Ethena Labs 的比特币支持的合成美元产品引发市场风险担忧

Ethena Labs 选择使用比特币 (BTC) 作为其 USDe 稳定币的抵押品，以增加供应和流动性，这引起了 CryptoQuant 的 Ki Young Ju 的担忧。 Ju 将这一决定与 LUNA 崩盘进行了比较，质疑 Ethena 风险管理的有效性，特别是在熊市中，由于市场规模的限制，做空 BTC 变得具有挑战性。

Ethena Labs' Decision to Leverage Bitcoin Collateral for Synthetic Dollar-Pegged Product Raises Market Risk Concerns

Ethena Labs 决定利用比特币抵押品来生产与美元挂钩的合成产品，引发市场风险担忧

Strategic Rationale and Implementation

战略依据和实施

Ethena Labs, a pioneer in synthetic asset development, has implemented a strategic shift by employing Bitcoin (BTC) as collateral for its synthetic dollar-pegged product, USDe. This maneuver aims to augment the product's supply from its current level of $2 billion. By leveraging the burgeoning BTC derivatives market, Ethena Labs seeks to enhance scalability and liquidity in delta hedging practices.

Ethena Labs 是合成资产开发领域的先驱，该公司实施了战略转变，采用比特币 (BTC) 作为其与美元挂钩的合成产品 USDe 的抵押品。这一举措的目的是在目前 20 亿美元的基础上增加该产品的供应量。通过利用新兴的 BTC 衍生品市场，Ethena Labs 寻求增强 Delta 对冲实践的可扩展性和流动性。

Industry Concerns and Risk Assessment

行业担忧和风险评估

However, this decision has raised concerns among industry analysts, notably Ki Young Ju, CEO of analytics firm CryptoQuant. Ju draws parallels to the infamous LUNA crash, questioning the efficacy of Ethena Labs' risk management strategies, particularly in bearish market conditions.

然而，这一决定引起了行业分析师的担忧，尤其是分析公司 CryptoQuant 首席执行官 Ki Young Ju。 Ju 将臭名昭著的 LUNA 崩溃进行了类比，质疑 Ethena Labs 风险管理策略的有效性，特别是在看跌的市场条件下。

Specific Risks and Challenges

具体风险和挑战

Ju's primary concern revolves around the viability of delta-neutral strategies in bear markets. He asserts that shorting BTC during such periods poses challenges due to the potential for the market size to fall short of the total value locked (TVL), leading to market disruptions.

Ju 主要关心的是熊市中 Delta 中性策略的可行性。他声称，在此期间做空 BTC 会带来挑战，因为市场规模有可能低于锁定总价值（TVL），从而导致市场混乱。

Additionally, Ju raises the specter of a situation similar to the LUNA crisis, where Ethena Labs might resort to selling off BTC to maintain the USDe peg in the event of an algorithmic collapse during a bearish market.

此外，Ju 还提出了类似 LUNA 危机的担忧，即在熊市期间出现算法崩溃的情况下，Ethena Labs 可能会出售 BTC 以维持与美元挂钩。

Alternative Perspectives and Historical Precedents

另类观点和历史先例

OMAKASE, a former advisor to Sushiswap, echoes these concerns, highlighting historical difficulties with delta-neutral strategies. These strategies have been known to lose liquidity and become challenging to unwind without impacting market prices.

Sushiswap 前顾问 OMAKASE 也表达了这些担忧，强调了 Delta 中性策略的历史困难。众所周知，这些策略会失去流动性，并且很难在不影响市场价格的情况下平仓。

Market Implications and Investor Vigilance

市场影响和投资者警惕

Ethena Labs' decision to back USDe with Bitcoin holds the potential to significantly scale the product. However, it is paramount for investors and stakeholders to exercise caution and thoroughly consider the potential market risks associated with this move.

Ethena Labs 决定用比特币支持 USDe，这有可能大幅扩展该产品的规模。然而，投资者和利益相关者必须谨慎行事，并充分考虑与此举相关的潜在市场风险。

The Terra-LUNA crisis serves as a stark reminder of the vulnerabilities inherent in complex financial instruments. As the crypto market continues to evolve, it is essential for participants to maintain a heightened awareness of emerging risks and weigh them carefully against potential rewards.

Terra-LUNA 危机清楚地提醒人们复杂金融工具固有的脆弱性。随着加密货币市场的不断发展，参与者必须保持对新兴风险的高度认识，并仔细权衡它们与潜在回报。