Ethena USDe：资金费率波动引发担忧，需谨慎

Ethena Labs 的 USDe 合成美元的推出引发了分析师的激烈争论。 Fantom 和 Yearn Finance 的创始人 Andre Cronje 警告了与 USDe 机制相关的潜在风险，而 Evgeny Gaevoy 对清算问题提出了异议。该协议的爆炸性增长以及与 Terra 的 UST 稳定币的比较也受到了密切关注。然而，Nic Carter 和 Ryan Watkins 等专家驳斥了许多批评，认为 USDe 的结构和基础资产与 UST 显着不同。一些人猜测，这些批评可能源于 2022 年一些备受瞩目的项目失败后对影响力的渴望。

Ethena USDe: A Comprehensive Analysis of its Risks and Rewards

Ethena USDe：风险与回报的综合分析

Prelude: The Genesis of Concerns

前奏：担忧的起源

Ethena Labs' recent launch of its synthetic dollar, USDe, has ignited a heated debate within the cryptocurrency community. Its double-digit yield has garnered widespread attention, sparking both praise for its innovative mechanism and alarm over its potential risks. The latest crypto heavyweight to express concerns is Fantom and Yearn Finance founder Andre Cronje.

Ethena Labs 最近推出的合成美元 USDe 引发了加密货币社区的激烈争论。其两位数的收益率引起了广泛关注，既引发了对其创新机制的赞誉，也引发了对其潜在风险的警惕。最新表达担忧的加密货币重量级人物是 Fantom 和 Yearn Finance 创始人 Andre Cronje。

Cronje's Warning: Funding Rate Volatility and Collateral Erosion

克罗涅的警告：资金利率波动和抵押品侵蚀

Cronje took to Twitter on April 3 to express his apprehension about USDe's underlying mechanism, highlighting the importance of funding rates in Ethena's architecture. He raised concerns that if market conditions change and funding rates turn negative, triggering liquidations, USDe could suddenly lose its collateral.

Cronje 于 4 月 3 日在 Twitter 上表达了他对 USDe 底层机制的担忧，强调了资金费率在 Ethena 架构中的重要性。他担心，如果市场状况发生变化，融资利率变为负值，引发清算，USDe 可能会突然失去抵押品。

Echoes of Support: Alignment with Cronje's Assessment

支持的回响：与克罗涅的评估一致

Cronje's tweet, which has garnered significant traction with over 2,000 likes, resonated with the anonymous co-founder of Alchemix Finance, Scoopy Trooples. Trooples expressed his own concerns about USDe, acknowledging the elevated risk despite the potential for significant rewards.

Cronje 的推文获得了 2,000 多个点赞，引起了匿名 Alchemix Finance 联合创始人 Scoopy Trooples 的共鸣。 Trooples 表达了他对 USDe 的担忧，承认尽管有可能获得巨大回报，但风险仍然很高。

Alternative Perspectives: Liquidations Not a Concern, Focus on Custody Risk

另类观点：清算不是问题，关注托管风险

Evgeny Gaevoy, CEO of algorithmic trading firm Wintermute, challenged Cronje's concerns about liquidations, emphasizing that liquidations are not a primary concern. According to Gaevoy, the more pressing issue lies in the custodians who hold the collateral. He compared the risk to FTX rather than LUNA, highlighting the potential for custodian insolvency to compromise USDe's stability.

算法交易公司 Wintermute 首席执行官 Evgeny Gaevoy 对 Cronje 对清算的担忧提出了质疑，强调清算不是主要问题。 Gaevoy 认为，更紧迫的问题在于持有抵押品的托管人。他将风险与 FTX 而不是 LUNA 进行了比较，强调托管人破产可能会损害 USDe 的稳定性。

MonetSupply, the pseudonymous co-founder of risk intelligence platform Block Analitica for DeFi, shared Gaevoy's skepticism about the liquidation risk. However, MonetarySupply emphasized the significance of custody risk, categorizing it as one of the more prominent risks associated with USDe. He further addressed other concerns, debunking some while acknowledging others, including exchange solvency and Ethena entity risk, such as the potential compromise of internal keys.

DeFi 风险情报平台 Block Analitica 的匿名联合创始人 MonetSupply 与 Gaevoy 一样对清算风险持怀疑态度。然而，MonetarySupply 强调了托管风险的重要性，将其归类为与 USDe 相关的更突出的风险之一。他进一步解决了其他问题，揭穿了一些问题，同时承认了其他问题，包括交易所偿付能力和 Ethena 实体风险，例如内部密钥的潜在泄露。

Ethena's Meteoric Rise and Comparisons to Terra's UST

Ethena 的迅速崛起以及与 Terra 的 UST 的比较

Ethena's USDe synthetic stablecoin is backed by staked Ether (stETH) while hedging stETH with short ETH positions on centralized exchanges. This mechanism generates yield, which is passed on to USDe holders. USDe's market capitalization has skyrocketed to $1.3 billion, making it one of the top 5 stablecoins on Coingecko.

