Ethena团队成员

Ethena团队成员具有丰富的背景，并在加密，金融和技术等领域具有深厚的专业知识和实践经验。

Author: 0xCousin

作者：0xcousin

1. Who is behind Ethena?

1。谁在埃塞娜（Ethena）背后？

Ethena team members have rich backgrounds and possess deep expertise and practical experience in fields such as Crypto, finance, and technology.

Ethena团队成员具有丰富的背景，并在加密，金融和技术等领域具有深厚的专业知识和实践经验。

Founder G (Guy Young) used to work in a hedge fund with a market value of US$60 billion. After Luna went bankrupt, he founded Ethena; COO Elliot Parker was previously a product manager at Paradigm and also worked at Deribit; Jane Liu, head of institutional growth in Asia Pacific, has served as head of investment research at Fundamental Labs and head of institutional partnerships and fund relations at Lido Finance.

创始人G（Guy Young）曾经在市场价值为600亿美元的对冲基金中工作。露娜（Luna）破产后，他创立了埃塞纳（Ethena）。 Coo Elliot Parker以前是Paradigm的产品经理，还曾在Deribit工作。亚太地区机构增长负责人简·刘（Jane Liu）曾担任Lido Finance基本实验室的投资研究主管，也是机构合作伙伴关系和基金关系的负责人。

Ethena’s financing

埃塞纳的融资

According to Rootdata, Ethena has completed three rounds of financing, with a total financing amount of US$119.5 million. The lead investors include Dragonfly, Maelstrom Capital, and Brevan Howard Digital.

根据Rootdata的数据，Ethena已完成了三轮融资，总融资为1.195亿美元。首席投资者包括蜻蜓，漩涡Capital和Brevan Howard Digital。

Ethena has attracted the attention and investment of many well-known investment institutions, which not only brought considerable funds to the development of Ethena, but also provided valuable industry resources for the business development of Ethena. Ethena's investment institutions include exchanges (YZi Labs, OKX Ventures, HTX Ventures, Kraken Ventures, Gemini Frontier Fund, Deribit, etc.), market makers (GSR, Wintermute, Galaxy Digital, Amber Group, etc.), and investment institutions with traditional financial backgrounds (Paypal Ventures, Franklin Templeton, F-Prime Capital, etc.).

Ethena吸引了许多著名的投资机构的关注和投资，这些机构不仅为Ethena的发展带来了可观的资金，而且为Ethena的业务发展提供了宝贵的行业资源。 Ethena的投资机构包括交易所（Yzi Labs，Okx Ventures，HTX Ventures，Kraken Ventures，Gemini Frontier Fund，Deribit等），做市商（GSR，Wintermute，Galaxy Digital，Amber Group等）以及具有传统财务背景的投资机构（Paypal Ventures，Franklin Templeton，Fprimetects，Fprimetects，Franklin Fellime copsects）。

2. What is Ethena?

2。什么是埃塞娜？

In a nutshell, Ethena is a synthetic dollar protocol that has launched the US dollar stablecoin USDe and the US dollar savings asset sUSDe. The stability of USDe is supported by crypto assets and corresponding Delta neutral hedging (short futures) positions.

简而言之，Ethena是一项合成美元协议，它推出了美元Stablecoin USDE和美元储蓄资产Susde。 USDE的稳定性得到加密资产和相应的Delta中性对冲（短期货）的支持。

From the perspective of the project mission, Ethena aims to connect the funds in the three fields of CeFi, DeFi, and TradFi through the stablecoin USDe. At the same time, Ethena captures the interest rate differences of funds in these three fields (exchanges, on-chain, and traditional finance), thereby providing customers with more returns. If the scale of USDe grows large enough, it may also promote the convergence of capital and interest rates among DeFi, CeFi, and TradFi.

