Ethena 的合成美元：它能重新定义加密货币的稳定性吗？

Ethena 的加密原生稳定币以快速增长和高收益挑战规范，但风险有多大？深入了解故事。

Ethena, an Ethereum-based protocol, has introduced a synthetic dollar (USDe) and a yield-bearing token (sUSDe) as part of its unique approach to stablecoins. Here's a closer look at the protocol and its key aspects:

Ethena 是一种基于以太坊的协议，它引入了合成美元 (USDe) 和收益代币 (sUSDe)，作为其独特的稳定币方法的一部分。以下是该协议及其关键方面的详细介绍：

**What Is Ethena?**

**什么是 Ethena？**

Ethena is an innovative protocol in the decentralized finance (DeFi) space. It aims to create a crypto-native stablecoin and a yield-bearing asset, both within the Ethereum ecosystem. The protocol's native token is ENA, and its stablecoin is called USDe. Additionally, Ethena introduces a yield-generating token known as sUSDe, which is designed to pay interest over time and is often referred to as the "Internet Bond."

Ethena 是去中心化金融（DeFi）领域的创新协议。它的目标是在以太坊生态系统内创建一种加密原生稳定币和一种产生收益的资产。该协议的原生代币是 ENA，其稳定币称为 USDe。此外，Ethena 还推出了一种名为 sUSDe 的产生收益的代币，该代币旨在随着时间的推移支付利息，通常被称为“互联网债券”。

**How Ethena Works**

**Ethena 的工作原理**

To understand Ethena's functioning, let's break down its components:

为了了解 Ethena 的功能，让我们分解它的组件：

1. **Synthetic Dollar (USDe):** This stablecoin is pegged to the value of the US dollar and can be minted by depositing assets like Ethereum (ETH) into OES (On-chain Escrow Service) protocols. These protocols handle asset custody and interactions with exchanges.

1. **合成美元（USDe）：** 这种稳定币与美元的价值挂钩，可以通过将以太坊（ETH）等资产存入 OES（链上托管服务）协议来铸造。这些协议处理资产托管以及与交易所的交互。

2. **Yield-Bearing Token (sUSDe):** Also known as the "Internet Bond," this token represents a claim on future Ethena revenues. Users can deposit assets, stake USDe, and earn interest, creating a cycle of growth that drives adoption.

2. **收益代币 (sUSDe)：** 也称为“互联网债券”，该代币代表对未来 Ethena 收入的索取权。用户可以存入资产、质押 USDe 并赚取利息，从而形成推动采用的增长循环。

**Why Ethena Is Gaining Traction**

**为什么 Ethena 越来越受欢迎**

Several factors contribute to Ethena's growing popularity among crypto enthusiasts:

Ethena 在加密货币爱好者中越来越受欢迎有几个因素：

1. **Fully Crypto-Native Design:** Unlike over-collateralized stablecoins like DAI, which rely on cryptocurrency over-collateralization, Ethena's model is more capital efficient. This has enabled USDe to rapidly ascend in the stablecoin rankings.

1. **完全加密原生设计：** 与 DAI 等依赖于加密货币超额抵押的超额抵押稳定币不同，Ethena 的模型更具资本效率。这使得USDe在稳定币排名中迅速上升。

2. **Attractive APYs:** Ethena's capital efficiency and yield-bearing tokens offer higher Annual Percentage Yields (APYs) compared to other stablecoins.

2. **有吸引力的 APY：** 与其他稳定币相比，Ethena 的资本效率和收益代币可提供更高的年收益率 (APY)。

3. **Less Slippage in Perp Funding Rates Futures:** Ethena's integration into perpetual futures markets has reduced slippage in funding rates futures, making them more efficient.

3. **永续资金利率期货滑点减少：** Ethena 融入永续期货市场减少了资金利率期货滑点，提高了效率。

**Potential Risks Associated with Ethena**

**与 Ethena 相关的潜在风险**

Despite its innovations, Ethena's model comes with significant risks:

尽管有创新，Ethena 的模型也存在重大风险：

1. **CEX Dependency:** A majority of Ethena's income depends on futures funding rates on centralized exchanges (CEXs). If these exchanges fail or encounter problems, Ethena could face serious difficulties.

1. **CEX 依赖性：** Ethena 的大部分收入取决于中心化交易所（CEX）的期货融资利率。如果这些交易所失败或遇到问题，Ethena 可能会面临严重困难。

2. **Custodial Risk:** Assets held by OES providers may be subject to withdrawal delays or legal challenges, impacting Ethena's ability to generate revenue.

2. **托管风险：** OES 提供商持有的资产可能会受到提款延迟或法律挑战的影响，从而影响 Ethena 的创收能力。

3. **Negative Funding Rates:** Ethena relies on positive funding rates to generate income. If rates turn negative, Ethena's income could stop.

3. **负资金费率：** Ethena 依靠正资金费率来产生收入。如果利率变为负值，Ethena 的收入可能会停止。

4. **Systemic Risk:** With over 10% of perpetual futures markets tied to Ethena, its collapse could ripple through DeFi, potentially leading to a loss of confidence in the broader ecosystem.

4. **系统性风险：** 由于超过 10% 的永续期货市场与 Ethena 相关，其崩溃可能会波及 DeFi，可能导致对更广泛的生态系统失去信心。

**Lessons from Terra and Ethena's Resilience**

**Terra 和 Ethena 的韧性的教训**

Ethena's rapid growth and high yields have drawn comparisons to the Terra ecosystem, which collapsed in 2022 after its stablecoin, UST, lost its peg. While Ethena employs stronger mechanisms and diversifies risk, complexity adds fragility. Even small cracks in Ethena's foundation could lead to a loss of confidence and a rush for the exits.

Ethena 的快速增长和高收益与 Terra 生态系统相比较，该生态系统在其稳定币 UST 失去锚定后于 2022 年崩溃。虽然 Ethena 采用更强大的机制并分散风险，但复杂性增加了脆弱性。即使 Ethena 的根基出现微小的裂缝，也可能导致信心丧失并急于退出。

**Should You Care About ENA?**

**您应该关心 ENA 吗？**

Ethena's governance token, ENA, offers mixed benefits:

Ethena 的治理代币 ENA 具有多种优势：

1. **Voting Rights:** Holders of ENA are granted voting rights to participate in Ethena's governance.

1. **投票权：** ENA 持有者被授予参与 Ethena 治理的投票权。

2. **sENA Rewards:** Staking ENA to earn sENA provides holders with a portion of the protocol's revenue, offering additional rewards.

2. **sENA 奖励：** 质押 ENA 来赚取 sENA 为持有者提供协议收入的一部分，提供额外奖励。

3. **Future Dilution Risks:** Only 20% of the ENA token supply is currently circulating, with 80% locked. This creates a risk of future dilution as more tokens enter the market.

3. **未来稀释风险：** 目前只有 20% 的 ENA 代币供应量在流通，其中 80% 被锁定。随着更多代币进入市场，这会带来未来稀释的风险。

**Valuation Metrics**

**估值指标**

ENA's fully diluted valuation ($17 billion) far exceeds its current market cap ($300 million), raising concerns for long-term investors. However, ENA’s valuation, based on circulating supply, appears more reasonable at 3.7x Ethena's 2024 revenue projections.

ENA 完全摊薄后的估值（170 亿美元）远远超过其当前市值（3 亿美元），引起了长期投资者的担忧。然而，ENA 基于流通供应量的估值似乎更合理，为 Ethena 2024 年收入预测的 3.7 倍。