Ethena的ENA代币空投后暴涨60%，引发担忧

Ethena Labs 的治理代币 ENA 已飙升 60%，使其市值达到近 13.4 亿美元。此次上涨是在通过空投向 USDe 稳定币持有者战略性分配 7.5 亿个 ENA 代币之后实现的。 ENA 代币旨在促进以太坊区块链上的数字美元平台的发展，为传统银行机制提供可行的替代方案。

Ethena Labs' ENA Token Soars 60% Post-Airdrop, Raising Concerns about Its Value Proposition

Ethena Labs 的 ENA 代币空投后飙升 60%，引发对其价值主张的担忧

Market Surge and Capitalization

市场激增和资本化

Ethena Labs' governance token, ENA, has witnessed a remarkable surge of 60% in its value shortly after its market debut. The price of ENA rallied to approximately $0.96, catapulted its market capitalization to nearly $1.34 billion. This impressive feat has propelled ENA to become the 80th largest cryptocurrency by market cap, highlighting its rapid acceptance and growing prominence within the crypto community.

Ethena Labs 的治理代币 ENA 在上市后不久，其价值就飙升了 60%。 ENA 的价格上涨至约 0.96 美元，使其市值猛增至近 13.4 亿美元。这一令人印象深刻的壮举推动 ENA 成为按市值计算第 80 位的加密货币，突显了其在加密货币社区中的快速接受度和日益突出的地位。

Airdrop Distribution and Market Impact

空投分布及市场影响

This substantial surge followed Ethena's strategic distribution of 750 million ENA tokens, representing 5% of its total supply, through an airdrop to holders of its USDe token. USDe, a synthetic dollar, serves as the cornerstone of Ethena's offerings. By leveraging a blend of ether liquid staking tokens and short Ether (ETH) perpetual futures positions, USDe aims to maintain a target value near $1, offering a stable and predictable asset for investors.

这一大幅增长是在 Ethena 通过向 USDe 代币持有者空投的方式战略分配 7.5 亿个 ENA 代币（占其总供应量的 5%）之后实现的。 USDe 是一种合成美元，是 Ethena 产品的基石。通过结合以太坊流动质押代币和空头以太坊 (ETH) 永续期货头寸，USDe 的目标是将目标价值维持在 1 美元附近，为投资者提供稳定且可预测的资产。

Tokenomics and Ecosystem Development

代币经济学和生态系统发展

The Ethena Labs airdrop, which commenced two hours prior to the market surge, distributed $450 million worth of ENA tokens. Notably, the largest recipient of ENA tokens was the wallet address 0xb56, which received 3.30 million ENA, valued at $1.96 million.

Ethena Labs 空投在市场飙升前两小时开始，分发了价值 4.5 亿美元的 ENA 代币。值得注意的是，ENA代币的最大接收者是钱包地址0xb56，该地址收到了330万个ENA，价值196万美元。

The total supply of ENA tokens is capped at 15 billion, with an initial issuance of 1.425 billion tokens. The tokenomics plan prioritizes ecosystem development (30%), core contributor rewards (30%), investor engagement (25%), and foundation support (15%). This strategic distribution aligns with Ethena Labs' commitment to fostering a robust ecosystem around its platform.

ENA代币总发行量上限为150亿枚，首次发行14.25亿枚。代币经济计划优先考虑生态系统开发（30%）、核心贡献者奖励（30%）、投资者参与（25%）和基金会支持（15%）。这一战略分布符合 Ethena Labs 围绕其平台培育强大生态系统的承诺。

Concerns Raised by Fantom Co-Founder

Fantom 联合创始人提出的担忧

Amidst the market enthusiasm surrounding ENA's surge, Andre Cronje, co-founder of the Fantom Foundation, expressed concerns about the token's value proposition and potential risks associated with its underlying mechanisms. Cronje highlighted the potential for a "Luna-like collapse," echoing the concerns raised prior to the demise of Terra Luna, another stablecoin project that faced structural challenges.

在市场对 ENA 的热情飙升之际，Fantom 基金会联合创始人 Andre Cronje 对该代币的价值主张以及与其底层机制相关的潜在风险表示担忧。 Cronje 强调了“类似 Luna 崩溃”的可能性，呼应了另一个面临结构性挑战的稳定币项目 Terra Luna 消亡之前提出的担忧。

Perpetual Contracts and Collateralization

永续合约和抵押

Cronje's concerns center around the use of perpetual contracts, a derivative product that allows traders to speculate on the price movement of an asset without holding the actual asset. Perpetual contracts rely on a system of funding rates to align their prices with the spot price of the underlying asset.

克罗涅的担忧集中在永续合约的使用上，永续合约是一种衍生产品，允许交易者在不持有实际资产的情况下推测资产的价格变动。永续合约依靠融资利率系统来使其价格与标的资产的现货价格保持一致。

However, Cronje emphasizes the vulnerability of this system when collateralized with yield-generating assets, such as staked Ethereum (stETH). The reliance on such collateral creates a precarious equilibrium, as negative shifts in funding rates can erode the collateral's value, leading to liquidations and destabilizing the system.

然而，Cronje 强调了该系统在以产生收益的资产（例如抵押以太坊（stETH））作为抵押时的脆弱性。对此类抵押品的依赖造成了不稳定的平衡，因为融资利率的负变化可能会侵蚀抵押品的价值，导致清算并破坏系统的稳定。

Syntactic Parallels to Terra Luna

与 Terra Luna 的句法相似

Cronje draws parallels between the structure of Ethena's framework and the mechanisms that led to Terra's downfall. He points out that both systems rely on complex financial products that lack transparent risk mitigation strategies, raising concerns about their sustainability.

Cronje 将 Ethena 框架的结构与导致 Terra 垮台的机制进行了比较。他指出，这两个系统都依赖于复杂的金融产品，缺乏透明的风险缓解策略，引发了人们对其可持续性的担忧。

Founder's Response

创始人的回应

In response to Cronje's critique, Guy Young, founder of Ethena Labs, acknowledged the validity of the concerns raised. Young acknowledged that "these aren't mid curve concerns at all" and expressed his commitment to providing a detailed response addressing the risks associated with Ethena's platform by the end of the week.

针对 Cronje 的批评，Ethena Labs 创始人 Guy Young 承认所提出的担忧是正确的。 Young 承认“这些根本不是中期问题”，并表示他承诺在本周末之前提供详细的应对措施，解决与 Ethena 平台相关的风险。

Conclusion

结论

The surge in ENA's value has garnered significant attention and sparked discussions about its underlying value proposition and potential risks. While the token has gained traction and market capitalization, concerns raised by industry experts, such as Andre Cronje, highlight the importance of rigorous evaluation and risk assessment before investing in novel financial products. Investors are advised to conduct their own due diligence and carefully consider the potential risks and rewards associated with such investments.

ENA 价值的飙升引起了广泛关注，并引发了对其潜在价值主张和潜在风险的讨论。虽然该代币已经获得了关注和市值，但安德烈·克罗涅（Andre Cronje）等行业专家提出的担忧强调了在投资新型金融产品之前进行严格评估和风险评估的重要性。建议投资者自行进行尽职调查，并仔细考虑与此类投资相关的潜在风险和回报。