Ethena (ENA)：一个针对 DeFi 基础设施的新型合成稳定币平台

Ethena 是一个 DeFi 平台，引入了合成稳定币系统，旨在提供独立于传统经济和银行系统的稳定数字资产。

Ethena is a decentralized finance (DeFi) platform that aims to solve the trust and scalability issues inherent in traditional financial systems. The platform introduces a system of synthetic stablecoins, designed to offer a stable digital asset that is independent of traditional economies and banking systems.

Ethena 是一个去中心化金融（DeFi）平台，旨在解决传统金融系统固有的信任和可扩展性问题。该平台引入了合成稳定币系统，旨在提供独立于传统经济和银行系统的稳定数字资产。

Ethena: Solving the Achilles’ Heel of Crypto Stability

Ethena：解决加密货币稳定性的致命弱点

The crypto market and decentralized finance (DeFi) face an extremely complex problem on a daily basis: stability. This kind of Achilles’ heel has been both the reason for being and the driving force behind the creation of new solutions. Among them, we find Ethena, a project designed to solve the trust and scalability issues of decentralized financial systems.

加密市场和去中心化金融（DeFi）每天都面临着一个极其复杂的问题：稳定性。这种致命弱点既是存在的原因，也是创造新解决方案背后的驱动力。其中，我们发现了 Ethena，一个旨在解决去中心化金融系统的信任和可扩展性问题的项目。

In essence, Ethena is a DeFi platform that introduces a system of synthetic stablecoins, with the aim of offering a stable digital asset, independent of traditional economies and banking systems. Its goal is to provide a more resilient and scalable alternative to traditional stablecoins, such as USDT or USDC, which are often subject to centralized regulation and market fluctuations.

从本质上讲，Ethena 是一个 DeFi 平台，引入了合成稳定币系统，旨在提供独立于传统经济和银行系统的稳定数字资产。其目标是为传统稳定币（例如 USDT 或 USDC）提供更具弹性和可扩展性的替代品，而传统稳定币通常受到集中监管和市场波动的影响。

Ethena uses a model backed by a variety of liquid assets, which allows it to offer stability while maintaining the inherent flexibility of cryptocurrencies.

Ethena 使用由各种流动资产支持的模型，这使其能够提供稳定性，同时保持加密货币固有的灵活性。

The Synthetic Dollar: USDe

合成美元：USDe

The central pillar of Ethena is its stablecoin USDe, which is issued and maintained in a 1:1 ratio with the US dollar. Unlike other stablecoins that are backed by assets of lower liquidity or depend on a simple reserve in a fiat currency, USDe is backed by highly liquid assets such as Ethereum and Bitcoin.

Ethena 的核心支柱是其稳定币 USDe，它与美元按照 1:1 的比例发行和维持。与其他由流动性较低的资产支持或依赖于法定货币的简单储备的稳定币不同，USDe 由以太坊和比特币等高流动性资产支持。

Its multiple backing strategy offers superior stability against market fluctuations, a crucial factor given the high level of volatility in cryptocurrencies.

其多重支持策略针对市场波动提供了卓越的稳定性，考虑到加密货币的高波动性，这是一个关键因素。

USDe differentiates itself from other stablecoins by using a ‘mint and burn’ mechanism backed by real assets, not by a simple promise or debt contract. In addition, its system is designed to withstand market disruptions, including negative funding rates that have affected other solutions in the past.

USDe 与其他稳定币的区别在于它使用由实物资产支持的“铸币和销毁”机制，而不是简单的承诺或债务合同。此外，其系统旨在承受市场干扰，包括过去影响其他解决方案的负融资利率。

Staking USDe

质押 USDe

The protocol allows users to earn rewards through the USDe staking mechanism. This process is controlled by the StakedUSDe smart contract, which users can interact with directly or through the Ethena decentralized application (dApp) interface.

该协议允许用户通过 USDe 质押机制获得奖励。该过程由 StakedUSDe 智能合约控制，用户可以直接或通过 Ethena 去中心化应用程序 (dApp) 界面与之交互。

When a user stakes, they transfer USDe to the contract and receive sUSDe (staked USDe) in return, which is another ERC20 token. Over time, additional USDe is transferred into the contract as rewards.

