Ethena Lab 的 USDe 在比特币支持下发出危险信号

Ethena Lab 宣布用比特币支持其 USDe 合成美元，由于与 Terra-LUNA 危机的相似之处，引起了加密货币专家的担忧。 Ethena 依赖比特币储备来维持与稳定币的挂钩，这让专家警告称，可能会出现市场崩溃和蔓延效应，尤其是在熊市期间，维持 BTC 的 Delta 中性策略变得具有挑战性。这种担忧源于 Ethena 计划在经济低迷时期出售 BTC 以稳定 USDe 的锚定汇率。

Ethena Lab Raises Concerns Amid Decision to Back USDe Synthetic Dollar with Bitcoin

Ethena Lab 对用比特币支持 USDe 合成美元的决定表示担忧

Introduction:

介绍：

Ethena Lab, an innovative player in the crypto-financial landscape, has sparked industry-wide attention following its announcement to back its USDe synthetic dollar with Bitcoin (BTC). This move has raised concerns among financial experts, drawing comparisons to the catastrophic Terra-LUNA crisis and prompting fears of potential market disruptions.

Ethena Lab 是加密金融领域的创新参与者，在宣布用比特币 (BTC) 支持其 USDe 合成美元后，引起了业界的广泛关注。此举引起了金融专家的担忧，人们将其与灾难性的 Terra-LUNA 危机进行了比较，并引发了对潜在市场混乱的担忧。

Terra-LUNA Crisis as a Precedent:

Terra-LUNA 危机作为先例：

The Terra-LUNA crisis serves as a cautionary tale, showcasing the severe consequences of maintaining a stablecoin peg solely backed by Bitcoin reserves. In May 2022, the collapse of the TerraUSD (UST) stablecoin and its sister token LUNA sent shockwaves through the crypto community, resulting in billions of dollars in losses and the bankruptcies of several prominent crypto firms.

Terra-LUNA 危机是一个警示故事，展示了维持仅由比特币储备支持的稳定币挂钩的严重后果。 2022 年 5 月，TerraUSD（UST）稳定币及其姊妹代币 LUNA 的崩溃给加密社区带来了冲击，导致数十亿美元的损失以及几家著名加密公司的破产。

Ethena Lab's USDe and Bitcoin Backing:

Ethena Lab 的 USDe 和比特币支持：

Ethena Lab's decision to back its USDe synthetic dollar with Bitcoin has raised concerns due to its perceived similarities to the Terra-LUNA crisis. The USDe is not directly backed by fiat currency or traditional financial assets but instead relies on a complex derivative hedging mechanism and an arbitrage system to maintain its dollar peg.

Ethena Lab 决定用比特币支持其 USDe 合成美元，由于其与 Terra-LUNA 危机的相似之处而引发了担忧。 USDe 并不直接由法定货币或传统金融资产支持，而是依靠复杂的衍生品对冲机制和套利系统来维持与美元挂钩。

Contagion Effects and Market Volatility:

传染效应和市场波动：

Experts have expressed concerns that Ethena's reliance on Bitcoin backing could pose risks, especially during bear markets. When market conditions deteriorate, maintaining a delta-neutral strategy becomes increasingly challenging, raising the possibility of a "contagion effect" that could destabilize the broader crypto ecosystem.

专家们担心 Ethena 对比特币支持的依赖可能会带来风险，尤其是在熊市期间。当市场状况恶化时，维持 Delta 中性策略变得越来越具有挑战性，从而增加了“传染效应”的可能性，从而破坏更广泛的加密生态系统的稳定。

Ethena's Ambitions and Market Response:

Ethena 的雄心和市场反应：

Ethena Lab believes that leveraging Bitcoin is crucial for the growth of its USDe synthetic dollar, aiming to expand its market capitalization from $2 billion to $10 billion. However, the market has reacted negatively to the news, with the price of Ethena's native token ENA experiencing a 9% decline in the last 24 hours.

Ethena Lab 认为，利用比特币对其 USDe 合成美元的增长至关重要，旨在将其市值从 20 亿美元扩大到 100 亿美元。然而，市场对此消息反应消极，Ethena 原生代币 ENA 的价格在过去 24 小时内下跌了 9%。

DeFi Giants Express Concerns:

DeFi 巨头表达担忧：

Major DeFi platforms such as Aave have raised concerns about the potential risks associated with Ethena's USDe protocol. Aave founder Marc Zeller expressed apprehension over the potential for contagion effects due to MakerDAO's proposal to allocate 1 billion DAI stablecoins to USDe.

Aave 等主要 DeFi 平台对 Ethena 的 USDe 协议相关的潜在风险表示担忧。 Aave 创始人 Marc Zeller 对 MakerDAO 提议将 10 亿 DAI 稳定币分配给 USDe 可能产生的蔓延效应表示担忧。

Conclusion:

结论：

Ethena Lab's decision to back its USDe synthetic dollar with Bitcoin has sparked a heated debate within the crypto community. Industry experts have cautioned that the move bears striking resemblance to the Terra-LUNA crisis and could potentially lead to market disruptions and contagion effects. As the situation unfolds, it remains crucial for investors to exercise caution and monitor the developments closely.

Ethena Lab 决定用比特币支持其 USDe 合成美元，引发了加密社区的激烈争论。行业专家警告称，此举与 Terra-LUNA 危机惊人相似，可能会导致市场混乱和蔓延效应。随着事态的发展，投资者保持谨慎并密切关注事态发展仍然至关重要。