傷後壓力症候群與毫無根據的 FUD

Nic Carter, general partner at Castle Island Ventures, dismissed the comparison between Ethena and Terra/Luna as superficial. Carter explained that Ethena is a delta-neutral stablecoin that has existed in various forms in the past and should withstand adverse market conditions.

Castle Island Ventures 的普通合夥人 Nic Carter 認為 Ethena 和 Terra/Luna 之間的比較是膚淺的。 Carter 解釋說，Ethena 是 Delta 中性穩定幣，過去以各種形式存在，應該能夠承受不利的市場條件。

Ryan Watkins, an outspoken supporter of Ethena, attributed the current FUD (fear, uncertainty, and doubt) to the PTSD caused by the Terra collapse. He emphasized that the risks associated with USDe are clearly stated by the protocol and should not be exaggerated.

Ethena 的直言不諱的支持者 Ryan Watkins 將當前的 FUD（恐懼、不確定性和懷疑）歸因於 Terra 崩潰造成的創傷後壓力症候群 (PTSD)。他強調，與USDe相關的風險已在協議中明確規定，不應被誇大。

Chasing Clout: A Motive for Bearish Sentiment

追逐影響力：看跌情緒的動機

Carter suggested that some individuals may seek to gain attention and credibility by publicly voicing bearish sentiments about prominent projects, especially after the 2022 market collapse. By preemptively criticizing projects, they aim to position themselves as knowledgeable and ahead of the curve in case the projects fail.

卡特表示，有些人可能會透過公開表達對知名計畫的悲觀情緒來尋求獲得關注和可信度，尤其是在 2022 年市場崩潰之後。透過先發制人地批評項目，他們的目的是讓自己知識淵博，走在時代的前沿，以防項目失敗。

Conclusion: A Balanced Assessment of Ethena USDe

結論：對 Ethena USDe 的平衡評估

While the concerns raised by Cronje and others are valid and should be acknowledged, it is crucial to avoid exaggerated FUD and pursue a balanced assessment of USDe's risks and rewards. Ethena's unique mechanism and diversified backing provide a solid foundation for maintaining its peg, distinguishing it from Terra's failed UST. Investors and users alike should conduct thorough due diligence and carefully weigh the potential benefits and risks before making any investment decisions.

雖然 Cronje 和其他人提出的擔憂是合理的並且應該得到承認，但避免誇大 FUD 並追求對 USDe 風險和回報的平衡評估至關重要。 Ethena獨特的機制和多元化的支持為維持其掛鉤提供了堅實的基礎，使其與Terra失敗的UST區分開來。投資者和用戶在做出任何投資決定之前都應進行徹底的盡職調查，並仔細權衡潛在的收益和風險。