Ethena：稳定币怀疑中的混合谜团

Luna 和 UST 崩溃后，类似的稳定币项目受到了质疑。然而，Ethena 作为结构性产品和稳定币的混合体，呈现出比其前身更加透明和公开讨论的风险状况。尽管其复杂性，该平台承认潜在风险，包括交易对手损失、融资利率和监管问题。这种新发现的透明度和与批评者互动的意愿标志着该行业的潜在转变，表明愿意解决潜在的漏洞并鼓励明智的决策。

Delving into the Depths of Ethena: A Complex Beast Amidst Stablecoin Skepticism

深入研究 Ethena：稳定币怀疑中的复杂野兽

In the wake of the catastrophic collapse of Luna and UST, the cryptocurrency market has been rife with skepticism towards projects resembling such stablecoins. When Ethena (ENA), a project bearing similarities to the ill-fated UST, emerged on the scene, it was met with inevitable comparisons and a torrent of concerns.

在 Luna 和 UST 灾难性崩溃之后，加密货币市场对类似稳定币的项目充满了怀疑。当与命运多舛的 UST 有相似之处的 Ethena (ENA) 项目出现时，不可避免地遭到了比较和担忧。

Ethena: A Hybrid Enigma

雅典娜：混合谜团

Ethena presents a complex structure that defies easy categorization. Superficially, it resembles stablecoins offering high yields, reminiscent of UST. However, a deeper examination reveals a more intricate concoction, merging elements of stablecoins and structured products. The distinction between these components depends on whether the ENA token is staked or not, as noted by the research organization Bulk search.

Ethena 呈现出一种难以简单分类的复杂结构。从表面上看，它类似于提供高收益的稳定币，让人想起 UST。然而，更深入的研究揭示了一种更复杂的混合物，融合了稳定币和结构性产品的元素。正如研究组织 Bulk search 所指出的，这些组件之间的区别取决于 ENA 代币是否被质押。

Confronting Potential Pitfalls with Transparency

以透明度应对潜在陷阱

In an interview with The Block in February, Ethena's founder, Guy Young (pseudonym: Leptokurtic), acknowledged counterparty risk as the project's primary concern. He expressed his willingness to engage in open discussions about potential vulnerabilities, recognizing the importance of transparency in risk assessment.

在二月份接受 The Block 采访时，Ethena 的创始人 Guy Young（化名：Leptokurtic）承认交易对手风险是该项目的首要关注点。他表示愿意参与有关潜在漏洞的公开讨论，认识到风险评估透明度的重要性。

Ethena's FAQ page is a testament to this transparency, explicitly outlining seven potential risks, ranging from funding rates to regulatory challenges. Each risk is thoroughly dissected, and the project's strategies for monitoring and mitigating these risks are meticulously detailed.

Ethena 的常见问题页面证明了这种透明度，明确概述了从融资利率到监管挑战等七个潜在风险。每个风险都被彻底剖析，项目监控和减轻这些风险的策略也被细致地详细化。

A Departure from Skeptical Silencing

摆脱怀疑的沉默

Ethena's transparent approach to risk disclosure marks a significant departure from the culture of skepticism and censorship that plagued the Luna and UST ecosystem. The Lunatics, a fervent cult surrounding Do Kwon, readily dismissed any critical analysis, often resorting to personal attacks on detractors.

Ethena 透明的风险披露方法标志着与困扰 Luna 和 UST 生态系统的怀疑主义和审查文化的重大背离。围绕 Do Kwon 的狂热邪教 The Lunatics 轻易地驳回了任何批评性分析，经常对诽谤者进行人身攻击。

In contrast, Ethena welcomes scrutiny and acknowledges the need for constructive criticism in identifying potential vulnerabilities. This commitment to transparency represents a step forward in fostering a healthier dialogue surrounding the risks and benefits of cryptocurrency projects.

相比之下，Ethena 欢迎审查，并承认在识别潜在漏洞时需要建设性批评。这种对透明度的承诺代表着在促进围绕加密货币项目的风险和收益进行更健康的对话方面向前迈出了一步。

The DOJ's Bitcoin Conundrum: A Tale of Misinterpreted Transactions

美国司法部的比特币难题：误解交易的故事

In a separate development, several major crypto news outlets erroneously reported that the United States Department of Justice (DOJ) had transferred a staggering 30,000 bitcoins to the cryptocurrency exchange Coinbase. However, this figure was grossly inaccurate.

