Ethena 的 USDe 穩定幣因結構與 UST 相似而受到審查

以其在加密行業的技術專長而聞名的開發人員 Andre Cronje 在最近的一篇文章中對 Ethena 的 USDe 穩定幣的穩定性提出了擔憂。 Cronje 將 USDe 的結構與導致 Terra 垮台的機制進行了比較，強調了使用創收資產作為抵押品的漏洞，引發了加密社區內關於複雜金融產品可持續性的討論。

Ethena's USDe Stablecoin Raises Concerns Over Structural Similarities to Terra's UST

Ethena 的 USDe 穩定幣與 Terra 的 UST 結構相似引發擔憂

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作者：[作者姓名]

April 4, 2024

2024 年 4 月 4 日

Prominent developer Andre Cronje has ignited a debate within the cryptocurrency community by expressing doubts about the stability of Ethena's USDe stablecoin, drawing parallels to the infamous collapse of Terra's UST.

著名開發商 Andre Cronje 對 Ethena 的 USDe 穩定幣的穩定性表示懷疑，引發了加密貨幣社區內的一場爭論，這與 Terra 的 UST 臭名昭著的崩潰相似。

In a thought-provoking post published on X on April 3, Cronje meticulously analyzed the structure of perpetual contracts, a derivative product widely used in the cryptocurrency market. He highlighted a critical vulnerability in this system: the reliance on income-generating assets such as staked Ethereum (stETH) as collateral.

4 月 3 日，Cronje 在 X 上發表了一篇發人深省的文章，詳細分析了加密貨幣市場廣泛使用的衍生產品——永續合約的結構。他強調了該系統的一個關鍵漏洞：依賴創收資產，例如質押以太坊（stETH）作為抵押品。

Cronje's primary concern stems from the similarities he observed between the structural flaws in USDe's system and the mechanisms that ultimately led to the catastrophic downfall of Terra's UST. Specifically, he questions the sustainability of complex financial products that lack transparent risk mitigation strategies.

Cronje 的主要擔憂源於他觀察到的 USDe 系統的結構性缺陷與最終導致 Terra UST 災難性垮台的機制之間的相似性。具體來說，他質疑缺乏透明風險緩解策略的複雜金融產品的可持續性。

"UST, I had a high degree of confidence would fail," Cronje wrote. "The simply mechanisms didn't make sense to me. However, a lot of people I consider to be very smart were very vocal about how it can't fail. This reached a point where I was convinced that I was wrong."

「科技大學，我非常有信心會失敗，」克羅涅寫道。 「這種簡單的機制對我來說沒有意義。然而，很多我認為非常聰明的人都非常直言不諱地說它不會失敗。這讓我確信我錯了。”

Ethena Labs founder Guy Young, also known as Leptokurtic, acknowledged the validity of Cronje's concerns, stating that the risks identified are indeed present in the USDe system. Young committed to providing a more detailed response by the end of the week, outlining his thoughts and perspectives on the matter.

Ethena Labs 創辦人 Guy Young（又稱 Leptokurtic）承認 Cronje 的擔憂是正確的，並表示所發現的風險確實存在於 USDe 系統中。楊承諾在本週末之前提供更詳細的回應，概述他對此事的想法和觀點。

Earlier this week, Ethena Labs announced the launch of its governance token, ENA, and the expansion of its synthetic dollar token USDe. Additionally, Ethena initiated an airdrop of 750 million ENA tokens. Users who participated in the Shard Campaign are eligible to claim complimentary tokens, with the number of coins received proportionate to the 'shards' or points accumulated before April 1.

本週早些時候，Ethena Labs 宣布推出其治理代幣 ENA，並擴展其合成美元代幣 USDe。此外，Ethena 還發起了 7.5 億個 ENA 代幣的空投。參與碎片活動的用戶有資格領取免費代幣，收到的代幣數量與 4 月 1 日之前累積的「碎片」或積分成比例。

It is important to note that Ethena Labs has not yet publicly addressed Cronje's concerns in a comprehensive manner. As the cryptocurrency community awaits Young's promised response, the debate over USDe's stability continues to unfold.

值得注意的是，Ethena Labs 尚未公開全面地解決 Cronje 的擔憂。在加密貨幣社群等待 Young 承諾的回應之際，關於 USDe 穩定性的爭論仍在繼續展開。

Industry observers emphasize the paramount importance of thorough due diligence and risk assessment when investing in complex financial products, particularly those with opaque risk management strategies. The events surrounding Terra's UST have underscored the fragility of algorithmic stablecoins and the need for robust safeguards to protect against potential catastrophic failures.

產業觀察家強調，在投資複雜的金融產品，特別是那些風險管理策略不透明的金融產品時，徹底的盡職調查和風險評估至關重要。圍繞 Terra UST 的事件凸顯了演算法穩定幣的脆弱性，以及需要採取強有力的保障措施來防止潛在的災難性故障。

As Ethena Labs finalizes its response to Cronje's analysis, the cryptocurrency community eagerly anticipates further insights into the potential risks and vulnerabilities associated with USDe. This ongoing dialogue promises to shed light on the evolving landscape of stablecoins and the significance of ensuring their stability and sustainability in the long term.

隨著 Ethena Labs 最終確定對 Cronje 分析的回應，加密貨幣社群熱切期待進一步了解與 USDe 相關的潛在風險和漏洞。這次持續的對話有望揭示穩定幣不斷發展的格局以及確保穩定幣長期穩定性和可持續性的重要性。