USDe 與 UST：合成美元引發對潛在風險的擔憂

Fantom 基金會聯合創始人 Andre Cronje 對合成美元 USDe 的設計提出了擔憂，並將其與失敗的演算法穩定幣 UST (TerraUSD) 進行比較。 Cronje 強調了 USDe 框架中與永續合約和保證金交易相關的潛在風險，警告負資金利率可能導致清算和無擔保資產的產生。他強調了評估複雜系統時不同觀點的重要性，並邀請更廣泛的加密社群提供見解和觀點。

USDe vs. UST: Concerns Raised Over Synthetic Dollar's Potential Risks

USDe 與 UST：合成美元潛在風險的擔憂

Andre Cronje, the influential co-founder and architect of the Fantom Foundation, has sparked a heated debate within the cryptocurrency community by raising serious concerns about the potential risks associated with the Ethena synthetic dollar (USDe). Critics argue that USDe shares striking similarities to the ill-fated TerraUSD (UST) stablecoin, which spectacularly collapsed in May 2022, wiping out billions of dollars in investor funds.

Fantom 基金會頗具影響力的聯合創始人兼架構師 Andre Cronje 對 Ethena 合成美元 (USDe) 的潛在風險提出了嚴重擔憂，引發了加密貨幣社群的激烈爭論。批評者認為，USDe 與命運多舛的 TerraUSD (UST) 穩定幣有著驚人的相似之處，後者於 2022 年 5 月轟然崩盤，損失了數十億美元的投資者資金。

Understanding USDe

了解 USDe

USDe is a synthetic ERC-20 (digital) dollar created by Ethena Labs with the ambitious goal of providing a reliable, scalable, and censorship-resistant digital asset. Unlike traditional stablecoins, which are typically backed by fiat currencies or other stable assets, USDe is fully collateralized by ETH, the native cryptocurrency of the Ethereum blockchain.

USDe 是由 Ethena Labs 創建的合成 ERC-20（數位）美元，其雄心勃勃的目標是提供可靠、可擴展且抗審查的數位資產。與通常由法定貨幣或其他穩定資產支持的傳統穩定幣不同，USDe 完全由以太坊區塊鏈的原生加密貨幣 ETH 抵押。

Maintaining Stability Through Delta Hedging

透過 Delta 對沖保持穩定

Ethena employs a delta hedging strategy to maintain USDe's peg to the US dollar. Delta hedging involves dynamically adjusting the portfolio of ETH collateral based on market conditions. This strategy aims to ensure that the value of USDe remains stable despite fluctuations in the price of ETH.

Ethena 採用 Delta 對沖策略來維持 USDe 與美元的掛鉤。 Delta 對沖涉及根據市場狀況動態調整 ETH 抵押品的投資組合。該策略旨在確保儘管 ETH 價格波動，USDe 的價值仍保持穩定。

Challenging the Stablecoin Trilemma

挑戰穩定幣三難困境

USDe is designed to tackle the so-called stablecoin trilemma, a theoretical problem that suggests it is impossible for a stablecoin to simultaneously achieve decentralization, capital efficiency, and stability. By focusing on delta-neutral strategies, censorship resistance, and scaling with capital efficiency, USDe purports to offer a solution to this long-standing challenge.

USDe 旨在解決所謂的穩定幣三難困境，這理論問題表明穩定幣不可能同時實現去中心化、資本效率和穩定性。透過專注於 Delta 中性策略、審查制度阻力和資本效率擴展，USDe 旨在為這項長期挑戰提供解決方案。

Enter TerraUSD: A Cautionary Tale

進入 TerraUSD：一個警世故事

TerraUSD (UST) was an algorithmic stablecoin developed by Terra in 2020. Like USDe, UST was designed to be decentralized and pegged to the US dollar. However, UST operated on the Terra blockchain and utilized a unique minting policy that allowed DeFi protocols to integrate it seamlessly without compromising scalability.

