由于对加密生态系统内美元挂钩的担忧，ENA 飙升 42%

Ethena 的治理代币 ENA 在 24 小时内飙升了 42% 以上，而社区对 USDe（由 Ethena 的 Delta 对冲策略维护的合成美元代币）的稳定性引发了争论和担忧。

Ethena's Governance Token, ENA, Skyrockets with 42% Surge as USDe Peg Raises Doubts Within Crypto Ecosystem

由于美元挂钩引发加密生态系统内的质疑，Ethena 的治理代币 ENA 飙升 42%

In a remarkable surge, Ethena's governance token, ENA, has soared by an impressive 42% within the past 24 hours, marking a significant milestone for the project. This surge comes on the heels of an airdrop of ENA tokens to users, which sparked a wave of buying interest.

Ethena 的治理代币 ENA 在过去 24 小时内飙升了 42%，令人印象深刻，标志着该项目的一个重要里程碑。这一激增是在向用户空投 ENA 代币之后发生的，这引发了一波购买兴趣。

Ethena's Meteoric Rise Amidst Concerns over USDe Peg

Ethena 在对美元挂钩的担忧中迅速崛起

The airdrop of governance tokens has propelled ENA's value to new heights, with the token soaring by over 100% since its launch. The cryptocurrency, which debuted on exchanges at approximately $0.640, quickly captured the attention of investors and surged to an all-time high of $1.297 on Wednesday. At the time of writing, ENA is trading around $1.112, with a remarkable market capitalization of $1.72 billion and a fully diluted valuation approaching $17.2 billion.

治理代币的空投将ENA的价值推向了新的高度，自上线以来，代币价格飙升了100%以上。这种加密货币在交易所首次亮相时价格约为 0.640 美元，很快吸引了投资者的注意力，并于周三飙升至 1.297 美元的历史新高。截至撰写本文时，ENA 的交易价格约为 1.112 美元，市值高达 17.2 亿美元，完全摊薄后的估值接近 172 亿美元。

On-Chain Metrics Echo ENA's Price Growth

链上指标反映了 ENA 的价格增长

Complementing the price growth of ENA, on-chain metrics also paint a rosy picture for the project. Ethena's total value locked (TVL) has witnessed an astonishing increase of over 2,100% since the beginning of the year, according to data from DeFiLlama. This surge can be attributed in part to the high yield of approximately 27.6% offered on USDe, Ethena's flagship synthetic dollar token.

作为 ENA 价格增长的补充，链上指标也为该项目描绘了一幅美好的图景。根据 DeFiLlama 的数据，自今年年初以来，Ethena 的总锁定价值（TVL）惊人增长了 2,100% 以上。这一飙升部分归因于 Ethena 的旗舰合成美元代币 USDe 提供的约 27.6% 的高收益率。

USDe's High Yields Raise Sustainability Concerns

USDe 的高收益引发了可持续性问题

While USDe's high yields have attracted investors, the crypto community has raised concerns about the sustainability of its dollar peg. USDe maintains its value by holding staked Ethereum (ETH) and delta hedging it with short positions on centralized exchanges. Doubts have been cast on this strategy, particularly in light of recent market volatility.

虽然 USDe 的高收益率吸引了投资者，但加密货币社区对其与美元挂钩的可持续性表示担忧。 USDe 通过持有质押的以太坊（ETH）并通过中心化交易所的空头头寸进行 Delta 对冲来维持其价值。人们对这一策略表示怀疑，特别是考虑到最近的市场波动。

Aave, MakerDAO Debate Viability of USDe

Aave、MakerDAO 争论 USDe 的可行性

The proposal to allocate 600 million DAI to USDe through DeFi protocol Morpho Labs has sparked intense debate within the crypto community. Marc Zeller, co-founder of Aave, has expressed concerns about the move, terming it "the definition of reckless." The Aave Chan Initiative (ACI) has proposed reducing the loan-to-value ratio (LTV) for DAI on Aave to 0% in response.

通过 DeFi 协议 Morpho Labs 向 USDe 分配 6 亿 DAI 的提议引发了加密社区的激烈争论。 Aave 联合创始人 Marc Zeller 对此举表示担忧，称其为“鲁莽的定义”。作为回应，Aave Chan Initiative (ACI) 提议将 Aave 上 DAI 的贷款价值比 (LTV) 降低至 0%。

Industry Experts Voice Doubts

行业专家质疑

Other industry experts have echoed these concerns. DeFi solutions architect Andre Cronje has questioned the long-term viability of USDe, citing potential flaws in its delta hedging methods. Guy Young, founder of Ethena Labs, has acknowledged these concerns and stated that he will address them in greater detail later this week.

其他行业专家也表达了这些担忧。 DeFi 解决方案架构师 Andre Cronje 对 USDe 的长期生存能力提出质疑，理由是其 Delta 对冲方法存在潜在缺陷。 Ethena Labs 的创始人 Guy Young 承认了这些担忧，并表示他将在本周晚些时候更详细地解决这些问题。

Conclusion

结论

Ethena's ENA token has enjoyed a remarkable surge in value, but the sustainability of its USDe peg remains a topic of debate within the crypto ecosystem. As the community continues to grapple with these concerns, the long-term trajectory of Ethena and its associated tokens remains uncertain.

Ethena 的 ENA 代币价值显着飙升，但其与 USDe 挂钩的可持续性仍然是加密生态系统中争论的话题。随着社区继续解决这些问题，Ethena 及其相关代币的长期发展轨迹仍然不确定。