Ethena 的比特币支持的 USDe 引发市场崩盘担忧

Ethena Labs 宣布用比特币支持其 USDe 合成美元，引起了包括 CryptoQuant 首席执行官 Ki Young Ju 在内的加密货币专家的担忧。 Ju认为，此举带来了类似于 Terra LUNA-UST 危机的风险，在这场危机中，使用比特币储备维持稳定币挂钩导致了市场崩盘。他强调了在熊市期间维持比特币的Delta中性策略的困难，并对在这种情况下可能出售比特币以稳定美元汇率的担忧表示担忧。

Ethena Labs' Bitcoin-Backed USDe Raises Concerns of a Potential Market Crash

Ethena Labs 的比特币支持的 USDe 引发了对潜在市场崩盘的担忧

Ethena Labs, a decentralized finance (DeFi) platform, has recently announced its intention to back its synthetic dollar, USDe, with Bitcoin. This move has raised red flags among crypto experts, who warn that it could potentially destabilize the market.

Ethena Labs 是一个去中心化金融 (DeFi) 平台，最近宣布打算用比特币支持其合成美元 USDe。此举引起了加密货币专家的警惕，他们警告称，这可能会破坏市场的稳定。

Ki Young Ju, founder and CEO of on-chain data platform CryptoQuant, is among those who have expressed skepticism about Ethena's decision. He believes that backing USDe with Bitcoin introduces the risk of a potential crisis similar to the Terra-LUNA collapse.

链上数据平台 CryptoQuant 的创始人兼首席执行官 Ki Young Ju 是对 Ethena 的决定表示怀疑的人之一。他认为，用比特币支持 USDe 会带来类似于 Terra-LUNA 崩溃的潜在危机的风险。

Terra-LUNA, a blockchain project that utilized an algorithmic stablecoin (UST), experienced a catastrophic collapse in May 2022. The Luna Foundation Guard (LFG), which was responsible for maintaining UST's peg to the US dollar, was forced to sell its vast Bitcoin reserves in an attempt to stabilize the stablecoin. However, this proved futile, and the entire Terra ecosystem imploded, leading to massive losses for investors and the bankruptcy of several crypto firms.

Terra-LUNA 是一个利用算法稳定币 (UST) 的区块链项目，于 2022 年 5 月经历了灾难性崩溃。负责维持 UST 与美元挂钩的 Luna Foundation Guard (LFG) 被迫出售其巨额代币。储备比特币是为了稳定稳定币。然而，事实证明这是徒劳的，整个 Terra 生态系统崩溃了，导致投资者遭受巨大损失，多家加密货币公司破产。

Ju highlights the challenges of maintaining a delta-neutral strategy for Bitcoin in a bear market. Ethena Labs plans to hold spot Bitcoin and short Bitcoin futures as part of a cash and carry trade to generate yield. However, Ju expresses concerns about the potential need to sell Bitcoin to stabilize USDe's peg if their algorithm fails during a bear market. He emphasizes the limited liquidity available in the short Bitcoin market, which could exacerbate any selling pressure.

Ju强调了在熊市中维持比特币Delta中性策略的挑战。 Ethena Labs 计划持有现货比特币和做空比特币期货，作为现金和套利交易的一部分，以产生收益。然而，Ju 表示担心，如果他们的算法在熊市期间失败，可能需要出售比特币来稳定 USDe 的锚定汇率。他强调，做空比特币市场的流动性有限，这可能会加剧抛售压力。

"If there's a method to short BTC by holding some DeFi-wrapped BTC, the market size would be smaller than its TVL," said Ju. "This is a CeFi stablecoin run by a hedge fund, effective only in bull markets. Correct me if I'm wrong."

Ju 表示：“如果有一种方法可以通过持有一些 DeFi 包装的 BTC 来做空 BTC，那么市场规模将小于其 TVL。” “这是由对冲基金运营的 CeFi 稳定币，仅在牛市中有效。如果我错了，请纠正我。”

Other crypto experts share Ju's concerns. Andre Cronje, a prominent figure in the DeFi space, acknowledged the novelty of Ethena's approach but expressed reservations about its sustainability.

其他加密货币专家也有同样的担忧。 DeFi 领域的知名人物 Andre Cronje 承认 Ethena 方法的新颖性，但对其可持续性表示保留。

"I often find myself on the mid 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 didn't want to be involved in," Cronje tweeted.

“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，也有一些事件我绝对没有希望参与其中，”克罗涅在推特上写道。

Ethena claims that backing USDe with Bitcoin will enable it to scale significantly, potentially reaching a market capitalization of $10 billion. However, experts caution that USDe is a new protocol and not a stablecoin, and its yield could fluctuate based on market conditions.

Ethena 声称，用比特币支持 USDe 将使其能够大幅扩张，市值可能达到 100 亿美元。然而，专家警告说，USDe 是一种新协议，而不是稳定币，其收益率可能会根据市场状况而波动。

Aave, a major lending protocol, recently announced its plans to remove MakerDAO's DAI stablecoin as collateral following a proposal by MakerDAO to allocate $1 billion in DAI to USDe. AAVE chancellor Marc Zeller cited the perceived contagion risk associated with Ethena's approach.

主要借贷协议 Aave 最近宣布计划取消 MakerDAO 的 DAI 稳定币作为抵押品，此前 MakerDAO 提议将 10 亿美元的 DAI 分配给 USDe。 AAVE 校长马克·泽勒 (Marc Zeller) 提到了与 Ethena 的做法相关的已知传染风险。

The concerns raised by crypto experts underscore the importance of careful evaluation and understanding before investing in new and innovative DeFi projects. The potential risks associated with Ethena's USDe warrant further scrutiny and transparency from the project team to ensure the stability and integrity of the broader crypto ecosystem.

加密货币专家提出的担忧强调了在投资新的创新 DeFi 项目之前仔细评估和理解的重要性。与 Ethena 的 USDe 相关的潜在风险需要项目团队进行进一步的审查和透明度，以确保更广泛的加密生态系统的稳定性和完整性。