USDe：在 SEC 審查中檢查與 UST 的風險和相似之處

Ethena 的 USDe 與美元掛鉤的加密貨幣因其 37.1% 的高年收益率以及對其治理代幣空投分配的預期而獲得了顯著的吸引力。其快速成長和較高的收益率讓人將其與Terra 的UST 穩定幣進行比較，後者於2022 年崩潰。雖然USDe 和UST 都是演算法穩定幣，無需法幣支援即可保持錨定，但它們的機制和潛在風險有顯著差異。 USDe 不像 USDT 或 USDC 那樣由法定貨幣支持，而是透過 Delta 中性交易來保持穩定性，其中它質押 ETH 進行多頭頭寸，同時在交易所開設空頭期貨頭寸。 UST 依賴銷毀和鑄幣機制，用戶用 LUNA 代幣交易 UST 以維持其掛鉤。儘管收益率生成機制相似，但它們不同的掛鉤方法以及 Ethena 對 ETH 抵押品的使用表明了不同的風險狀況，由於 ETH 的獨立價值和流動性，USDe 可能更具彈性。

Ethena's USDe: Examining the Risks and Similarities with Terra's UST

Ethena 的 USDe：檢查與 Terra 的 UST 的風險和相似之處

Since its inception in February, Ethena's USDe, a cryptocurrency designed to maintain a 1:1 peg to the US dollar, has experienced a meteoric rise. Its allure lies in its exceptionally high annual yield—a staggering 37.1% at the time of writing—earned by those who stake it. Additionally, the upcoming airdrop of Ethena's governance token has further fueled the frenzy surrounding USDe.

自 2 月推出以來，Ethena 的 USDe（一種旨在與美元保持 1:1 掛鉤的加密貨幣）經歷了快速上漲。它的吸引力在於其異常高的年收益率——在撰寫本文時已達到驚人的 37.1%——由那些持有它的人獲得。此外，即將空投 Ethena 的治理代幣進一步加劇了圍繞 U​​SDe 的狂熱。

However, the cryptocurrency's rapid growth, burgeoning market capitalization (recently surpassing $2 billion), and certain aspects of its structure have inevitably drawn comparisons to UST, the infamous algorithmic stablecoin created by Do Kwon and Terraform Labs. Both projects have faced accusations of securities fraud by the SEC, prompting concerns regarding the potential risks associated with USDe.

然而，加密貨幣的快速增長、迅速增長的市值（最近超過 20 億美元）及其結構的某些方面不可避免地會與由 Do Kwon 和 Terraform Labs 創建的臭名昭著的演算法穩定幣 UST 進行比較。這兩個項目都面臨 SEC 的證券詐欺指控，引發了人們對 USDe 相關潛在風險的擔憂。

Similarities and Differences: Delving into the Mechanics

異同：深入研究機制

One striking similarity between USDe and UST is their departure from fiat-backed cryptocurrencies like Tether's USDT and Circle's USDC. While the latter two claim to hold corresponding US dollar reserves in bank accounts or Treasury bills, Terra's UST and Ethena's USDe employ different mechanisms to maintain their respective pegs.

USDe 和 UST 之間的一個驚人相似之處是它們與 Tether 的 USDT 和 Circle 的 USDC 等法定支援的加密貨幣不同。雖然後兩者聲稱在銀行帳戶或國庫券中持有相應的美元儲備，但 Terra 的 UST 和 Ethena 的 USDe 採用不同的機制來維持各自的掛鉤。

Terra's UST relied on an algorithmic, burn-and-mint mechanism for its stability. Essentially, crypto users could mint $1 of UST by burning $1 worth of its sister token, LUNA, and vice versa. Arbitrage opportunities were created whenever UST traded at a discount or premium to the dollar.

Terra 的 UST 依靠演算法、銷毀和鑄造機制來確保其穩定性。本質上，加密貨幣用戶可以透過燃燒價值 1 美元的姊妹代幣 LUNA 來鑄造 1 美元的 UST，反之亦然。每當 UST 以美元折價或溢價交易時，就會產生套利機會。

In contrast, USDe utilizes a delta-neutral strategy that incorporates "basis trading," a common technique in futures markets within traditional finance. This strategy involves taking simultaneous long and short positions in ETH. Ethena establishes a long position by staking ETH to earn rewards, while opening a short perpetual position for an equivalent dollar value on a derivatives exchange.

相比之下，USDe 採用了 Delta 中性策略，其中包含“基差交易”，這是傳統金融中期貨市場的常見技術。該策略涉及同時持有 ETH 多頭和空頭部位。 Ethena 透過質押 ETH 來建立多頭部位以獲得獎勵，同時在衍生性商品交易所開設等值美元的空頭永續頭寸。

In theory, this strategy insulates USDe from ETH price fluctuations. For every dollar that ETH's price drops, the protocol loses $1 on its long position but gains $1 on its short position, maintaining the collateral's USD value relatively stable.

