Cronje 发出危险信号：Athena 的 USDe 呼应了 UST 的致命缺陷

加密货币领域的知名人物 Andre Cronje 最近发表了一篇文章，表达了对 Athena (ENA) USDe 代币相关潜在风险的担忧，与 UST 的崩溃相提并论。 Cronje 以其深刻的分析和对 DeFi 的贡献而闻名，他深入研究了 Athena 的核心机制及其与各种协议的集成，强调了其永续合约、保证金抵押品和系统性风险敞口所固有的复杂性和风险。

Andre Cronje's Grave Concerns: Athena's USDe Token Echoing UST's Demise

Andre Cronje 的严重担忧：Athena 的 USDe 代币呼应了 UST 的消亡

In a groundbreaking exposé, Andre Cronje, the esteemed luminary in the cryptocurrency realm, has sounded the alarm over the ominous parallels he perceives between Athena's USDe token and the ill-fated UST, the TerraUSD stablecoin that spectacularly imploded last year, sending shockwaves throughout the industry.

在一次开创性的揭露中，加密货币领域受人尊敬的杰出人物 Andre Cronje 对他认为 Athena 的 USDe 代币与命运多舛的 UST 之间的不祥相似之处敲响了警钟。UST 是去年发生惊人内爆的 TerraUSD 稳定币，在整个加密货币领域引发了冲击波。行业。

Cronje, renowned for his astute insights and trailblazing contributions to the burgeoning field of decentralized finance (DeFi), meticulously dissected Athena's intricate inner workings, laying bare its vulnerabilities and the systemic risks it poses.

Cronje 以其敏锐的洞察力和对新兴的去中心化金融 (DeFi) 领域的开拓性贡献而闻名，他仔细剖析了 Athena 错综复杂的内部运作方式，揭示了其漏洞及其带来的系统性风险。

"Every so often we see something new in this space," mused Cronje, reflecting on the ever-evolving landscape of crypto assets. "I often find myself on the middle curve for an extensive amount of time. I am comfortable here. That being said, there have been events in this industry I wish I was more curious about, there have also been events I definitely…," he cryptically hinted in a recent tweet.

“我们经常在这个领域看到一些新的东西，”克罗涅沉思道，反思了加密资产不断发展的格局。 “我经常发现自己在很长一段时间内处于中间曲线。我在这里很舒服。话虽如此，这个行业中有些事件我希望我更好奇，也有些事件我绝对......”他在最近的一条推文中神秘地暗示了这一点。

Cronje's in-depth analysis delved into the intricacies of perpetual contracts, margin collateral, and their inherent exposure to systemic risk. Perpetual contracts, a cornerstone of Athena's framework, enable traders to speculate on asset prices without directly owning the underlying assets. This seemingly attractive feature, however, carries significant risks.

克罗涅的深入分析深入研究了永续合约、保证金抵押品的复杂性及其固有的系统性风险敞口。永续合约是 Athena 框架的基石，使交易者能够在不直接拥有基础资产的情况下推测资产价格。这一看似吸引人的功能，却蕴藏着巨大的风险。

Cronje highlighted the precarious nature of volatile funding rates, which can trigger urgent calls for additional collateral and subsequent liquidations, potentially culminating in an undersecured asset. Furthermore, he expressed skepticism regarding Athena's reliance on yield-based collateral such as stETH, cautioning that such instruments may prove inadequate as risk mitigators during market downturns or abrupt shifts in funding rates.

克罗涅强调了融资利率波动的不稳定性质，这可能会引发额外抵押品和随后清算的紧急呼吁，最终可能导致资产担保不足。此外，他对 Athena 对 stETH 等基于收益的抵押品的依赖表示怀疑，并警告说，在市场低迷或融资利率突然变化期间，此类工具可能不足以作为风险缓解工具。

Cronje's meticulously crafted critique casts a long shadow over Athena's purported stability, raising profound questions about the sustainability of strategies premised on bond issuances and open-ended contracts. The reverberations of Cronje's concerns have resonated throughout the crypto community, with Ki Yong Joo, CEO of CryptoQuant, aptly encapsulating the prevailing sentiment: "Ethena lacks the essence of DeFi; it exhibits characteristics more akin to centralized finance with vulnerabilities related to custody and enforcement."

克罗涅精心策划的批评给雅典娜所谓的稳定性蒙上了长长的阴影，对以债券发行和开放式合同为前提的战略的可持续性提出了深刻的质疑。 Cronje 的担忧引起了整个加密社区的共鸣，CryptoQuant 首席执行官 Ki Yong Joo 恰当地概括了普遍的情绪：“Ethena 缺乏 DeFi 的本质；它表现出更类似于中心化金融的特征，但在托管和执行方面存在漏洞。 ”。

Cronje's trenchant assessment exposes the enduring challenges confronting the development of robust and enduring DeFi solutions. It underscores the imperative for continued vigilance and critical scrutiny as the industry navigates the uncharted waters of financial innovation.

Cronje 尖锐的评估揭示了开发强大且持久的 DeFi 解决方案所面临的持久挑战。它强调了当该行业在金融创新的未知领域中航行时，必须继续保持警惕和严格审查。