三箭资本朱苏对 Ethena 的高风险基差交易发出危险信号

三箭资本倒闭后，联合创始人朱苏向 Ethena 分享了他对风险管理的见解，建议利用 ETH 交易的多头，利用 DeFi 协议来提振 ETH 需求。

Ethena's Risky Basis Trade: Warnings from Three Arrows Capital's Zhu Su

Ethena的基差交易存在风险：三箭资本朱苏的警告

London, April 19, 2024 - Three Arrows Capital (3AC) co-founder Zhu Su, whose hedge fund spectacularly collapsed in 2022, has offered unsolicited advice to Ethena, a decentralized finance (DeFi) protocol that offers high yields on stablecoins.

伦敦，2024 年 4 月 19 日 - 三箭资本 (3AC) 联合创始人朱苏（他的对冲基金在 2022 年惨败）主动向 Ethena 提供了建议，Ethena 是一种提供高稳定币收益的去中心化金融 (DeFi) 协议。

3AC's collapse was precipitated by its aggressive pursuit of a "supercycle" thesis and its subsequent refusal to cooperate with creditors and liquidators. This led to Su's imprisonment in Singapore in September 2023 for attempting to flee the country.

3AC 的崩溃是由于其积极追求“超级循环”理论以及随后拒绝与债权人和清算人合作。这导致苏于 2023 年 9 月因试图逃离该国而在新加坡被监禁。

Despite his past transgressions, Su has audaciously suggested that Ethena leverage up its long ETH positions to maintain a high "funding rate" for its USDe stablecoin.

尽管过去有过违规行为，Su 仍大胆建议 Ethena 利用其 ETH 多头头寸来维持其 USDe 稳定币的高“资金费率”。

Ethena's Basis Trade and Funding Rate

Ethena 的基差交易和资金费率

Ethena's model involves accepting deposits in various stablecoins and using these funds to purchase staked ETH. This long position is hedged by shorting ETH on exchanges, which generates a "funding rate" based on market sentiment.

Ethena 的模型涉及接受各种稳定币的存款并使用这些资金购买质押的 ETH。这种多头头寸通过在交易所做空 ETH 来对冲，这会根据市场情绪产生“资金费率”。

By leveraging up the long side of this trade, Su believes Ethena can boost demand for leverage and keep USDe's yields elevated.

Su 认为，通过利用多头交易，Ethena 可以提振杠杆需求，并保持 USDe 的收益率较高。

Risks and Concerns

风险和担忧

However, industry experts have raised concerns over the sustainability of Ethena's model. If funding rates were to turn negative, as they did briefly during recent market instability, the staking rewards earned on the long side of the trade could be canceled out. This could potentially lead to a depeg of USDe from the US dollar.

然而，行业专家对 Ethena 模式的可持续性表示担忧。如果资金利率变成负数，就像最近市场不稳定期间短暂的那样，那么在多头交易中获得的质押奖励可能会被抵消。这可能会导致 USDe 与美元脱钩。

Comparisons to UST and Three Arrows Capital

与UST和三箭资本的比较

Ethena's USDe has drawn comparisons to Do Kwon's collapsed algorithmic stablecoin, UST, which also offered high "stable" yields via the Anchor protocol. 3AC's collapse occurred shortly after UST's depeg in May 2022.

Ethena 的 USDe 与 Do Kwon 崩溃的算法稳定币 UST 进行了比较，后者也通过 Anchor 协议提供了高“稳定”收益。 3AC 的崩溃发生在 2022 年 5 月 UST 脱钩后不久。

Zhu Su's Imprisonment and OPNX

朱苏入狱与OPNX

Following 3AC's collapse, Su spent several months in a Singaporean prison. Despite his incarceration, he has remained active in the crypto industry.

3AC 倒闭后，苏在新加坡监狱里呆了几个月。尽管被监禁，他仍然活跃在加密行业。

Together with his former partner Kyle Davies, Su launched OPNX, a bankruptcy claims trading platform. However, OPNX's own token has plummeted by 85% since its all-time high in August 2023.

苏与前合伙人凯尔·戴维斯 (Kyle Davies) 一起推出了破产债权交易平台 OPNX。然而，OPNX 自己的代币自 2023 年 8 月的历史高点以来已暴跌 85%。

Conclusion

结论

While Ethena's high yields may be tempting, it is crucial for investors to understand the risks associated with its basis trade strategy. The concerns raised by experts and the cautionary tale of Three Arrows Capital's implosion underscore the need for prudent risk management in the volatile world of decentralized finance.

尽管 Ethena 的高收益率可能很诱人，但投资者了解与其基础交易策略相关的风险至关重要。专家提出的担忧和三箭资本内爆的警示故事强调了在动荡的去中心化金融世界中进行审慎风险管理的必要性。