Ethena 的 USDe 合成稳定币由质押以太币 (stETH) 支持，同时在中心化交易所上用空头 ETH 头寸对冲 stETH。该机制产生收益，并传递给 USDe 持有者。 USDe 的市值已飙升至 13 亿美元，成为 Coingecko 上排名前 5 的稳定币之一。

The comparison between Ethena and Terra's failed UST stablecoin is inevitable. Terraform Labs, led by Do Kwon, launched LUNA and UST in 2022. UST, backed by LUNA, lost its peg after a sharp decline in LUNA's price, triggering a downward spiral that resulted in the loss of nearly $50 billion of market capitalization in a matter of days.

Ethena 和 Terra 失败的 UST 稳定币的比较是不可避免的。 Do Kwon 领导的 Terraform Labs 于 2022 年推出了 LUNA 和 UST。LUNA 支持的 UST 在 LUNA 价格大幅下跌后失去了锚定地位，引发了螺旋式下跌，导致市值损失近 500 亿美元。几天的事。

Distinguishing USDe from UST: Differences in Asset Backing

USDe 与 UST 的区别：资产支持的差异

Despite the superficial similarities, experts emphasize the fundamental differences between USDe and UST. Unlike UST, which was effectively unbacked, USDe is backed by stETH and, as of today, BTC. This diversified backing provides a stronger foundation for maintaining its peg.

尽管表面上有相似之处，但专家们强调了 USDe 和 UST 之间的根本区别。与实际上没有支持的 UST 不同，USDe 由 stETH 和 BTC 提供支持。这种多元化的支持为维持其挂钩提供了更坚实的基础。

Echoes of Terra Collapse: PTSD and Unwarranted FUD

泰拉崩溃的回声：创伤后应激障碍和毫无根据的 FUD

Nic Carter, general partner at Castle Island Ventures, dismissed the comparison between Ethena and Terra/Luna as superficial. Carter explained that Ethena is a delta-neutral stablecoin that has existed in various forms in the past and should withstand adverse market conditions.

Castle Island Ventures 的普通合伙人 Nic Carter 认为 Ethena 和 Terra/Luna 之间的比较是肤浅的。 Carter 解释说，Ethena 是一种 Delta 中性稳定币，过去以各种形式存在，应该能够承受不利的市场条件。

Ryan Watkins, an outspoken supporter of Ethena, attributed the current FUD (fear, uncertainty, and doubt) to the PTSD caused by the Terra collapse. He emphasized that the risks associated with USDe are clearly stated by the protocol and should not be exaggerated.

Ethena 的直言不讳的支持者瑞安·沃特金斯 (Ryan Watkins) 将当前的 FUD（恐惧、不确定性和怀疑）归因于 Terra 崩溃造成的创伤后应激障碍 (PTSD)。他强调，与USDe相关的风险已在协议中明确规定，不应被夸大。

Chasing Clout: A Motive for Bearish Sentiment

追逐影响力：看跌情绪的动机

Carter suggested that some individuals may seek to gain attention and credibility by publicly voicing bearish sentiments about prominent projects, especially after the 2022 market collapse. By preemptively criticizing projects, they aim to position themselves as knowledgeable and ahead of the curve in case the projects fail.

卡特表示，一些人可能会通过公开表达对知名项目的悲观情绪来寻求获得关注和可信度，尤其是在 2022 年市场崩溃之后。通过先发制人地批评项目，他们的目的是让自己知识渊博，走在时代的前沿，以防项目失败。

Conclusion: A Balanced Assessment of Ethena USDe

结论：对 Ethena USDe 的平衡评估

While the concerns raised by Cronje and others are valid and should be acknowledged, it is crucial to avoid exaggerated FUD and pursue a balanced assessment of USDe's risks and rewards. Ethena's unique mechanism and diversified backing provide a solid foundation for maintaining its peg, distinguishing it from Terra's failed UST. Investors and users alike should conduct thorough due diligence and carefully weigh the potential benefits and risks before making any investment decisions.

虽然 Cronje 和其他人提出的担忧是合理的并且应该得到承认，但避免夸大 FUD 并追求对 USDe 风险和回报的平衡评估至关重要。 Ethena独特的机制和多元化的支持为维持其挂钩提供了坚实的基础，使其与Terra失败的UST区分开来。投资者和用户在做出任何投资决定之前都应进行彻底的尽职调查，并仔细权衡潜在的收益和风险。