Ethena 的合成美元因市场不稳定担忧而受到审查

Ethena Labs 的 USDe 合成美元因其高收益而受到关注，但行业专家提出了担忧。 Fantom 和 Yearn Finance 创始人 Andre Cronje 警告称，USDe 的抵押机制可能会在不断变化的市场条件下容易受到清算的影响，而其他人则强调评估托管和实体风险的重要性。尽管存在这些担忧，Ethena 的 USDe 仍出现了爆炸性增长，市值达到 13 亿美元。一些分析师将其与 Terra 的 UST 稳定币进行了比较，但其他人则认为 Ethena 的 Delta 中性设计和 stETH 支持使其具有根本的不同。

Ethena's Synthetic Dollar Draws Scrutiny Amidst Market Volatility Concerns

Ethena 的合成美元因市场波动担忧而受到审查

[Insert Date] - Ethena Labs' launch of its USDe synthetic dollar on February 21 has sparked a heated debate among analysts due to its alluring double-digit yield. While some have lauded the project's innovative mechanism, others have raised concerns about potential risks.

[插入日期] - Ethena Labs 于 2 月 21 日推出的 USDe 合成美元因其诱人的两位数收益率而引发了分析师的激烈争论。虽然一些人称赞该项目的创新机制，但另一些人则对潜在风险表示担忧。

Andre Cronje's Warning

安德烈·克罗涅的警告

The latest prominent figure to voice skepticism about USDe is Andre Cronje, founder of Fantom and Yearn Finance. In a recent tweet, Cronje expressed his apprehension about the stability of USDe's collateral in the event of adverse market conditions.

最近对 USDe 表示怀疑的知名人物是 Fantom 和 Yearn Finance 的创始人 Andre Cronje。在最近的一条推文中，Cronje 表达了他对 USDe 抵押品在不利市场条件下的稳定性的担忧。

Cronje highlighted the mechanism underlying USDe, emphasizing the crucial role of funding rates in Ethena's architecture. He cautioned that if funding rates turn negative, triggering liquidations, the asset could abruptly lose its backing.

Cronje 强调了 USDe 的底层机制，强调资金费率在 Ethena 架构中的关键作用。他警告说，如果融资利率变为负值，引发清算，该资产可能会突然失去支持。

Echoed Concerns

呼应的担忧

Cronje's concerns were echoed by Scoopy Trooples, the anonymous co-founder of Alchemix Finance. Trooples tweeted, "I've been showing concern for it at the risk of being labeled a midwit."

Alchemix Finance 的匿名联合创始人 Scoopy Trooples 也表达了 Cronje 的担忧。特鲁普斯在推特上写道：“我冒着被贴上助产士标签的风险一直对此表示担忧。”

Addressing Liquidation Risks

应对清算风险

However, Evgeny Gaevoy, CEO of algorithmic trading firm Wintermute, disputed the notion that liquidations pose a significant threat. Instead, he identified custodians as a more pressing concern, likening the risk to FTX rather than LUNA.

然而，算法交易公司 Wintermute 的首席执行官 Evgeny Gaevoy 对清算构成重大威胁的观点提出了质疑。相反，他认为托管人是更紧迫的问题，并将风险比作 FTX 而不是 LUNA。

MonetSupply, the pseudonymous co-founder of Block Analitica, a risk intelligence platform for DeFi, concurred with Gaevoy's assessment regarding liquidations. MonetSupply also highlighted custody risk as "one of the more significant risks," along with exchange solvency and Ethena entity risk, such as potential compromise of internal keys.

DeFi 风险情报平台 Block Analitica 的匿名联合创始人 MonetSupply 同意 Gaevoy 关于清算的评估。 MonetSupply 还强调托管风险是“更重大的风险之一”，此外还有交易所偿付能力和 Ethena 实体风险，例如内部密钥的潜在泄露。

Ethena's Rapid Growth

Ethena 的快速增长

Despite the concerns raised, USDe has experienced explosive growth. It is backed by staked Ether (stETH) and hedged with short ETH positions on centralized exchanges. Both stETH and the short positions contribute to the yield that is distributed to USDe holders.

