Defi Guru 对 Ethena Labs 的稳定币发出危险信号：TerraUSD 恐怖的回声

著名 DeFi 思想领袖 Andre Cronje 对 Ethena Labs 的 USDe 稳定币相关的潜在风险发出警告。 Cronje对该协议使用的永续期货合约的融资利率表示担忧，担心会出现与 Terra 的 UST 类似的崩溃。尽管 Ethena Labs 声称采取了强有力的风险管理措施，但 Cronje 强调了在负融资情况下无担保资产的潜力。

Eminent DeFi Visionary Raises Concerns Over Ethena Labs' USDe, Echoes TerraUSD Catastrophe

著名 DeFi 远见者对 Ethena Labs 的 USDe 表示担忧，与 TerraUSD 灾难相呼应

Andre Cronje, the esteemed mastermind behind Fantom, has sounded the alarm over Ethena Labs' USDe synthetic dollar, expressing apprehensions that it could potentially trigger a devastating collapse reminiscent of the catastrophic TerraUSD (UST) debacle that wiped out tens of billions of dollars in May 2022.

Fantom 背后受人尊敬的策划者 Andre Cronje 对 Ethena Labs 的 USDe 合成美元敲响了警钟，他担心它可能会引发毁灭性的崩溃，让人想起 5 月份导致数百亿美元损失的灾难性 TerraUSD (UST) 崩溃。 2022 年。

Cronje, widely regarded as one of decentralized finance's (DeFi) most influential thought leaders, shared his concerns in a candid message, highlighting the inherent risks associated with the financing rates within perpetual futures contracts, albeit without explicitly naming the protocol or the synthetic dollar in question.

克罗涅被广泛认为是去中心化金融（DeFi）最有影响力的思想领袖之一，他在一份坦诚的信息中分享了他的担忧，强调了与永续期货合约中的融资利率相关的固有风险，尽管没有明确指出该协议或合成美元。问题。

"While things are thriving presently, fueled by a buoyant market and positive shorting funding rates, a reversal is inevitable," Cronje stated in a poignant post on April 3rd. "When the tide turns, funding becomes negative, margin/collateral is liquidated, and an unbacked asset emerges."

克罗涅在 4 月 3 日发表的一篇令人心酸的帖子中表示：“虽然目前在市场活跃和卖空融资利率为正的推动下，情况正在蓬勃发展，但逆转是不可避免的。” “当潮流转向时，资金变成负值，保证金/抵押品被清算，并且出现无担保资产。”

Ethena's USDe stablecoin, which debuted on the public mainnet on February 19th, has raised eyebrows with its tantalizing 27.6% annual percentage yield (APY) – a figure significantly higher than the 20% yield offered by the ill-fated TerraUSD on the Anchor protocol before its calamitous implosion.

Ethena 的 USDe 稳定币于 2 月 19 日在公共主网上首次亮相，以其诱人的 27.6% 年收益率 (APY) 引起了人们的关注，这一数字远高于此前命运多舛的 TerraUSD 在 Anchor 协议上提供的 20% 收益率。它灾难性的内爆。

Guy Young, the founder of Ethena Labs, has sought to allay skepticism in the wake of the mainnet launch, asserting that the industry has matured and become more discerning after the lessons learned from Terra's collapse.

Ethena Labs 的创始人 Guy Young 在主网上线后试图消除质疑，声称在从 Terra 崩溃中汲取教训后，该行业已经成熟并且变得更加敏锐。

In response to concerns about negative funding rates, Young downplayed their significance, emphasizing that even during the tumultuous cryptocurrency market conditions of 2022 – one of its most challenging years – funding rates dipped below -3% for only a single week.

为了回应对负融资利率的担忧，Young 淡化了其重要性，强调即使在 2022 年（最具挑战性的年份之一）动荡的加密货币市场状况下，融资利率也仅在一周内跌至 -3% 以下。

Ethena has implemented various safeguards to mitigate the risks of negative funding rates, including an emergency insurance fund and arbitrage mechanisms.

Ethena 实施了各种保障措施来降低负资金利率的风险，包括紧急保险基金和套利机制。

"Imagine this as an exogenous interest rate for the system," explains Young. "When the interest rate falls too low, the market signals that the supply of USDe exceeds the system's leverage demands. As a result, users will withdraw from the product, lifting the shorts and allowing funding to return to zero or above."

“将其想象为系统的外生利率，”杨解释道。 “当利率跌得太低时，市场会发出信号，表明 USDe 的供应超过系统的杠杆需求。结果，用户将退出该产品，解除空头并允许资金回到零或以上。”

Young underscores the crucial distinction between USDe's yield and that of Anchor protocol, which was essentially fabricated. USDe's yield, he maintains, is transparently verifiable and generated through staking returns and shorting Ether perpetual futures contracts.

Young 强调了 USDe 的产量与 Anchor 协议的产量之间的重要区别，后者本质上是捏造的。他坚称，USDe 的收益率是透明可验证的，是通过质押回报和做空以太坊永续期货合约产生的。

The recent surge in Fantom's FTM token, which has gained over 190% in the past month, provides a stark reminder of the potential for high yields to ignite enthusiasm among investors. However, Cronje's timely warning serves as an important caution against the perils of excessive risk-taking and the need for investors to exercise due diligence and thoroughly assess the underlying mechanisms before committing their funds.

Fantom 的 FTM 代币最近的飙升在过去一个月内上涨了 190% 以上，这清楚地提醒人们，高收益有可能激发投资者的热情。然而，克罗涅的及时警告是对过度冒险危险的重要警告，投资者需要在投入资金之前进行尽职调查并彻底评估潜在机制。