在另一起事件中，几家主要的加密货币新闻媒体错误地报道称，美国司法部 (DOJ) 已将惊人的 30,000 枚比特币转移到加密货币交易所 Coinbase。然而，这个数字非常不准确。

As The Block's real-time coverage revealed, the DOJ wallet initiated a test transaction of a mere 0.0001 BTC to an address labeled "Coinbase Prime" on the analytics platform Arkham. The remainder of the funds were untouched, remaining within the DOJ's custody.

正如 The Block 的实时报道所示，DOJ 钱包向分析平台 Arkham 上标记为“Coinbase Prime”的地址发起了一笔仅 0.0001 BTC 的测试交易。其余资金未受影响，仍由司法部保管。

Subsequently, 2,000 BTC was transferred to the same Coinbase wallet, with the remaining funds being dispersed to a change address. While the complexities of the Bitcoin blockchain make these transactions appear convoluted, it becomes clear that only 2,000 BTC were actually sent to Coinbase, with the vast majority of the funds remaining dormant within the DOJ's wallet.

随后，2000 BTC 被转移到同一个 Coinbase 钱包，其余资金被分散到一个找零地址。虽然比特币区块链的复杂性使得这些交易显得错综复杂，但很明显，实际上只有 2,000 BTC 被发送到 Coinbase，绝大多数资金仍然休眠在 DOJ 的钱包中。

This distinction is crucial, as it translates to a difference between the government selling $132 million worth of bitcoin versus $2 billion.

这种区别至关重要，因为它意味着政府出售价值 1.32 亿美元的比特币与出售价值 20 亿美元的比特币之间存在差异。

Wormhole Hacker's Airdrop Blunder

虫洞黑客的空投错误

In a slightly comical turn of events, the cross-chain protocol Wormhole mistakenly awarded airdrop tokens to the entity responsible for its $323 million hack in 2022. Approximately four addresses linked to the hack received a total of 31,600 W tokens, valued at roughly $38,000.

事件有点滑稽，跨链协议 Wormhole 错误地将空投代币授予了负责 2022 年 3.23 亿美元黑客攻击的实体。与此次黑客攻击相关的大约四个地址总共收到了 31,600 个 W 代币，价值约 38,000 美元。

However, these tokens were swiftly removed from the hackers' addresses, according to a source familiar with the matter. This corrective action serves as a reminder of the evolving nature of cybersecurity in the crypto realm.

然而，据知情人士透露，这些代币很快就从黑客的地址中删除了。这一纠正措施提醒人们加密领域网络安全不断发展的性质。

Big Players Fuel Alliance's Fund Raising

大玩家推动联盟筹集资金

On a more positive note, Alliance, a crypto-focused accelerator, has secured significant investments from major industry players Brevan Howard Digital and Galaxy Digital. These commitments form part of Alliance Fund III, which has already raised $20 million out of its $100 million target.

从更积极的角度来看，专注于加密货币的加速器 Alliance 已获得主要行业参与者 Brevan Howard Digital 和 Galaxy Digital 的大量投资。这些承诺是联盟基金 III 的一部分，该基金已从其 1 亿美元目标中筹集了 2,000 万美元。

The fund's strategic investments in promising startups aim to provide critical support for the development of the crypto ecosystem.

该基金对有前途的初创企业的战略投资旨在为加密生态系统的发展提供关键支持。

Disclaimer and Additional Information

免责声明和附加信息

The Block operates as an independent news organization, providing impartial coverage of the crypto industry. Foresight Ventures, an investment firm with holdings in crypto-related companies, acquired a majority stake in The Block in November 2023.

The Block 作为一个独立的新闻机构运营，提供对加密货币行业的公正报道。 Foresight Ventures 是一家持有加密货币相关公司股份的投资公司，于 2023 年 11 月收购了 The Block 的多数股权。

Bitget, a cryptocurrency exchange, serves as an anchor LP for Foresight Ventures. However, The Block retains its editorial independence, delivering objective and timely information about the crypto market.

Bitget 是一家加密货币交易所，是 Foresight Ventures 的主要 LP。然而，The Block 保留其编辑独立性，提供有关加密货币市场的客观和及时的信息。