Ethena Protocol 的合成美元引发 DeFi 社区分裂

在 DeFi 领域，MakerDAO 和 Aave 之间正在酝酿的争端围绕着新兴的 Ethena Protocol 及其合成美元 USDe 展开。 MakerDAO 提议对 USDe 金库投资 6 亿美元，引发了 Aave 的担忧，对潜在系统性风险的担忧与 Terra/Luna 崩溃相呼应。这场争论凸显了与 USDe 等合成稳定币相关的高回报和风险，这些稳定币通过算法机制复制美元的价值。尽管 MakerDAO 看到了 USDe 在用户激励和空投奖励方面的潜力，但 Aave 仍然持怀疑态度，建议将 DAI 作为可抵押资产从其平台中删除，以减轻传染风险。这场纠纷凸显了在快节奏的 DeFi 世界中谨慎的风险管理和尽职调查的必要性。

Ethena Protocol and Its Synthetic Dollar USDe: A Battle of Opinions in the DeFi Community

Ethena 协议及其合成美元 USDe：DeFi 社区的意见大战

The DeFi ecosystem has recently become captivated by the emergence of the Ethena Protocol and its flagship product, the synthetic dollar USDe. However, this fascination has been intertwined with apprehension, as the possibility of high returns is juxtaposed against fears of a UST-style stablecoin collapse.

DeFi 生态系统最近因 Ethena 协议及其旗舰产品合成美元 USDe 的出现而着迷。然而，这种迷恋与担忧交织在一起，因为高回报的可能性与对 UST 式稳定币崩溃的担忧并存。

MakerDAO Embraces USDe, Aave Expresses Concerns

MakerDAO 拥抱 USDe，Aave 表示担忧

MakerDAO, the decentralized autonomous organization (DAO) behind the stablecoin DAI, recently allocated $100 million to the Morpho Spark DAI vault, which provides exposure to USDe, a synthetic stablecoin issued by Ethena Labs. Subsequently, MakerDAO representatives and analysts from BA Labs, a member of the project's advisory board, highlighted the potential benefits of expanding the fund allocation to USDe.

MakerDAO 是稳定币 DAI 背后的去中心化自治组织 (DAO)，最近向 Morpho Spark DAI 金库拨款 1 亿美元，该金库提供了对 Ethena Labs 发行的合成稳定币 USDe 的投资。随后，MakerDAO 代表和项目顾问委员会成员 BA Labs 的分析师强调了将资金分配扩大到 USDe 的潜在好处。

In a bold move, MakerDAO is now contemplating allocating $600 million, allowing its users to collateralize USDe and borrow DAI. This "debt ceiling" proposal encompasses a comprehensive exposure of $1 billion, with an initial allocation of $600 million, with the remainder to be disbursed over time.

MakerDAO 现在正在考虑拨款 6 亿美元，这是一项大胆的举措，允许其用户抵押 USDe 并借入 DAI。这一“债务上限”提案涵盖10亿美元的综合风险敞口，初始拨款为6亿美元，其余部分将随着时间的推移支付。

The decision to invest such a substantial sum highlights a strong demand from users for USDe-backed loan pools, potentially attracting retail users and increasing protocol usage. Additionally, USDe holders are enticed with "Shards" airdrop points, which will be converted into ENA tokens (Ethena governance tokens) during a subsequent airdrop.

投资如此大笔资金的决定凸显了用户对美元支持的贷款池的强烈需求，这可能会吸引散户用户并增加协议的使用。此外，USDe 持有者还受到“碎片”空投积分的吸引，这些空投积分将在随后的空投过程中转换为 ENA 代币（Ethena 治理代币）。

MakerDAO's governance forum reflects an unusual level of confidence in USDe, considering it more advantageous than the wrapped version, sUDe, also supported by Ethena. While sUDe offers fewer airdrop points, it compensates with a higher APY of approximately 36%.

MakerDAO 的治理论坛反映了人们对 USDe 不同寻常的信心，认为它比同样由 Ethena 支持的封装版本 sUDe 更有优势。虽然 sUDe 提供的空投点较少，但它以约 36% 的较高 APY 来弥补。

However, despite the prestigious support from MakerDAO, the crypto community, including Aave, expresses concerns about the synthetic nature of USDe and the potential risks associated with it. Aave, a prominent lending protocol, has proposed removing DAI from its platform due to these concerns.

