Ethena Labs 的 ENA 代币飙升 60%，引发金融脆弱性担忧

Ethena Labs 的治理代币 ENA 空投后暴涨 60% 至 0.96 美元，市值升至 13.4 亿美元，排名第 80 位。尽管 Ethena 的数字美元平台旨在挑战传统银行业务，但 Fantom 联合创始人 Andre Cronje 警告称，由于 ENA 依赖产生收益的资产作为抵押品，存在潜在风险，并指出与 Terra Luna 的倒闭类似。

Ethena Labs' ENA Token Surges by 60%, Sparking Concerns over Financial Vulnerabilities

Ethena Labs 的 ENA 代币飙升 60%，引发对金融漏洞的担忧

Exponential Rise in ENA Value

ENA 价值呈指数级增长

Ethena Labs' recently launched governance token, ENA, has experienced a remarkable surge in value, escalating by approximately 60% shortly after its market introduction. The token's price has climbed to approximately $0.96, propelling its market capitalization to nearly $1.34 billion and elevating it to the 80th position among the largest cryptocurrencies by market cap.

Ethena Labs 最近推出的治理代币 ENA 的价值经历了显着的飙升，在上市后不久就上涨了约 60%。该代币的价格已攀升至约 0.96 美元，使其市值达到近 13.4 亿美元，并在市值最大的加密货币中排名第 80 位。

The surge in ENA's value follows Ethena's strategic distribution of 750 million ENA tokens, representing 5% of its total supply, through an airdrop to holders of its USDe token. The USDe, a synthetic dollar, lies at the core of Ethena's offerings, leveraging a combination of ether liquid staking tokens and short Ether (ETH) perpetual futures positions to maintain a target value near $1.

ENA 价值飙升之前，Ethena 通过向 USDe 代币持有者空投战略分配了 7.5 亿个 ENA 代币（占其总供应量的 5%）。 USDe 是一种合成美元，是 Ethena 产品的核心，它利用以太坊流动质押代币和空头以太坊 (ETH) 永续期货头寸的组合来维持接近 1 美元的目标价值。

ENA Tokenomics and Ecosystem

ENA 代币经济和生态系统

The ENA token serves as the cornerstone of Ethena's value proposition, designed to facilitate a digital dollar platform on the Ethereum blockchain. This platform aims to provide a viable alternative to traditional banking mechanisms through its innovative 'Internet Bond'. Utilizing the potential of derivative markets and staked Ethereum, the Internet Bond offers a dollar-denominated savings instrument accessible globally, independent of conventional banking infrastructure.

ENA 代币是 Ethena 价值主张的基石，旨在促进以太坊区块链上的数字美元平台。该平台旨在通过其创新的“互联网债券”为传统银行机制提供可行的替代方案。利用衍生品市场和质押以太坊的潜力，互联网债券提供了一种可在全球范围内使用的以美元计价的储蓄工具，独立于传统的银行基础设施。

The total supply of ENA tokens is capped at 15 billion, with an initial issuance of 1.425 billion tokens. The distribution plan for ENA tokens prioritizes ecosystem development (30%), core contributor rewards (30%), investor engagement (25%), and foundation support (15%), reflecting a holistic approach to tokenomics. Notably, Binance's endorsement of ENA as the 50th project on its Binance Launchpool, enabling users to farm ENA tokens by staking BNB and FDUSD, further underscores the token's appeal.

ENA代币总发行量上限为150亿枚，首次发行14.25亿枚。 ENA 代币的分配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%），反映了代币经济学的整体方法。值得注意的是，币安认可 ENA 作为其 Binance Launchpool 上的第 50 个项目，使用户能够通过质押 BNB 和 FDUSD 来种植 ENA 代币，这进一步凸显了该代币的吸引力。

Concerns Raised by Fantom Co-Founder

Fantom 联合创始人提出的担忧

Amidst the euphoria surrounding ENA's rapid ascent, Andre Cronje, co-founder of the Fantom Foundation, has issued a cautionary warning, drawing parallels to the concerns that preceded the collapse of Terra Luna. Cronje has expressed apprehension regarding the structural vulnerability of perpetual contracts (perps), a derivative product that allows traders to speculate on the price movement of an asset without holding the actual asset.