TerraUSD (UST) 是 Terra 於 2020 年開發的演算法穩定幣。與 USDe 一樣，UST 的設計是去中心化的並與美元掛鉤。然而，UST 在 Terra 區塊鏈上運行，並利用獨特的鑄幣政策，允許 DeFi 協議無縫整合它，而不會影響可擴展性。

UST's Downfall

UST的垮台

TerraUSD's downfall began in May 2022 with a significant drop in the value of the Luna token, which was used to maintain UST's stability. This triggered a death spiral, leading to the liquidation of UST positions and a complete loss of peg to the US dollar.

TerraUSD 的衰落始於 2022 年 5 月，當時用於維持 UST 穩定性的 Luna 代幣價值大幅下跌。這引發了死亡螺旋，導致 UST 頭寸被清算，完全失去與美元掛鉤的地位。

Cronje's Concerns

克羅涅的擔憂

In a recent article, Andre Cronje expressed his concerns about perceived vulnerabilities in USDe's design. He argues that the use of perpetual contracts and margin trading, which are integral components of Ethena's framework, introduces significant risks. Cronje warns that negative funding rates could lead to liquidation events and the emergence of unbacked assets.

在最近的一篇文章中，Andre Cronje 表達了他對 USDe 設計中已知漏洞的擔憂。他認為，作為 Ethena 框架不可或缺的組成部分，永續合約和保證金交易的使用會帶來重大風險。克羅涅警告說，負融資利率可能會導致清算事件和無擔保資產的出現。

Trading Risks and Market Dynamics

交易風險與市場動態

Cronje emphasizes the importance of closing trades eventually, whether voluntarily or through liquidation. He cautions that current market conditions may favor certain trading strategies, but negative funding rates in the future could pose a significant threat. This could result in the liquidation of margin collateral and leave traders with assets unsupported by USDe.

克羅涅強調最終結束交易的重要性，無論是自願還是透過清算。他警告說，當前的市場狀況可能有利於某些交易策略，但未來的負融資利率可能會構成重大威脅。這可能會導致保證金抵押品被清算，並使交易者的資產不受 USDe 支持。

Counterarguments and the Importance of Diverse Perspectives

反駁和不同觀點的重要性

Proponents of USDe argue that the "law of large numbers" may mitigate the risks associated with trading. However, Cronje refrains from outright condemnation, instead inviting the crypto community's expertise to provide insights and perspectives. He acknowledges his limitations as a developer and recognizes the value of diverse viewpoints in evaluating complex systems.

USDe 的支持者認為，「大數定律」可以減輕與交易相關的風險。然而，Cronje 並沒有直接譴責，而是邀請加密社群的專業知識提供見解和觀點。他承認自己作為開發人員的局限性，並認識到評估複雜系統時不同觀點的價值。

Ethena's Response

艾西娜的回應

In response to Cronje's concerns, the founder of Ethena has assured stakeholders that a comprehensive response is forthcoming. Ethena plans to address the perceived risks in a longer-form format, providing further clarity and reassurance to the community.

為了回應 Cronje 的擔憂，Ethena 的創辦人已向利害關係人保證，即將做出全面的回應。 Ethena 計劃以更長的形式解決感知到的風險，為社區提供進一步的清晰度和保證。

Conclusion

結論

The debate over the potential risks of USDe is likely to continue as the cryptocurrency community carefully examines the implications of Cronje's concerns. While USDe presents a promising solution to the stablecoin trilemma, its similarities to UST raise legitimate questions that require careful consideration. As the investigation unfolds, the crypto community eagerly awaits Ethena's response and further insights from leading experts in the field.

隨著加密貨幣社群仔細研究 Cronje 擔憂的影響，有關 USDe 潛在風險的爭論可能會持續下去。雖然 USDe 為穩定幣三難困境提供了一個有希望的解決方案，但它與 UST 的相似之處引發了需要仔細考慮的合理問題。隨著調查的展開，加密社群熱切等待 Ethena 的回應以及該領域領先專家的進一步見解。