Ethena Labs 的 USDe 稳定币流动池获得批准，反应不一

合成美元 USDe 背后的开发商 Ethena Labs 与 Frax Finance 合作，在 Curve 上创建了 USDeFRAX 流动性池，上限为 2.5 亿美元。此举旨在使 FRAX 稳定币收益率多样化并增强链上美元流动性。

Ethena Labs Secures Liquidity Pool Approval for USDe Stablecoin, Sparking Mixed Reactions

Ethena Labs 获得 USDe 稳定币流动性池批准，引发不同反应

In a significant development for the decentralized finance (DeFi) sector, Ethena Labs has received the green light to create a liquidity pool for its USDe stablecoin with Frax Finance. The pool will operate on the Curve decentralized exchange and will have a ceiling of $250 million, providing a crucial avenue for users to trade USDe.

作为去中心化金融 (DeFi) 领域的一项重大发展，Ethena Labs 已获准与 Frax Finance 为其 USDe 稳定币创建流动性池。该矿池将在 Curve 去中心化交易所上运行，上限为 2.5 亿美元，为用户交易 USDe 提供重要途径。

The approval comes after Ethena Labs submitted a proposal to Frax Finance's governance forum, outlining the benefits of the collaboration. Ethena Labs expressed its admiration for the FRAX team, acknowledging their expertise in the DeFi space and expressing excitement about future initiatives to bolster the on-chain dollar economy.

Ethena Labs 向 Frax Finance 治理论坛提交了一份提案，概述了合作的好处，随后获得批准。 Ethena Labs 表达了对 FRAX 团队的钦佩，承认他们在 DeFi 领域的专业知识，并对未来支持链上美元经济的举措表示兴奋。

Following the approval, USDe's issuer and Frax Finance aim to enhance dollar liquidity on the blockchain. However, the move has raised concerns among some observers, who draw parallels between USDe and Terraform's ill-fated algorithmic stablecoin, UST.

获得批准后，USDe 的发行人和 Frax Finance 旨在增强区块链上的美元流动性。然而，此举引起了一些观察人士的担忧，他们将 USDe 与 Terraform 命运多舛的算法稳定币 UST 进行了比较。

Terraform's UST Shadow Looms Large

Terraform 的 UST Shadow 显得尤为突出

Fantom developer Andre Cronje has voiced concerns about USDe's risk profile, specifically its reliance on collateralized positions to maintain its peg to the U.S. dollar. This mechanism, he argues, bears striking similarities to UST's design, which ultimately led to the collapse of Terra's ecosystem.

Fantom 开发商 Andre Cronje 对 USDe 的风险状况表示担忧，特别是其依赖抵押头寸来维持与美元挂钩的情况。他认为，这种机制与 UST 的设计有着惊人的相似之处，而 UST 的设计最终导致了 Terra 生态系统的崩溃。

Furthermore, CryptoQuant founder Ki Young Ju has echoed Cronje's concerns, citing the potential for a crypto contagion if USDe were to experience a similar fate as UST. Terraform also utilized Bitcoin (BTC) as a reserve asset before its downfall.

此外，CryptoQuant 创始人 Ki Young Ju 也回应了 Cronje 的担忧，称如果 USDe 经历与 UST 类似的命运，则加密货币可能会蔓延。 Terraform 在崩溃之前还利用比特币（BTC）作为储备资产。

USDe's Market Success Amidst Skepticism

USDe 的市场成功受到质疑

Despite the skepticism, USDe has gained traction among users since its launch in February, with its supply surpassing $2 billion. Ethena Labs offers the dollar-pegged token exclusively on Ethereum's mainnet.

尽管存在质疑，USDe 自 2 月份推出以来仍受到用户的青睐，其供应量超过 20 亿美元。 Ethena Labs 专门在以太坊主网上提供与美元挂钩的代币。

Although the protocol initially faced a security exploit that resulted in a loss of $290,000, the issue was promptly resolved. Since then, Ethena Labs has continued to expand USDe's integration and utility.

尽管该协议最初面临安全漏洞并导致 29 万美元的损失，但该问题很快得到了解决。此后，Ethena Labs 继续扩展 USDe 的集成度和实用性。

To reward early supporters and participants, the stablecoin provider conducted an airdrop of its governance token, ENA, distributing 750 million free tokens.

为了奖励早期支持者和参与者，稳定币提供商对其治理代币 ENA 进行了空投，分发了 7.5 亿个免费代币。

Conclusion

结论

The collaboration between Ethena Labs and Frax Finance marks a significant step in enhancing dollar liquidity on the blockchain. However, the project's similarities to Terraform's UST have raised concerns among some industry experts. As the DeFi sector evolves and matures, it remains to be seen how USDe will navigate these challenges and whether it can avoid the pitfalls that befell its predecessor. Only time will tell the fate of this synthetic dollar.

Ethena Labs 和 Frax Finance 之间的合作标志着增强区块链美元流动性的重要一步。然而，该项目与 Terraform 的 UST 的相似之处引起了一些行业专家的担忧。随着 DeFi 领域的发展和成熟，USDe 将如何应对这些挑战，以及是否能够避免其前身遭遇的陷阱，还有待观察。只有时间才能告诉我们这种合成美元的命运。