在 ENA 迅速崛起的欢欣鼓舞中，Fantom 基金会联合创始人安德烈·克罗涅 (Andre Cronje) 发出了警告，与 Terra Luna 崩溃之前的担忧相似。克罗涅对永续合约（perps）的结构性脆弱性表示担忧，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。

Perpetual contracts operate on a system of funding rates designed to maintain a close relationship between the perpetual price and the underlying asset's spot price. However, Cronje highlights a critical weakness in this system: the reliance on yield-generating assets, such as staked Ethereum (stETH), as collateral.

永续合约按照融资利率系统运行，旨在维持永续价格与标的资产现货价格之间的密切关系。然而，克罗涅强调了该系统的一个关键弱点：依赖产生收益的资产，例如质押以太坊（stETH）作为抵押品。

Potential for Financial Distress

潜在的财务困境

This approach theoretically enables a "neutral" position, where the gains from yield should offset losses from the short position if the asset's price declines. However, this equilibrium is precarious, as negative shifts in funding rates can erode the collateral, leading to liquidation. Cronje explains, "The mechanism – the theory here is that you can generate a ‘stable’ $1000, by buying $1000 of stETH, using this as collateral to open a $1000 stETH short, thereby achieving being ‘neutral’, while getting the benefit of the stETH yield (~3%) + whatever is paid in funding rates."

从理论上讲，这种方法可以实现“中性”头寸，如果资产价格下跌，收益率收益应抵消空头头寸的损失。然而，这种平衡是不稳定的，因为融资利率的负变化可能会侵蚀抵押品，导致清算。 Cronje 解释道，“这个机制——这里的理论是，你可以通过购买 1000 美元的 stETH，用它作为抵押品开立 1000 美元的 stETH 空头，从而产生‘稳定’的 1000 美元，从而实现‘中性’，同时获得stETH 收益率 (~3%) + 支付的资金费率。”

Cronje's concerns echo the catastrophic implosion of Terra's algorithmic stablecoin UST in 2021, which resulted in significant financial losses across the board. By drawing a parallel between the structural weaknesses he perceives in Ethena's framework and the mechanisms that led to Terra's downfall, Cronje raises a red flag about the sustainability of complex financial products that lack transparent risk mitigation strategies.

Cronje 的担忧与 2021 年 Terra 算法稳定币 UST 的灾难性崩溃相呼应，导致全面重大财务损失。通过将他在 Ethena 框架中发现的结构性弱点与导致 Terra 垮台的机制进行比较，Cronje 对缺乏透明风险缓解策略的复杂金融产品的可持续性提出了危险信号。

Response from Ethena Labs

Ethena Labs 的回应

In response to Cronje's critique, Guy Young, founder of Ethena Labs, recognized the validity of the concerns raised. Young stated, "These aren't mid curve concerns at all Andre Cronje, you rightly point out risks that absolutely do exist here. Will work on a longer form response for you by end of this week with some thoughts."

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。杨表示，“安德烈·克罗涅，这些根本不是中曲线问题，你正确地指出了这里绝对存在的风险。将在本周末之前为你制定一份更长的应对措施，并提出一些想法。”

Conclusion

结论

The exponential rise in ENA's value has sparked both excitement and caution within the cryptocurrency community. While the token's potential to facilitate a digital dollar platform and provide a global savings instrument is promising, concerns raised by experts regarding structural vulnerabilities in the underlying mechanism warrant attention. As the cryptocurrency market continues to evolve, it remains crucial for investors to carefully evaluate the risks and potential rewards associated with complex financial products.

ENA 价值的指数级上涨引发了加密货币社区的兴奋和谨慎。虽然该代币在促进数字美元平台和提供全球储蓄工具方面的潜力是有希望的，但专家们对底层机制的结构性漏洞提出的担忧值得关注。随着加密货币市场的不断发展，投资者仔细评估与复杂金融产品相关的风险和潜在回报仍然至关重要。