Ethena的“合成美元”是否会给去中心化金融（DeFi）带来新的系统性风险？

尽管渴望避免被贴上稳定币的标签，但 USDe 正越来越多地在 DeFi 领域的一些最大参与者中被用作稳定币。然而，一些人担心，将 USDe 视为中心化稳定币会改变其作为抵押资产的风险状况。

Ethena’s synthetic dollar (USDe) is being increasingly used as a stablecoin across some of the biggest players in decentralized finance (DeFi). However, some are concerned that treating USDe as a centralized stablecoin changes its risk profile as a collateral asset.

Ethena 的合成美元（USDe）越来越多地被去中心化金融（DeFi）领域的一些最大参与者用作稳定币。然而，一些人担心将 USDe 视为中心化稳定币会改变其作为抵押资产的风险状况。

An early-stage Aave governance proposal to peg USDe 1:1 with Tether’s USDT has raised concerns over potential conflicts of interest, especially given the contrast in depeg risks between the two assets.

Aave 早期提出的一项将 USDe 与 Tether 的 USDT 以 1:1 挂钩的治理提案引发了人们对潜在利益冲突的担忧，特别是考虑到两种资产之间脱钩风险的对比。

The proposal, posted to Aave governance forums on Monday and currently in the “Request for Comments” stage, suggests “hardcoding the USDe price to match the USDT price in Aave’s pricing feeds.”

该提案于周一发布到 Aave 治理论坛，目前处于“征求意见”阶段，建议“对 USDe 价格进行硬编码，以匹配 Aave 定价源中的 USDT 价格。”

This would replace the current Chainlink USDe/USD oracle in an attempt to avoid liquidations that prove “unprofitable for liquidators, potentially causing bad debt to Aave.”

这将取代当前的 Chainlink USDe/USD 预言机，以避免“清算人无利可图，可能给 Aave 造成坏账”的清算。

However, both co-authors of the proposal, ChaosLabs and LlamaRisk, are either actively working with or have previously worked for Ethena.

然而，该提案的两位共同作者 ChaosLabs 和 LlamaRisk 要么正在积极与 Ethena 合作，要么曾在 Ethena 工作过。

Criticism of the proposal boils down to the fact that Tether is (ostensibly) fully-backed by off-chain assets, ensuring the ability to redeem USDT 1:1 for USD off-chain.

对该提案的批评归结为这样一个事实：Tether（表面上）完全由链下资产支持，确保了将 USDT 1:1 兑换为链下美元的能力。

Read more: Tether’s Q3 attestations prove that it can’t quit secured loans

阅读更多：Tether 第三季度的证明证明它无法退出担保贷款

USDe, on the other hand, is backed by a delta-neutral balance of long and short ETH positions, exposed to the risk of “persistently negative funding rates” which may occur if market sentiment turns bearish.

另一方面，USDe 受到 ETH 多头和空头头寸的 Delta 中性平衡的支持，如果市场情绪转为看跌，则可能面临“持续负资金利率”的风险。

One user likened the move to an “aggressive growth proposal” while another criticized the circular logic of acknowledging the differing risks and then treating the assets as having the same value instead of taking appropriate steps.

一位用户将此举比作“积极的增长建议”，而另一位用户则批评这种循环逻辑，即承认不同的风险，然后将资产视为具有相同的价值，而不是采取适当的步骤。

ImperiumPaper also raised similar concerns days earlier following a proposal to expose USDS (the rebranded version of DAI) to USDe and sUSDe via Spark. They also highlighted issues with the timing of such a suggestion.

几天前，在提议通过 Spark 将 USDS（DAI 的重新命名版本）暴露给 USDe 和 sUSDe 后，ImperiumPaper 也提出了类似的担忧。他们还强调了提出此类建议的时机问题。

The MakerDAO community bigwig has been a harsh critic of Maker in recent months, selling their stake in governance following a wobbly rebrand and worries over an overleveraged founder putting the project’s token MKR in jeopardy.

