Ethena 的 USDe：深入探討穩定性問題和成長前景

Ethena Labs 的 USDe 穩定幣經歷了快速成長，但人們對其在市場壓力下的彈性產生了擔憂。雖然其收益率機制類似於 Terraform Labs 失敗的 UST，但 Ethena 的「合成美元」模型採用 Delta 中性對沖來減輕損失。然而，負資金利率和集中的交易對手風險帶來了挑戰。鑑於衍生性商品市場規模有限以及某些抵押資產缺乏原生收益率，批評者質疑 USDe 成長的可擴展性和可持續性。此外，Ethena 的保險基金及其與 MakerDAO 的 DAI 的相互依賴性引發了更多擔憂。儘管存在這些潛在風險，但專家認為，在有利的市場條件下，基礎貿易相對安全。

Ethena's USDe: A Detailed Analysis of Stability and Potential Risks

Ethena的USDe：穩​​定性和潛在風險的詳細分析

Ethena Labs' synthetic dollar stablecoin, USDe, has emerged as a formidable competitor in the crypto market, amassing a market capitalization exceeding $2 billion in record time. However, the meteoric rise of USDe has sparked concerns regarding its resilience and potential susceptibility to the pitfalls of its predecessors.

Ethena Labs 的合成美元穩定幣 USDe 已成為加密貨幣市場的強大競爭對手，在創紀錄的時間內積累了超過 20 億美元的市值。然而，USDe 的迅速崛起引發了人們對其彈性和對其前輩陷阱的潛在敏感性的擔憂。

A Novel Approach to Stablecoin Creation

創造穩定幣的新方法

Unlike traditional stablecoins backed by fiat currencies or other crypto assets, USDe adopts a unique "synthetic dollar" model. Users deposit crypto assets such as Bitcoin, Ether, or Staked Ether (stETH) into the protocol, which are then utilized to establish equivalent short perpetual positions or derivatives contracts with no expiration date.

與由法定貨幣或其他加密資產支持的傳統穩定幣不同，USDe 採用獨特的「合成美元」模式。用戶將比特幣、以太幣或質押以太幣（stETH）等加密資產存入協議中，然後利用這些資產建立等效的空頭永續頭寸或沒有到期日的衍生性合約。

This design, referred to as "delta-neutral," leverages a well-established technique in traditional finance known as the cash-and-carry trade. By hedging the deposited assets with short positions, the protocol aims to neutralize price fluctuations, ensuring that any gains or losses in the underlying asset are offset by corresponding adjustments in the short position.

這種設計被稱為“德爾塔中性”，利用了傳統金融中一種成熟的技術，即現行自運交易。該協議透過以空頭部位對沖存入資產，旨在抵消價格波動，確保標的資產的任何收益或損失都可以透過空頭部位的相應調整來抵消。

Navigating Negative Funding Rates

應對負資金利率

A key challenge for USDe's stability lies in the potential for negative funding rates in the perpetual futures market. Negative funding rates arise when there is an imbalance between long and short positions, leading to a situation where short position holders must pay long position holders.

USDe 穩定性的關鍵挑戰在於永續期貨市場可能出現負融資利率。當多頭部位和空頭部位之間不平衡時，就會出現負資金費率，導致空頭部位持有人必須向多頭部位持有人支付費用。

In a bullish market, funding rates are typically positive, allowing Ethena to collect fees from its perpetual contracts, which are distributed as yield to USDe holders. However, during market downturns, funding rates can turn negative, forcing Ethena to cover the costs of maintaining its short positions.

在多頭市場中，融資利率通常為正，這使得 Ethena 可以從其永續合約中收取費用，這些費用作為收益分配給 USDe 持有者。然而，在市場低迷期間，融資利率可能會變為負值，迫使 Ethena 承擔維持空頭部位的成本。

Collateral Diversity and Mitigation Strategies

附帶多樣性和緩解策略

To mitigate the impact of negative funding rates, Ethena maintains a diverse collateral portfolio, with allocations to Bitcoin, Ether, stETH, and USDT. The inclusion of stETH, which earns a staking yield, provides a buffer against funding costs.

