Luna 崩壞：案例研究凸顯加密貨幣透明度的演變

鑑於 Luna 的崩潰，人們對與穩定幣相似的項目持懷疑態度。然而，Ethena，一個「有點穩定幣」的項目，卻引起了人們的注意。與 Luna 不同，Ethena 優先考慮透明度，並公開討論其潛在風險和交易對手風險。這種圍繞 Ethena 風險的公開對話與強調 Luna 缺陷的文章所面臨的批評形成鮮明對比，顯示了該行業風險評估方法的進步。

Luna's Collapse: A Case Study in the Evolution of Crypto Transparency

Luna 的崩壞：加密貨幣透明度演進的案例研究

In the wake of Luna and UST's catastrophic collapse, the crypto landscape has been abuzz with questions about the viability of similar projects. As the dust settles, one project has emerged as a curious case study in the evolution of crypto transparency: Ethena ENA.

在 Luna 和 UST 災難性崩潰之後，加密貨幣領域一直充滿了對類似項目可行性的質疑。隨著塵埃落定，一個項目已經成為加密透明度演變的一個有趣的案例研究：Ethena ENA。

Luna's Arrogance and UST's Downfall

露娜的傲慢與UST的沒落

Luna and UST, the brainchild of Do Kwon, captivated the crypto community with promises of astronomical returns and a stablecoin backed by another token. However, skepticism abounded from the outset, as the inherent risks of such a structure seemed evident. Despite these concerns, Kwon's unwavering arrogance and a cult-like following silenced any dissenting voices.

Luna 和 UST（Do Kwon 的創意）以天文數字回報和由另一種代幣支持的穩定幣的承諾吸引了加密社區。然而，從一開始就充滿了懷疑，因為這種結構固有的風險似乎很明顯。儘管存在這些擔憂，權堅定的傲慢和狂熱的追隨者壓制了任何反對的聲音。

As the stablecoin began to depeg, Kwon dismissed concerns, mocking skeptics on social media. This attitude proved catastrophic, as Luna and UST plummeted, wiping out over $40 billion in value.

隨著穩定幣開始脫鉤，Kwon 駁斥了擔憂，嘲笑社群媒體上的懷疑論者。這種態度被證明是災難性的，Luna 和 UST 暴跌，市值蒸發超過 400 億美元。

Ethena: A Different Approach

Ethena：不同的方法

In the aftermath of Luna's collapse, Ethena's approach has stood in stark contrast. While it bears similarities to UST, featuring a stablecoin with high yield, Ethena is more akin to a hybrid of a structured product and a stablecoin. Furthermore, the project's founder, Guy Young (pseudonym: Leptokurtic), has shown a willingness to engage openly about potential risks.

露娜崩潰後，艾西娜的做法形成了鮮明的對比。雖然它與 UST 相似，都是高收益的穩定幣，但 Ethena 更類似於結構性產品和穩定幣的混合。此外，該計畫的創始人 Guy Young（化名：Leptokurtic）已展現出公開參與潛在風險的意願。

Young has identified counterparty risk as the worst-case scenario for Ethena, acknowledging the possibility of asset loss if the project's institutional custodians (Fireblocks and Copper) were to encounter significant problems. Ethena's transparency extends to its FAQ page, which details seven potential risks, including funding rates, exchange failure, and regulatory issues.

Young 將交易對手風險視為 Ethena 的最壞情況，並承認如果該專案的機構託管人（Fireblocks 和 Copper）遇到重大問題，可能會造成資產損失。 Ethena 的透明度延伸到其常見問題解答頁面，其中詳細介紹了七種潛在風險，包括融資利率、交易所失敗和監管問題。

Progress in Transparency

透明度方面的進步

While Ethena's risk profile remains complex, the project's willingness to engage in transparent discussions about potential shortcomings is a significant development in the crypto space. In contrast to the hubris and dismissiveness that characterized Luna, Ethena's approach has welcomed skeptical scrutiny, recognizing that open debate is essential for identifying and mitigating risks.

儘管 Ethena 的風險狀況仍然複雜，但該專案願意就潛在缺陷進行透明的討論，這是加密貨幣領域的重大發展。與 Luna 的傲慢和輕蔑相反，Ethena 的做法受到了懷疑的審查，她認識到公開辯論對於識別和減輕風險至關重要。

Implications for the Crypto Industry

對加密產業的影響

Ethena's case study serves as a testament to the growing importance of transparency in the crypto industry. The collapse of Luna exposed the dangers of unchecked arrogance and a lack of accountability. By embracing transparency and acknowledging the potential pitfalls of their project, Ethena is setting a positive example for the crypto community.

Ethena 的案例研究證明了透明度在加密產業中日益增長的重要性。露娜的崩潰暴露了不受約束的傲慢和缺乏責任感的危險。透過擁抱透明度並承認其項目的潛在陷阱，Ethena 為加密貨幣社區樹立了積極的榜樣。

This shift towards transparency, coupled with the proliferation of skeptical voices, suggests that the crypto industry is maturing and learning from its past mistakes. As a result, investors can feel more confident in engaging with projects that prioritize open and honest communication about potential risks.

這種向透明度的轉變，加上懷疑聲音的激增，表明加密行業正在走向成熟，並從過去的錯誤中學習。因此，投資者可以更有信心參與優先考慮就潛在風險進行公開和誠實溝通的項目。

Additional Notable News

其他值得注意的新聞

• DOJ's Bitcoin Transfer Clarification: Contrary to initial reports, the DOJ did not transfer 30,000 BTC to Coinbase. Instead, it sent a test transaction of 0.0001 BTC and subsequently withdrew the majority of its funds to a change address, effectively retaining most of its holdings. The actual amount transferred to Coinbase was 2,000 BTC, not the $2 billion initially reported.
• Wormhole Hacker's Airdrop Eligibility Revoked: Cross-chain protocol Wormhole initially allocated W tokens to the entity responsible for its $323 million hack in 2022. However, these tokens have since been removed from the hacker's allocation.
• Big Backers Invest in Alliance's Third Fund: Brevan Howard Digital and Galaxy Digital have invested a combined $20 million in crypto accelerator Alliance's third fund. Alliance Fund III aims to raise an additional $80 million by July, with a target fund size of $100 million. The fund plans to invest $500,000 per startup.

DOJ 的比特幣轉移澄清：與最初的報告相反，DOJ 並未將 30,000 BTC 轉移到 Coinbase。相反，它發送了 0.0001 BTC 的測試交易，隨後將大部分資金提取到找零地址，從而有效地保留了大部分持倉。轉移到Coinbase 的實際金額為2,000 BTC，而不是最初報道的20 億美元。 Wormhole 黑客的空投資格被撤銷：跨鏈協議Wormhole 最初將W 代幣分配給了負責2022 年3.23 億美元黑客攻擊的實體。然而，這些代幣此後已被取消。已從駭客的分配中刪除。大支持者投資聯盟的第三隻基金：Brevan Howard Digital 和Galaxy Digital 已向加密加速器聯盟的第三隻基金總共投資了2000 萬美元。 Alliance Fund III 計劃在 7 月之前額外籌集 8,000 萬美元，目標基金規模為 1 億美元。該基金計劃為每家新創公司投資 50 萬美元。