Ethena Labs：追逐收益的稳定币引发风险担忧，与 Terra 崩溃相呼应

Ethena Labs 是一个以 USDe 稳定币为特色的 DeFi 项目，尽管对其长期可持续性持怀疑态度，但仍引起了人们的关注。其产生收益的模式涉及持有空头头寸和质押，但这些策略带来了巨大的风险。空头头寸风险源自潜在的负融资利率，而在严重经济衰退期间，储备基金可能会不足，从而弥补了这一风险。由于使用以太坊的流动质押代币 stETH，也存在抵押品脱钩风险，该代币可能会经历脱钩事件或流动性问题。这些风险值得 USDe 用户和投资者密切监控。

Ethena Labs: Unpacking the Risks of a Yield-Focused Stablecoin

Ethena Labs：揭示以收益为中心的稳定币的风险

Ethena Labs, a provider of the USDe stablecoin, has recently gained significant attention within the decentralized finance (DeFi) community. However, concerns about the project's inherent vulnerabilities have also surfaced, prompting analysts to speculate about potential risks similar to those that led to the collapse of the Terra/UST ecosystem.

Ethena Labs 是 USDe 稳定币的提供商，最近在去中心化金融 (DeFi) 社区中引起了极大关注。然而，对该项目固有漏洞的担忧也浮出水面，促使分析师猜测类似于导致 Terra/UST 生态系统崩溃的潜在风险。

1. Short Position Risk

1. 空头风险

A key feature of Ethena's operation is its reliance on short positions in centralized exchanges. These positions are intended to provide compensation for potential losses in collateral value and generate funding income. However, this strategy also exposes Ethena to significant risks.

Ethena 运营的一个主要特点是依赖中心化交易所的空头头寸。这些头寸旨在补偿抵押品价值的潜在损失并产生资金收入。然而，这一策略也使 Ethena 面临重大风险。

The funding rate, which represents the difference between the perpetual futures market price and the index price, has historically favored long positions. This has resulted in positive funding income for short holders like Ethena. However, during market downturns, funding rates can turn negative, requiring short holders to pay long holders.

资金费率代表永续期货市场价格与指数价格之间的差额，历来有利于多头头寸。这为 Ethena 等空头持有者带来了积极的资金收入。然而，在市场低迷期间，融资利率可能会变为负值，要求空头持有人向多头持有人付款。

Ethena has established a reserve fund to mitigate the impact of negative funding rates, absorbing payments during such periods. The stability of this reserve fund is crucial for the project's viability. Researchers estimate that significant negative funding rates during periods of high USDe market capitalization may require substantial increases in the reserve fund, ranging from $40 million to $100 million.

Ethena 设立了储备基金，以减轻负资金利率的影响，吸收在此期间的付款。该储备金的稳定性对于项目的可行性至关重要。研究人员估计，在 USDe 市值较高期间，若出现显着的负融资率，可能需要大幅增加储备基金，金额从 4000 万美元到 1 亿美元不等。

2. Collateral Depegging Risk

2. 抵押品脱钩风险

Another potential vulnerability for Ethena lies in its collateral composition. While initially envisioning Bitcoin or Ethereum as collateral, the project currently holds approximately 15% of its collateral in Ethereum's liquid staking tokens, primarily Lido's stETH. This introduces an additional layer of risk due to the potential for a depegging event between stETH and ETH.

Ethena 的另一个潜在漏洞在于其抵押品的构成。虽然最初设想比特币或以太坊作为抵押品，但该项目目前持有约 15% 的抵押品为以太坊的流动质押代币，主要是 Lido 的 stETH。由于 stETH 和 ETH 之间可能发生脱钩事件，这会带来额外的风险。

A depegging of stETH could result in losses for Ethena due to its impact on margin requirements and possible forced liquidations. Factors contributing to potential depegging include Lido's operational issues, hacking incidents, or broader market factors.

由于 stETH 的脱钩可能会影响保证金要求并可能导致强制清算，因此可能会给 Ethena 带来损失。导致潜在脱钩的因素包括丽都的运营问题、黑客事件或更广泛的市场因素。

Moreover, the on-chain liquidity of stETH has recently declined, raising concerns about its price stability in the event of significant sell orders. While stETH can theoretically be unstaked to rebalance with ETH, this process may not be feasible on a large scale in a short period due to validator exit queues.

此外，stETH的链上流动性近期有所下降，引发了人们对其在出现大量卖单时价格稳定性的担忧。虽然理论上可以解除 stETH 的质押以与 ETH 进行重新平衡，但由于验证者退出队列，这一过程可能无法在短时间内大规模实施。

Conclusion

结论

The aforementioned risks highlight the potential vulnerabilities inherent in Ethena's yield-generating strategies. While these risks may seem remote during the current bull market, they underscore the importance of vigilant monitoring by users of USDe and related projects, particularly in the face of potential market downturns.

上述风险凸显了 Ethena 创收策略固有的潜在漏洞。虽然这些风险在当前的牛市中似乎很遥远，但它们强调了 USDe 和相关项目的用户保持警惕监控的重要性，特别是在面临潜在的市场低迷的情况下。

The ability of Ethena to withstand simultaneous adverse events, such as a major stETH slashing event, a depegging, and prolonged negative funding rates, remains a subject of ongoing scrutiny and debate. Only time will tell whether Ethena can navigate these challenges and maintain the stability of its USDe stablecoin.

Ethena 承受同时发生的不利事件的能力，例如重大的 stETH 削减事件、脱钩和长期负资金利率，仍然是持续审查和争论的主题。只有时间才能证明 Ethena 能否应对这些挑战并保持 USDe 稳定币的稳定性。