近几个月来，MakerDAO 社区大佬一直对 Maker 提出严厉批评，在品牌重塑不稳定后出售了他们在治理中的股份，并担心创始人过度杠杆化会让该项目的代币 MKR 陷入危险。

Curve, anyone?

曲线，有人吗？

Looks like DAI/USDS is about to get partial direct backing by USDe instead of USDC. This is despite the proposer being an investor in Ethena and the risk consultants also working for Ethena. No independent risk assessment given. https://t.co/EvFXNPZHOy

看起来 DAI/USDS 即将获得 USDe 而不是 USDC 的部分直接支持。尽管提议者是 Ethena 的投资者，风险顾问也为 Ethena 工作。没有给出独立的风险评估。 https://t.co/EvFXNPZHOy

Read more: MakerDAO could back a billion Dai with Ethena’s ‘synthetic dollar’ USDe

了解更多：MakerDAO 可以用 Ethena 的“合成美元”USDe 支持 10 亿 Dai

In response, Ethena founder Guy Young has denied any conflicts, underlining the project’s risk committee which was set up in order to “provide external discipline and accountability with regards to the ongoing management of the product.”

作为回应，Ethena 创始人 Guy Young 否认存在任何冲突，并强调该项目的风险委员会的成立是为了“为产品的持续管理提供外部纪律和问责制”。

He also points to a recent example of LlamaRisk proposing more stringent measures on the use of sUSDe as collateral on Aave.

他还提到了最近的一个例子，LlamaRisk 提议对使用 sUSDe 作为 Aave 的抵押品采取更严格的措施。

On Monday, Ethena’s former head of growth (or “taking risk”) Seraphim Czecker stepped down suddenly, stating that the firm is “entering a different phase in its growth.”

周一，Ethena 的前增长主管（或“承担风险”）Seraphim Czecker 突然辞职，表示该公司正在“进入增长的不同阶段”。

However, Ethena shows no signs of slowing down.

然而，Ethena 并没有表现出放缓的迹象。

Yesterday, Young referred to ‘Aavethena’ (which saw combined deposits of sUSDe and USDe on Aave shoot to a total of $1 billion) as a “nice little proof of concept.”

昨天，Young 将“Aavethena”（Aave 上 sUSDe 和 USDe 的存款总额猛增至 10 亿美元）称为“一个不错的小概念证明”。

Earlier today, a 2025 roadmap titled Convergence was published, setting out Ethena’s plans to integrate further with traditional finance and “completely alter the destiny of DeFi.”

今天早些时候，发布了一份名为“Convergence”的 2025 年路线图，阐述了 Ethena 进一步与传统金融融合并“彻底改变 DeFi 命运”的计划。

Ethena’s Terra Flashbacks

伊西娜的泰拉闪回

On launch, Ethena’s high yield on its (don’t-call-it-a) stablecoin USDe drew comparisons to Terra’s UST, which imploded spectacularly in May 2022. While the comparisons were perhaps unfair, given the differing risk profile of the two assets, users were understandably wary after the fallout of UST’s collapse plunged DeFi into a deep and wearing bear market.

在推出时，Ethena 的（不要称之为）稳定币 USDe 的高收益率与 Terra 的 UST 进行了比较，后者在 2022 年 5 月发生了惊人的内爆。尽管考虑到两种资产不同的风险状况，这种比较可能是不公平的在 UST 崩盘的影响使 DeFi 陷入深度熊市之后，用户的谨慎态度是可以理解的。

Read more: CHART: Do Kwon’s extradition has seen a total of 23 developments

阅读更多：图表：Do Kwon 引渡案共有 23 个进展

Do Kwon, the architect of Terra’s UST and LUNA, which wiped out an estimated $40 billion between them yesterday, pled not guilty to charges of fraud after being extradited to the US earlier in the week.

Terra 的 UST 和 LUNA 的设计师 Do Kwon 在本周早些时候被引渡到美国后，对欺诈指控表示无罪，昨天这两家公司损失了约 400 亿美元。

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