為了減輕負資金利率的影響，Ethena 維持多樣化的抵押品投資組合，配置為比特幣、以太幣、stETH 和 USDT。 stETH 的加入可以賺取質押收益，為融資成本提供緩衝。

In addition, Ethena has established an insurance fund of $32 million to cover potential losses in extreme market conditions. The fund is primarily funded by excess derivatives earnings generated by the protocol.

此外，Ethena還設立了3,200萬美元的保險基金，以彌補極端市場條件下的潛在損失。該基金主要由協議產生的超額衍生性商品收益提供資金。

Centralized Counterparty Risks

集中交易對手風險

One inherent concern with USDe's model is its reliance on centralized exchanges for its derivatives operations. Ethena mitigates this risk by partnering with off-exchange settlement custodians who hold user assets and facilitate the opening of perpetual positions at centralized exchanges.

USDe 模式的一個固有問題是其衍生性商品業務依賴中心化交易所。 Ethena 透過與持有用戶資產的場外結算託管人合作並促進在中心化交易所開設永續頭寸來降低這種風險。

However, the movement of assets between Ethena and its custodians raises concerns about the potential for operational mishaps or execution errors. Moreover, the reliance on centralized exchanges for clearing and settlement introduces a degree of counterparty risk.

然而，Ethena 及其託管人之間的資產流動引發了人們對可能發生操作事故或執行錯誤的擔憂。此外，對集中交易所進行清算和結算的依賴帶來了一定程度的交易對手風險。

Growth Limitations and Market Dynamics

成長限制和市場動態

USDe's growth potential is constrained by the size of the perpetual market and the maximum open interest limits imposed by exchanges. As USDe's market capitalization increases, the demand for short positions in derivatives may outpace the available supply, leading to higher negative funding rates and reduced profitability.

USDe 的成長潛力受到永續市場規模和交易所規定的最大持倉量限制的限制。隨著 USDe 市值的增加，對衍生性商品空頭部位的需求可能超過可用供應，導致更高的負融資利率和獲利能力下降。

Additionally, the limited yield potential of Bitcoin, USDT, and Ether, compared to stETH, could limit the size of USDe's collateral base and its ability to withstand extended periods of negative funding rates.

此外，與 stETH 相比，比特幣、USDT 和以太幣的收益潛力有限，可能會限制 USDe 抵押品基礎的規模及其承受長期負融資利率的能力。

Interdependence with DAI

與 DAI 的相互依賴

Ethena's insurance fund includes an allocation to DAI, the stablecoin issued by MakerDAO. This creates an element of interdependence between the two stablecoins, as MakerDAO has recently voted to increase its debt ceiling to invest in USDe. In the event of a market downturn affecting both Ethena and MakerDAO, this interdependence could pose a risk to the stability of both stablecoins.

Ethena 的保險基金包括 DAI 的分配，DAI 是 MakerDAO 發行的穩定幣。這在兩種穩定幣之間造成了相互依​​賴的因素，因為 MakerDAO 最近投票決定提高投資 USDe 的債務上限。如果市場低迷影響 Ethena 和 MakerDAO，這種相互依賴可能會對這兩種穩定幣的穩定性帶來風險。

Assessing the Overall Risk Profile

評估整體風險狀況

Despite the potential risks outlined above, experts generally believe that USDe's delta-neutral approach provides a strong foundation for stability. The protocol's diverse collateral portfolio and insurance fund further enhance its resilience. However, it is crucial to note that no financial instrument is entirely without risk.

儘管存在上述潛在風險，但專家普遍認為 USDe 的 Delta 中性方法為穩定提供了堅實的基礎。該協議多樣化的抵押品組合和保險基金進一步增強了其彈性。然而，值得注意的是，沒有一種金融工具是完全沒有風險的。

Users considering investing in USDe or any stablecoin should carefully assess the potential risks and benefits and make informed decisions based on their individual risk tolerance and financial situation. The crypto market is highly volatile, and past performance is not a reliable indicator of future results.

考慮投資 USDe 或任何穩定幣的用戶應仔細評估潛在的風險和收益，並根據個人風險承受能力和財務狀況做出明智的決定。加密貨幣市場波動性很大，過去的表現並不能作為未來結果的可靠指標。