然而，尽管得到了 MakerDAO 的大力支持，包括 Aave 在内的加密社区仍对 USDe 的合成性质及其相关潜在风险表示担忧。由于这些担忧，著名的借贷协议 Aave 已提议从其平台上删除 DAI。

Marc Zeller, founder of Aave Chan and a prominent member of the Aave community, has initiated a proposal to eliminate DAI as a collateralizable asset, citing fears of a potential collapse if the support system of USDe fails. This precautionary measure aims to minimize contagion risks for Aave users and preserve the stability of the platform.

Aave Chan 的创始人、Aave 社区的知名成员 Marc Zeller 发起了一项取消 DAI 作为抵押资产的提案，理由是担心如果 USDe 的支持系统出现故障，可能会导致崩溃。这一预防措施旨在最大限度地降低 Aave 用户的传染风险并保持平台的稳定性。

Aave's Concerns and Strategies

Aave 的担忧和策略

Zeller emphasizes that prudent risk management should not necessitate "shady deals, compromises on user security, or the printing of magical money in untested protocols." Aave's decision to remove DAI, if implemented, would demonstrate its commitment to safeguarding user funds.

泽勒强调，审慎的风险管理不应导致“不正当交易、对用户安全的妥协或在未经测试的协议中印制神奇货币”。 Aave 取消 DAI 的决定如果实施，将表明其对保护用户资金的承诺。

Interestingly, Aave's profits are currently at an all-time high, potentially surpassing those of MakerDAO. The platform also benefits from significant liquidity, which could accommodate a surge in new debt.

有趣的是，Aave 的利润目前处于历史最高水平，有可能超过 MakerDAO。该平台还受益于大量的流动性，这可以适应新债务的激增。

Understanding USDe: High Returns with High Risks

了解 USDe：高回报与高风险

The dispute between MakerDAO and Aave underscores the need to contextualize the role and characteristics of USDe. It is not a true stablecoin but rather a synthetic currency designed to algorithmically track the value of the US dollar.

MakerDAO 和 Aave 之间的争议强调了需要将 USDe 的角色和特征置于背景中。它不是真正的稳定币，而是一种旨在通过算法跟踪美元价值的合成货币。

In bull market conditions, USDe can generate substantial returns through interest rates on ether perpetuals and a bullish ETH price action. However, these high yields come with inherent risks.

在牛市条件下，USDe 可以通过以太永续合约的利率和看涨的 ETH 价格走势产生可观的回报。然而，这些高收益也伴随着固有的风险。

As the market shifts to a bear market, the mechanism that maintains USDe's peg to the dollar may cease to function. In such a scenario, the value of USDe could plummet, exposing holders to significant losses.

随着市场转向熊市，维持 USDe 与美元挂钩的机制可能会停止运作。在这种情况下，USDe 的价值可能会暴跌，从而使持有者遭受重大损失。

The Impact of Leveraging and Due Diligence

杠杆作用和尽职调查的影响

Leveraging USDe for higher returns can be prudent if the exposure is controlled and does not jeopardize the stability of the protocol. However, Ethena's recent search for a risk manager raises questions about its due diligence procedures, especially considering the substantial market capitalization of USDe.

如果风险得到控制并且不会危及协议的稳定性，那么利用 USDe 获得更高的回报可以是谨慎的。然而，Ethena 最近寻找风险经理的行为引发了对其尽职调查程序的质疑，特别是考虑到 USDe 的巨大市值。

ENA Token Surges

ENA 代币激增

Amidst the controversy, ENA, the governance token of Ethena, has surged by over 59% in the last 24 hours, driven by an airdrop to early platform users. Its market capitalization currently stands at $1.3 billion.

在争议中，Ethena 的治理代币 ENA 在向早期平台用户进行空投的推动下，在过去 24 小时内飙升了 59% 以上。目前其市值为13亿美元。

Conclusion

结论

The debate surrounding Ethena Protocol and USDe highlights the complexities and risks inherent in the DeFi space. While opportunities for high returns exist, investors must carefully weigh these against the potential consequences of market fluctuations and protocol failures. Due diligence, cautious risk management, and a clear understanding of the underlying mechanisms are crucial to navigating this rapidly evolving landscape.

围绕 Ethena Protocol 和 USDe 的争论凸显了 DeFi 领域固有的复杂性和风险。尽管存在高回报的机会，但投资者必须仔细权衡这些机会与市场波动和协议失败的潜在后果。尽职调查、谨慎的风险管理以及对潜在机制的清晰了解对于应对这一快速发展的形势至关重要。