尽管存在担忧，USDe 仍经历了爆炸性增长。它由质押以太币 (stETH) 提供支持，并通过中心化交易所上的空头 ETH 头寸进行对冲。 stETH 和空头头寸都有助于分配给 USDe 持有者的收益。

USDe's market capitalization has surged to $1.3 billion, placing it among the top 5 stablecoins on Coingecko. Ethena also recently completed its ENA airdrop, propelling the network to a $1 billion market capitalization.

USDe 的市值已飙升至 13 亿美元，跻身 Coingecko 排名前 5 的稳定币之列。 Ethena 最近还完成了 ENA 空投，使该网络的市值达到 10 亿美元。

Comparisons to Terra's UST

与 Terra 的 UST 的比较

Ethena's USDe has drawn comparisons to Terra's UST stablecoin. In 2022, Terraform Labs, led by Do Kwon, launched LUNA, a native token, and UST, an algorithmic stablecoin backed by LUNA. UST lost its peg after a dramatic decline in the price of LUNA, leading to a downward spiral and a run on deposits that wiped out nearly $50 billion of UST's market capitalization in a matter of days.

Ethena 的 USDe 与 Terra 的 UST 稳定币进行了比较。 2022 年，Do Kwon 领导的 Terraform Labs 推出了原生代币 LUNA 和由 LUNA 支持的算法稳定币 UST。 LUNA 价格大幅下跌后，UST 失去了锚定汇率，导致了螺旋式下跌和挤兑存款，几天之内 UST 市值蒸发了近 500 亿美元。

However, unlike UST, USDe is backed by stETH and, as of recently, BTC.

然而，与 UST 不同的是，USDe 由 stETH 以及最近的 BTC 支持。

Nic Carter's Perspective

尼克·卡特的观点

Nic Carter, general partner at Castle Island Ventures, dismissed the comparison between Ethena and Terra/Luna, stating, "I don't see any comparison between Ethena and Terra/Luna aside from the general category of stablecoin."

Castle Island Ventures 的普通合伙人 Nic Carter 驳斥了 Ethena 和 Terra/Luna 之间的比较，他表示：“除了稳定币的一般类别之外，我没有看到 Ethena 和 Terra/Luna 之间有任何比较。”

Carter elaborated that Ethena is a straightforward delta-neutral stablecoin that has existed in various contexts in the past and "should be able to" withstand a range of market conditions. In contrast, he characterized Terra as "effectively unbacked" and offering a fixed 20% rate, which necessitated constant capital raising to sustain it.

Carter 阐述道，Ethena 是一种简单的 Delta 中性稳定币，过去曾在各种情况下存在过，并且“应该能够”承受一系列的市场条件。相比之下，他将 Terra 描述为“实际上没有支持”，并提供 20% 的固定利率，这需要不断筹集资金来维持。

Ryan Watkins' Support

瑞安·沃特金斯的支持

Ryan Watkins, a vocal supporter of Ethena, echoed Carter's sentiments. Watkins attributed the negative sentiment surrounding Ethena to the fallout from the LUNA collapse. "Nothing has changed," he remarked, adding that "everyone has PTSD from Terra."

埃西娜 (Ethena) 的坚定支持者瑞安·沃特金斯 (Ryan Watkins) 也表达了卡特的观点。沃特金斯将围绕 Ethena 的负面情绪归因于 LUNA 崩溃的影响。 “一切都没有改变，”他说道，并补充道，“每个人都患有来自泰拉的创伤后应激障碍。”

Chasing Clout

追逐影响力

Despite the skepticism, some analysts believe that the vocal criticism of Ethena stems from a desire for attention and clout. Nic Carter opined, "I honestly think because post-2022 collapse, a lot of people realized that there was significant clout to be achieved by being publicly bearish about high-profile projects ahead of time (as so many major projects did collapse) and are trying to get these criticisms in, in case they do indeed collapse."

尽管存在怀疑，一些分析人士认为，对 Ethena 的直言不讳的批评源于对关注和影响力的渴望。尼克·卡特 (Nic Carter) 表示：“老实说，我认为，由于 2022 年崩溃后，很多人意识到，提前公开看空备受瞩目的项目（因为许多重大项目确实崩溃了），可以产生巨大的影响力，并且试图吸收这些批评，以防它们真的崩溃。”

Carter concluded by expressing his belief that "Ethena is a sound system."

卡特最后表达了他的信念：“Ethena 是一个健全的系统。”