当用户质押时，他们将 USDe 转移到合约中并收到 sUSDe（质押的 USDe）作为回报，这是另一个 ERC20 代币。随着时间的推移，额外的 USDe 将作为奖励转入合约。

When performing an “unstake,” the sUSDe is burned in exchange for a proportionate amount of USDe, based on the total amount of sUSDe outstanding in relation to the total USDe in the smart contract. Users will receive the principal amount of sUSDe as well as their proportionate share of the deposited rewards when the staking is finalized.

当执行“取消质押”时，根据智能合约中未偿付的 sUSDe 总量与 USDe 总量的比例，sUSDe 会被销毁，以换取一定数量的 USDe。当质押最终确定时，用户将收到 sUSDe 的本金以及其所存入奖励的比例份额。

User Workflow

用户工作流程

The StakedUSDe smart contract implements the ERC4626 Token Vault standard to ensure composability. This standard is widely used for on-chain reward accumulation, which makes it possible for user interfaces outside of the Ethena dApp to support USDe staking in the future.

StakedUSDe 智能合约实施 ERC4626 Token Vault 标准以确保可组合性。该标准广泛用于链上奖励累积，这使得 Ethena dApp 之外的用户界面将来可以支持 USDe 质押。

The contract exposes various deposit and redemption functions, allowing staking with or without a slippage threshold, and with or without an ERC2612 Permit signature authorizing the transfer of USDe.

该合约公开了各种存款和赎回功能，允许在有或没有滑点阈值的情况下进行质押，以及有或没有授权转移 USDe 的 ERC2612 许可证签名。

It is important to note that there is no minimum staking period. If a user stakes and unstakes in consecutive blocks, they will receive their proportionate share of any increase in the value of USDe invested in the contract that has occurred in that approximately 12-second period.

值得注意的是，没有最短质押期限。如果用户在连续的区块中进行质押和解除质押，他们将收到在大约 12 秒的时间内投资于合约的 USDe 价值增加的相应份额。

Since reward payments into the contract occur every 8 hours and are distributed linearly over that time, there are no sudden spikes in the value of USDe invested, which prevents “sandwich” attacks, where an informed staker stakes before a payment and unstakes after, to the detriment of other users.

由于合约中的奖励每 8 小时支付一次，并且在这段时间内呈线性分布，因此投资的 USDe 价值不会突然飙升，这可以防止“三明治”攻击，即知情的质押者在付款前进行质押，然后在付款后取消质押，以防止“三明治”攻击。损害其他用户的利益。

Security Guarantee for Stakers

质押者的安全保障

Users will never lose USDe when staking. Reward transfers can only be positive into the StakedUSDe contract. Therefore, the value of USDe in sUSDe can only increase or remain stable over time

用户在质押时永远不会损失USDe。奖励转移只能转入 StakedUSDe 合约中。因此，sUSDe 中 USDe 的价值只能随着时间的推移而增加或保持稳定

Ethena’s protocol is based on a delta hedging model that protects the value of USDe against market fluctuations. This strategy allows the system to efficiently manage the risks arising from short positions and funding rates in perpetual futures markets.

Ethena 的协议基于 Delta 对冲模型，可保护 USDe 的价值免受市场波动的影响。该策略使系统能够有效管理永续期货市场空头头寸和资金费率产生的风险。

While the system has a reserve fund to protect users from adverse situations, its success depends largely on market liquidity and the stability of the backing assets. In fact, Ethena has been explicit about the inherent risks in its model, acknowledging that the possibility of a ‘depeg’ exists if market conditions are excessively volatile for extended periods.

虽然该系统有储备基金来保护用户免受不利情况的影响，但其成功很大程度上取决于市场流动性和支持资产的稳定性。事实上，Ethena 已经明确表示其模型中存在固有风险，并承认如果市场状况长期过度波动，则存在“脱钩”的可能性。

On the other hand, Ethena has implemented a series of safeguards to mitigate these risks. Transaction volume limits per block and a seven-day cooling period for USDe redemption operations have been established. These measures aim to prevent massive withdrawals that could affect the system’s stability in times of high volatility.

另一方面，Ethena 实施了一系列保障措施来减轻这些风险。每个区块的交易量限制以及 USDe 赎回操作的 7 天冷却期已经建立。这些措施旨在防止在高波动时期可能影响系统稳定性的大规模提款。

Furthermore, the inclusion of Bitcoin

此外，比特币的纳入