埃塞娜受到扫描，安德烈·克罗涅的怀疑引发了稳定性担忧

在猜测和审查中，Ethena 加密货币项目面临 YearnFi 和 Fantom 联合创始人 Andre Cronje 提出的担忧。 Cronje 的分析对 Ethena 的 USDe 稳定币的稳定性提出质疑，声称其使用质押的以太坊作为空头头寸的抵押品存在潜在风险。随后，加密货币交易员将 Ethena 标记为“骗局”，并计划处置他们的 ENA 代币。

Ethena Under Scrutiny: Andre Cronje's Allegations Raise Concerns about Its Stability

Ethena 受到审查：Andre Cronje 的指控引发对其稳定性的担忧

Noida, India (CoinChapter.com) - Ethena, a burgeoning blockchain project, has come under intense scrutiny following skepticism raised by Andre Cronje, the founder of Yearn Finance and Fantom. The allegations have sparked a torrent of speculation about Ethena's legitimacy, with many questioning whether it is a viable investment or a potential scam.

印度诺伊达 (CoinChapter.com) - Ethena 是一个新兴的区块链项目，在受到 Yearn Finance 和 Fantom 创始人 Andre Cronje 的质疑后，受到了严格的审查。这些指控引发了人们对 Ethena 合法性的大量猜测，许多人质疑这是一项可行的投资还是一个潜在的骗局。

The Allure of Ethena

埃西娜的魅力

Ethena Labs, the company behind Ethena, has garnered significant attention since its launch. The project's native token, ENA, has attracted investors with its promise of high returns through a combination of collateralization, delta hedging, and yield generation. Additionally, BitMEX founder Arthur Hayes has publicly endorsed the project, further bolstering its credibility.

Ethena 背后的公司 Ethena Labs 自推出以来就引起了广泛关注。该项目的原生代币 ENA 以其通过抵押、德尔塔对冲和收益生成相结合的高回报承诺吸引了投资者。此外，BitMEX 创始人 Arthur Hayes 公开支持该项目，进一步增强了其可信度。

USDe's Questionable Stability

USDe 的稳定性值得怀疑

However, Ethena's USDe stablecoin, which offers yields of over 27%, has raised concerns among some market participants. Critics draw parallels to the Terra Luna debacle, where the UST stablecoin's collapse wiped out billions of dollars in investor funds. Ethena Labs maintains that USDe operates on a distinct model from UST, but Cronje's analysis has cast doubt on its long-term stability.

然而，Ethena 的 USDe 稳定币的收益率超过 27%，引起了一些市场参与者的担忧。批评者将其与 Terra Luna 的崩溃相提并论，UST 稳定币的崩溃导致投资者资金损失数十亿美元。 Ethena Labs 坚称 USDe 的运营模式与 UST 不同，但 Cronje 的分析对其长期稳定性提出了质疑。

Cronje's Skepticism

克罗涅的怀疑论

Cronje's skepticism stems from his examination of USDe's operational model. He argues that maintaining a stable peg for stablecoins is inherently challenging, and he questions whether Ethena's technological underpinnings provide genuine stability or conceal underlying vulnerabilities. Cronje has emphasized the need for transparency and a community-driven vetting process to validate Ethena's claims.

克罗涅的怀疑源于他对 USDe 运营模式的检查。他认为，维持稳定币的稳定挂钩本质上是具有挑战性的，他质疑 Ethena 的技术基础是否提供了真正的稳定性或隐藏了潜在的漏洞。 Cronje 强调需要透明度和社区驱动的审查流程来验证 Ethena 的主张。

Community Fallout

社区影响

Cronje's allegations have sparked a wave of backlash from the crypto community. Many users have labeled Ethena a scam cryptocurrency, while others have called for further investigation. Crypto trader CoinMamba has expressed plans to dump his ENA tokens due to the project's heightened risk profile.

Cronje 的指控引发了加密货币社区的强烈反对。许多用户将 Ethena 标记为诈骗加密货币，而其他用户则呼吁进一步调查。由于该项目的风险状况较高，加密货币交易商 CoinMamba 已表示计划抛售其 ENA 代币。

Hayes to Address Concerns

海耶斯解决问题

In response to Cronje's criticisms, Arthur Hayes has announced that Guy Young, founder of Ethena Labs, will host a Twitter space on April 5th to address the concerns raised. It remains to be seen whether this will alleviate the doubts of skeptics and restore confidence in the project.

为了回应 Cronje 的批评，Arthur Hayes 宣布 Ethena Labs 创始人 Guy Young 将于 4 月 5 日主持 Twitter 空间，以解决所提出的担忧。这是否会缓解怀疑者的疑虑并恢复对该项目的信心还有待观察。

Conclusion

结论

Andre Cronje's skepticism has cast a shadow over Ethena, raising legitimate questions about the project's stability and overall viability. While Ethena Labs maintains its commitment to transparency and the soundness of its USDe model, the crypto community remains divided. As the investigation unfolds, investors and users are advised to exercise caution and conduct thorough research before making any investment decisions.

Andre Cronje 的怀疑给 Ethena 蒙上了阴影，引发了对该项目稳定性和整体可行性的合理质疑。尽管 Ethena Labs 始终致力于其 USDe 模型的透明度和健全性，但加密社区仍然存在分歧。随着调查的展开，建议投资者和用户在做出任何投资决定之前保持谨慎并进行彻底的研究。