理論上，該策略可以使 USDe 免受 ETH 價格波動的影響。 ETH 價格每下跌 1 美元，該協議的多頭頭寸就會損失 1 美元，但空頭頭寸會增加 1 美元，從而保持抵押品的美元價值相對穩定。

Source of High Yields: A Closer Look

高收益的來源：仔細觀察

UST's high yields were partially attributed to staking rewards, but in reality, the primary driver was marketing incentives. For USDe, the yields stem from ETH staking rewards and funding rates earned from opening short derivative positions. Given the high leverage currently employed in futures derivatives markets, Ethena's yield has been exceptionally high.

UST 的高收益率部分歸因於質押獎勵，但實際上，主要驅動因素是行銷激勵。對 USDe 來說，收益率來自 ETH 質押獎勵和開立衍生性商品空頭部位所賺取的資金利率。鑑於目前期貨衍生性商品市場採用的高槓桿率，Ethena 的殖利率異常高。

Contrasting Peg Mechanisms and Risks

對比掛鉤機制和風險

Despite the evident differences between USDe's peg mechanism and UST's, risks still lurk. Campbell, an adjunct professor at Columbia Business School and former head of portfolio management at Paxos, highlights two potential concerns.

儘管USDe的掛鉤機制與UST的掛鉤機制有明顯差異，但風險仍潛伏。哥倫比亞商學院兼職教授、Paxos 前投資組合管理主管坎貝爾強調了兩個潛在的擔憂。

Firstly, a significant divergence between the price of an ETH future and the spot price of ETH could disrupt USDe's basis trade strategy. However, Campbell downplays this risk, citing the liquidity and depth of the ETH futures market.

首先，ETH 期貨價格與 ETH 現貨價格之間的顯著差異可能會擾亂 USDe 的基差交易策略。然而，坎貝爾以 ETH 期貨市場的流動性和深度為由，淡化了這種風險。

A more pressing concern, according to Campbell, is the credit risk stemming from the protocols and platforms employed by Ethena for its futures trading. If Ethena were to utilize a protocol that falls victim to a hack or a centralized exchange that faces bankruptcy, the consequences could be dire.

坎貝爾表示，更迫切的擔憂是 Ethena 用於期貨交易的協議和平台帶來的信用風險。如果 Ethena 使用的協議遭到駭客攻擊或中心化交易所面臨破產，後果可能是可怕的。

Nonetheless, crypto heavyweights like Hasu, a strategic advisor at Lido, assign less risk to USDe due to the distinction between its peg mechanism and UST's. Hasu emphasizes that the type of trade employed by USDe is relatively common and carries low risk, especially when using a prime broker.

儘管如此，由於 USDe 的掛鉤機制與 UST 之間的區別，像 Lido 戰略顧問 Hasu 這樣的加密貨幣重量級人物認為 USDe 的風險較小。 Hasu 強調，USDe 採用的交易類型相對常見且風險較低，尤其是在使用主經紀商時。

Unwinding USDe vs UST: A Comparative Perspective

USDe 與 UST 平倉：比較視角

In the event that Ethena decides to discontinue USDe, the process of unwinding would be significantly less complex compared to UST. Ethena would retain the dollars to reimburse investors by closing its short perpetual positions and selling ETH.

如果 Ethena 決定停止 USDe，則平倉過程將比 UST 簡單得多。 Ethena 將保留美元，透過平倉永續空頭部位並出售 ETH 來償還投資者。

Conversely, unwinding UST would be far more challenging due to the self-referential relationship between LUNA and UST. Deminting all UST would trigger a chain reaction of LUNA selling, ultimately leading to the collapse of both tokens due to their lack of independent sources of value. USDe, on the other hand, benefits from ETH's independent value.

相反，由於 LUNA 和 UST 之間的自引用關係，解除 UST 會更具挑戰性。銷毀所有 UST 將引發 LUNA 拋售的連鎖反應，最終導致這兩種代幣因缺乏獨立的價值來源而崩潰。另一方面，USDe 受益於 ETH 的獨立價值。

Conclusion: Assessing the Risks and Potential

結論：評估風險和潛力

While Ethena's USDe shares certain characteristics with Terra's ill-fated UST, it is crucial to acknowledge the fundamental differences between their respective peg mechanisms. USDe's delta-neutral strategy, dependence on ETH's value, and easier unwindability suggest a lower risk profile than UST.

雖然 Ethena 的 USDe 與 Terra 命運多舛的 UST 有某些共同特徵，但承認它們各自的掛鉤機制之間的根本差異至關重要。 USDe 的 Delta 中性策略、對 ETH 價值的依賴以及更容易的平倉表明其風險狀況比 UST 更低。

However, it is prudent to remain vigilant of the potential risks associated with USDe, particularly those related to credit risk stemming from its reliance on third-party platforms for futures trading. Investors should carefully consider these factors and conduct thorough due diligence before making any investment decisions.

然而，仍需謹慎警惕與 USDe 相關的潛在風險，特別是因依賴第三方平台進行期貨交易而產生的信用風險。投資者在做出任何投資決定之前應仔細考慮這些因素並進行徹底的盡職調查。