Ethena 凭借治理代币 ENA 成为加密货币游戏规则改变者

第 428 集采访了 Ethena Labs 的创始人 Guy Young，该公司是合成美元 (USDe) 背后的公司，该公司在不到两个月的时间里市值就增加了 20 亿美元。在本集中，Young 讨论了与 Ethena 相关的风险，包括托管和交易对手风险，以及 Ethena 治理代币 ENA 的用例，以及 Ethena 与 DeFi 和 CeFi 集成的潜力。

Ethena's Emergence and Governance Token's Role in Shaping the Crypto Landscape

Ethena 的出现和治理代币在塑造加密货币格局中的作用

Introduction

介绍

Ethena Labs has garnered significant attention in the cryptocurrency industry following the recent airdrop of its governance token, ENA. Ethena's flagship product, the "synthetic dollar" USDe, has rapidly gained traction, amassing a market capitalization of $2 billion in less than two months.

Ethena Labs 最近空投其治理代币 ENA 后，在加密货币行业引起了广泛关注。 Ethena 的旗舰产品“合成美元”USDe 迅速获得关注，不到两个月的时间就积累了 20 亿美元的市值。

ENA Governance Token and Ethena's Governance

ENA治理代币和Ethena的治理

ENA serves as the governance token for Ethena Labs, empowering holders to participate in the decision-making process that shapes the future of Ethena. Guy Young, founder of Ethena Labs, emphasizes the importance of ENA in enabling decentralized governance and aligning incentives between the company and its community.

ENA 作为 Ethena Labs 的治理代币，使持有者能够参与塑造 Ethena 未来的决策过程。 Ethena Labs 创始人 Guy Young 强调 ENA 在实现去中心化治理以及协调公司与其社区之间的激励方面的重要性。

Risks Associated with Ethena

与 Ethena 相关的风险

Young acknowledges potential risks associated with Ethena, including custodial risks, counterparty risks related to exchanges, and smart contract vulnerabilities. Ethena actively addresses these risks through rigorous security audits and partnerships with reputable custodians and exchanges.

Young 承认与 Ethena 相关的潜在风险，包括托管风险、与交易所相关的交易对手风险以及智能合约漏洞。 Ethena 通过严格的安全审计以及与信誉良好的托管机构和交易所的合作，积极应对这些风险。

USDe: A Synthetic Dollar, Not a Stablecoin

USDe：合成美元，不是稳定币

Ethena's USDe is distinguished from traditional stablecoins by its underlying mechanism. Unlike stablecoins backed by fiat currencies or other stable assets, USDe is an over-collateralized digital asset backed by a diversified portfolio of cryptocurrencies. This design aims to provide greater stability and resilience during market fluctuations.

Ethena 的 USDe 与传统稳定币的区别在于其底层机制。与法定货币或其他稳定资产支持的稳定币不同，USDe 是一种由多元化加密货币投资组合支持的超额抵押数字资产。这种设计旨在在市场波动期间提供更大的稳定性和弹性。

Use Cases for ENA and Ethena's Potential

ENA 和 Ethena 潜力的用例

ENA's utility extends beyond governance, as it can be utilized to earn rewards, participate in staking, and access exclusive features within the Ethena ecosystem. Young envisions Ethena integrating with both decentralized finance (DeFi) and centralized finance (CeFi) platforms, expanding its reach and impact.

ENA 的实用性超出了治理范围，因为它可以用来赚取奖励、参与质押以及访问 Ethena 生态系统中的专有功能。 Young 设想 Ethena 与去中心化金融（DeFi）和中心化金融（CeFi）平台整合，扩大其覆盖范围和影响力。

Key Discussion Points

关键讨论点

• A comprehensive introduction to Ethena and the仕組み of USDe
• The rationale behind Ethena's aversion to labeling USDe as a stablecoin, opting instead for "synthetic dollar"
• In-depth analysis of risks associated with USDe, including custody, counterparties, and smart contracts
• Young's assessment of the ENA airdrop and its reception within the community
• The role of ENA in Ethena's governance and the value it provides to token holders
• The rationale behind Ethena's onboarding of Bitcoin as collateral
• Young's perspective on the exaggerated concerns surrounding Maker and Aave
• Ethena's response to comparisons with Terra/Luna and its distinct approach
• The viability of USDe in both bull and bear markets
• Details of Ethena's insurance fund and its role in safeguarding the ecosystem
• Ethena's future plans, including potential onboarding of Solana as collateral

Conclusion

全面介绍 Ethena 和 USDe 仕组み Ethena 不愿给 USDe 贴上稳定币标签、选择“合成美元”的理由 深入分析 USDe 相关风险，包括托管、交易对手、智能合约 Young 对 ENA 的评估空投及其在社区中的接受ENA 在 Ethena 治理中的作用及其为代币持有者提供的价值 Ethena 使用比特币作为抵押品背后的理由 Young 对围绕 Maker 和 Aave 的夸大担忧的看法Ethena 对与 Terra/Luna 的比较及其独特方法的回应可行性USDe 在牛市和熊市中的详细信息 Ethena 保险基金及其在保护生态系统中的作用Ethena 的未来计划，包括可能加入 Solana 作为抵押品结论

Ethena's emergence and the introduction of its governance token, ENA, mark a significant development in the cryptocurrency industry. Ethena's innovative approach to stable assets and its commitment to decentralized governance have positioned it as a potential leader in the evolving crypto landscape. While risks remain inherent in any cryptocurrency endeavor, Ethena's dedication to security and transparency, coupled with the utility and potential of ENA, bode well for its continued growth and impact on the broader cryptocurrency market.

Ethena 的出现及其治理代币 ENA 的推出，标志着加密货币行业的重大发展。 Ethena 对稳定资产的创新方法及其对去中心化治理的承诺使其成为不断发展的加密货币领域的潜在领导者。尽管任何加密货币的努力仍然存在固有的风险，但 Ethena 对安全性和透明度的奉献精神，加上 ENA 的实用性和潜力，预示着其持续增长和对更广泛的加密货币市场的影响。