Ethena 协议：对算法稳定币风险的审查加剧

2 月 21 日，Ethena 推出了其算法稳定币 USDe，由加密资产和空头期货头寸支持，收益率高达 37%。尽管对其稳定性存在一些担忧，但该协议的原生代币 ENA 于 4 月 2 日空投，已飙升超过 70%，跻身市值前 100 名加密货币之列。

Ethena Protocol: A Deep Dive into its Algorithmic Stablecoin and Potential Risks

Ethena 协议：深入探讨其算法稳定币和潜在风险

Introduction

介绍

Ethena, a synthetic dollar protocol, has garnered immense attention recently, particularly with the launch of its algorithmic stablecoin USDe and the subsequent airdrop of its native token ENA. However, concerns have emerged regarding Ethena's ability to maintain stability, raising questions about its potential risks.

Ethena 是一种合成美元协议，最近引起了极大关注，尤其是其算法稳定币 USDe 的推出以及随后空投的原生代币 ENA。然而，人们对 Ethena 维持稳定的能力感到担忧，引发了对其潜在风险的质疑。

The Ethena Protocol

以太坊协议

Ethena's USDe stablecoin differs from traditional fiat-pegged stablecoins in that it is not directly collateralized with fiat currencies but rather with a combination of crypto assets and short futures positions. This unique collateralization model aims to achieve stability by offsetting fluctuations in the price of the collateral assets through the use of short futures positions. Additionally, Ethena offers attractive yields of up to 37% through staking ETH and utilizing the funding spread from its short hedges.

Ethena 的 USDe 稳定币与传统的与法币挂钩的稳定币不同，它不是直接以法币作为抵押品，而是以加密资产和空头期货头寸的组合作为抵押。这种独特的抵押模式旨在通过利用空头期货头寸抵消抵押资产价格的波动来实现稳定性。此外，Ethena 通过质押 ETH 并利用其空头对冲的资金利差，提供高达 37% 的有吸引力的收益率。

ENA Airdrop and Market Performance

ENA 空投和市场表现

On April 2, Ethena airdropped 750 million ENA tokens, representing 5% of the total supply. ENA's price initially soared by 350% but has since retraced to trade at around $0.93. Despite the recent price volatility, ENA currently ranks #81 among cryptocurrencies based on market capitalization, highlighting the substantial interest in the project.

4 月 2 日，Ethena 空投了 7.5 亿个 ENA 代币，占总供应量的 5%。 ENA 的价格最初飙升了 350%，但后来回落至 0.93 美元左右。尽管最近价格波动，ENA 目前在基于市值的加密货币中排名第 81，凸显了对该项目的巨大兴趣。

Potential Risks and Concerns

潜在风险和担忧

While Ethena has attracted significant attention, concerns have been raised about its potential risks. Fantom founder Andre Cronje has expressed doubts about the protocol's ability to sustain high yields during negative funding rates, which can occur during market downturns. Negative funding rates would require short traders to pay a premium to long traders, putting a strain on Ethena's yield-generating capabilities.

尽管 Ethena 引起了广泛关注，但人们也对其潜在风险表示担忧。 Fantom 创始人 Andre Cronje 对该协议在负融资利率期间维持高收益的能力表示怀疑，这种情况可能发生在市场低迷时期。负资金利率将要求空头交易者向多头交易者支付溢价，从而对 Ethena 的收益率产生能力造成压力。

Additionally, the reliance on stETH as a collateral asset has raised concerns due to the potential risks associated with stETH, which is a staked version of ETH that cannot be immediately redeemed. If the Ethereum network experiences a significant downturn, stETH could lose value, potentially affecting the stability of USDe.

此外，由于与 stETH 相关的潜在风险，对 stETH 作为抵押资产的依赖引起了人们的担忧，stETH 是 ETH 的质押版本，无法立即赎回。如果以太坊网络经历严重下滑，stETH 可能会贬值，从而可能影响 USDe 的稳定性。

Industry Perspectives and Price Predictions

行业视角和价格预测

Despite these concerns, some experts believe that Ethena has the potential for success. Evgeny Gaevoy, CEO of Wintermute, argues that USDe's backing by stETH and BTC sets it apart from previous unstable stablecoin projects like Terra's UST, emphasizing its resilience and potential for long-term viability.

尽管存在这些担忧，一些专家认为 Ethena 有成功的潜力。 Wintermute 首席执行官 Evgeny Gaevoy 认为，USDe 得到 stETH 和 BTC 的支持，使其与 Terra 的 UST 等之前不稳定的稳定币项目区分开来，强调了其弹性和长期生存潜力。

In terms of price predictions, the lack of sufficient data makes it challenging to determine the future trend with certainty. However, a breakdown below the $0.93 support level could trigger a 25% drop, while a breakout from the descending resistance trend line could lead to a 30% increase to the next resistance level at $1.20.

在价格预测方面，由于缺乏足够的数据，很难确定未来的趋势。然而，跌破 0.93 美元的支撑位可能会引发 25% 的下跌，而突破下降阻力趋势线可能会导致上涨 30%，到达下一个阻力位 1.20 美元。

Conclusion

结论

Ethena's launch has generated significant excitement, but it is important to consider the potential risks associated with its unique collateralization model and reliance on stETH. While the ENA token has experienced initial price volatility, it remains to be seen how the protocol will perform in the long term. Investors and traders interested in Ethena should carefully assess the risks and potential rewards before making any investment decisions.

Ethena 的推出引起了极大的兴奋，但重要的是要考虑与其独特的抵押模型和对 stETH 的依赖相关的潜在风险。虽然 ENA 代币经历了最初的价格波动，但该协议的长期表现仍有待观察。对 Ethena 感兴趣的投资者和交易者在做出任何投资决定之前应仔细评估风险和潜在回报。