Ethena Labs 的风险：用比特币抵押 USDe 引发稳定性担忧

Ethena Labs 将比特币作为其与美元挂钩的合成产品 USDe 的抵押品，在加密货币社区内引发了争论。尽管目标是在比特币未平仓合约激增的情况下扩大 20 亿美元的供应量，但人们对 USDe 的波动性和稳定性表示担忧。这一决定引起了 CryptoQuant 首席执行官 Ki Young Ju 的批评，他警告潜在的传染风险以及 Delta 对冲在缓解比特币价格波动方面的局限性。

Ethena Labs' Gamble: Bitcoin as Collateral for Synthetic Dollar Raises Concerns

Ethena Labs 的赌博：比特币作为合成美元的抵押品引发担忧

Ethena Labs, a leading player in the decentralized finance (DeFi) space, has sparked a heated debate within the crypto community with its decision to incorporate Bitcoin (BTC) as collateral for its synthetic dollar-pegged product, USDe. While the move aims to scale USDe's supply from $2 billion amidst a surge in Bitcoin open interest, it has raised concerns over the volatility of the world's largest cryptocurrency.

Ethena Labs 是去中心化金融 (DeFi) 领域的领先企业，决定将比特币 (BTC) 作为其与美元挂钩的合成产品 USDe 的抵押品，引发了加密货币社区的激烈争论。尽管此举旨在在比特币未平仓合约激增的情况下将 USDe 的供应量从 20 亿美元扩大至 20 亿美元，但它引发了人们对全球最大加密货币波动性的担忧。

Ethena's Expansion Strategy and the Role of Bitcoin

Ethena 的扩张策略和比特币的作用

Ethena Labs' decision to integrate Bitcoin as collateral is part of its broader strategy to expand the utility and scalability of USDe, a synthetic stablecoin that aims to maintain a 1:1 peg to the US dollar. By incorporating Bitcoin, Ethena hopes to tap into the growing popularity and liquidity of the crypto asset. The move comes as the market witnesses a surge in Bitcoin open interest, signaling increased confidence in the growth potential of the cryptocurrency.

Ethena Labs 决定将比特币作为抵押品，是其扩大 USDe 实用性和可扩展性的更广泛战略的一部分，USDe 是一种合成稳定币，旨在保持与美元 1:1 的挂钩。通过整合比特币，Ethena 希望利用加密资产日益普及和流动性的优势。此举发生之际，市场见证了比特币未平仓合约的激增，表明人们对加密货币增长潜力的信心增强。

Concerns over Volatility and Stability

对波动性和稳定性的担忧

However, Ethena Labs' decision has drawn criticism and skepticism from some quarters, particularly regarding the stability and risk associated with using Bitcoin as collateral for a stablecoin. CryptoQuant CEO Ki Young Ju expressed concerns on Twitter, comparing the move to the disastrous collapse of the TerraUSD (UST) stablecoin. Ju emphasized the inherent volatility of Bitcoin, which could potentially lead to contagion risks and destabilize USDe's peg.

然而，Ethena Labs 的决定引起了一些方面的批评和怀疑，特别是在使用比特币作为稳定币抵押品的稳定性和风险方面。 CryptoQuant 首席执行官 Ki Young Ju 在 Twitter 上表达了担忧，并将此举与 TerraUSD (UST) 稳定币的灾难性崩溃进行了比较。 Ju强调了比特币固有的波动性，这可能会导致传染风险并破坏美元与美元挂钩的稳定性。

Ethena's Hedging Strategy and Collateral Sources

Ethena 的对冲策略和抵押品来源

Ethena Labs has defended its decision, arguing that it employs a sophisticated hedging strategy in Bitcoin derivatives to mitigate the impact of volatility on USDe's stability. To maintain the peg, Ethena sources collateral from reputable exchanges such as Binance, ByBit, and OKX.

Ethena Labs 为其决定进行了辩护，称其在比特币衍生品中采用了复杂的对冲策略，以减轻波动性对 USDe 稳定性的影响。为了维持挂钩，Ethena 从 Binance、ByBit 和 OKX 等信誉良好的交易所获取抵押品。

Diversification and Reduced Reliance on Traditional Finance

多元化并减少对传统金融的依赖

Ethena Labs also highlighted its goal of reducing reliance on traditional banking systems by leveraging Bitcoin as collateral for USDe. This move aligns with the broader DeFi ethos of decentralized finance and could potentially increase the liquidity and robustness of the USDe product.

Ethena Labs 还强调了其通过利用比特币作为 USDe 抵押品来减少对传统银行系统的依赖的目标。此举符合更广泛的去中心化金融 DeFi 精神，并有可能增加 USDe 产品的流动性和稳健性。

Industry Reaction and Market Impact

行业反应和市场影响

The crypto community remains divided on Ethena Labs' decision. Some experts support the move, citing the potential for increased liquidity and innovation. Others remain cautious, expressing concerns over the potential risks associated with using Bitcoin as collateral for a stablecoin. It remains to be seen how the market will react to this bold decision and whether Ethena Labs' strategy will ultimately succeed in expanding USDe's footprint while maintaining its stability.

加密社区对 Ethena Labs 的决定仍然存在分歧。一些专家支持此举，认为此举有增加流动性和创新的潜力。其他人则保持谨慎，对使用比特币作为稳定币抵押品的潜在风险表示担忧。市场对这一大胆决定有何反应，以及 Ethena Labs 的策略最终能否成功扩大 USDe 的足迹并保持其稳定性，还有待观察。

Conclusion

结论

Ethena Labs' decision to incorporate Bitcoin as collateral for USDe has ignited a debate on the role of volatile crypto assets in the stablecoin ecosystem. While the move aims to increase liquidity and reduce reliance on traditional finance, it has also raised concerns over the potential for instability and risk. The ultimate success of this strategy will depend on Ethena Labs' ability to effectively mitigate the risks associated with Bitcoin's volatility and maintain the stability of USDe.

Ethena Labs 决定将比特币作为 USDe 的抵押品，引发了关于不稳定的加密资产在稳定币生态系统中的作用的争论。虽然此举旨在增加流动性并减少对传统金融的依赖，但也引发了人们对潜在不稳定和风险的担忧。这一策略的最终成功将取决于 Ethena Labs 能否有效降低比特币波动性风险并维持 USDe 的稳定性。