从项目任务的角度来看，Ethena的目标是通过Stablecoin USDE将CEFI，DEFI和TRADFI三个领域的资金联系起来。同时，Ethena捕获了这三个领域（交易所，链和传统财务）中资金的利率差异，从而为客户提供了更多的回报。如果USDE的规模足够大，它也可能促进Defi，CEFI和Tradfi之间的资本和利率的融合。

The mechanism of stablecoin USDe

Stablecoin USDE的机制

Minting/Redemption Mechanism: Only two independent legal person minters (Ethena GmbH and Ethena BVI Limited) listed in the whitelist are eligible for minting and redemption of USDe. Minters need to use BTC/ETH/ETH LSTs/ USDT/USDC as collateral and interact with the USDe Mint and Redeem Contract. As shown below:

铸造/赎回机制：白人列出的只有两个独立的合法人员（Ethena GmbH和Ethena BVI Limited）有资格获得USDE的铸造和救赎。 Minters需要将BTC/ETH/ETH LSTS/USDT/USDC用作抵押品，并与USDE MINT和赎回合同进行互动。如下所示：

A recent USDe minting based on the Ethena protocol USDe Mint and Redeem Contract V2

根据Ethena协议USDE MINT和赎回合同V2的最新USDE造币

At the time of minting/redemption, the pricing of Backing Assets is obtained and continuously verified by multiple different sources, including CeFi Exchange, DeFi Exchange, OTC Markets, and Oracles such as Pyth and RedStone to ensure that the pricing is correct and reasonable.

在铸造/赎回时，获得了背景资产的定价，并通过多种不同来源（包括CEFI交换，Defi Exchange，OTC市场以及Pyth和Redstone）等多种不同来源进行验证，以确保价格正确且合理。

USDe stability maintenance mechanism: To ensure the stability of USDe, the key is to hedge the price fluctuations of Backing Assets. Ethena adopts an automated and programmed Delta neutral strategy.

USDE稳定性维护机制：为了确保USDE的稳定性，关键是对冲备用资产的价格波动。 Ethena采用了一种自动化和编程的DELTA中性策略。

sUSDe’s revenue sources

苏斯德的收入来源

The income of sUSDe comes from Ethena's disposal of collateral.

萨斯德的收入来自埃塞纳（Ethena）的抵押品。

When Ethena receives collateral, it can hold it as a stablecoin and earn a fixed deposit rate;

当Ethena收到抵押品时，它可以将其作为Stablecoin持有并赚取定期存款率；

You can also entrust the selected CEX through a custodian, set up an airdrop futures position in the CEX to hedge the price fluctuations of the Backing Assets and earn funding rates at the same time;

您还可以通过托管人委托选定的CEX，在CEX中建立一个空能器期货职位，以对冲后备资产的价格波动并同时赚取资金率；

If the Backing Assets spot is ETH, you can also do Staking and earn ETH Staking APR.

如果支持资产的景点是ETH，则您也可以积分并赢得ETH Staking Apr。

These earnings will be distributed to users in the form of returning more USDe when they cancel their pledged sUSDe and redeem USDe.

这些收入将以返回更多USDE取消承诺的Susde和赎回USDE时将更多USDE分发给用户。

Uses of Stablecoins (USDe/sUSDe/iUSDe)

使用stablecoins（USDE/SUSDE/IUSDE）

In the DeFi space:

在Defi空间中：

In the CeFi space:

在CEFI空间中：

In the TradFi space:

在Tradfi领域：

3. Ethena’s Innovations

3。埃太的创新

Delta neutral strategy hedges the price fluctuations of Backing Assets

三角洲中立策略对冲支持资产的价格波动

Many stablecoin projects with Crypto Assets as Backing Assets eventually became insolvent and led to exchange rate decoupling. The key is that the price fluctuations of Backing Assets were not hedged. Ethena is the first project to use the Delta-Hedging algorithm and execution model to perform automated and programmatic Delta-neutral hedging on Backing Assets, making the Delta value of the portfolio close to 0. Although Ethena's Delta-Hedging algorithm and execution model were a black box in the early days, whether it can continue to achieve Delta-neutral results in the long term is a potential risk point, and this stability maintenance mechanism is an innovation. In the later stage, it may turn

许多带有加密资产的Stablecoin项目最终破产，并导致汇率解耦。关键是支持资产的价格波动没有对冲。埃塞纳（Ethena）是第一个使用Delta围攻算法和执行模型来执行自动化和程序性的Delta中立对冲，这使得备用资产使该投资组合的三角洲价值接近0。尽管Ethena的Delta hedding算法和执行模型在某种程度上是一定的，是否可以继续使用Delta，是否可以延续到delta，是否可以延续到一定程度上 - 是否可以实现Delta，是否可以实现Delta，是否可以实现Delta，是否可以实现delta的生命值，是否可以实现delta的生命值这种稳定性维护机制是一种创新。在后期，它可能会转