Ethena 的 USDe：深入探讨稳定性问题和增长前景

Ethena Labs 的 USDe 稳定币经历了快速增长，但人们对其在市场压力下的弹性产生了担忧。虽然其收益率机制类似于 Terraform Labs 失败的 UST，但 Ethena 的“合成美元”模型采用 Delta 中性对冲来减轻损失。然而，负资金利率和集中的交易对手风险带来了挑战。鉴于衍生品市场规模有限以及某些抵押资产缺乏原生收益率，批评者质疑 USDe 增长的可扩展性和可持续性。此外，Ethena 的保险基金及其与 MakerDAO 的 DAI 的相互依赖性引发了更多担忧。尽管存在这些潜在风险，但专家们认为，在有利的市场条件下，基础贸易相对安全。

Ethena's USDe: A Detailed Analysis of Stability and Potential Risks

Ethena的USDe：稳定性和潜在风险的详细分析

Ethena Labs' synthetic dollar stablecoin, USDe, has emerged as a formidable competitor in the crypto market, amassing a market capitalization exceeding $2 billion in record time. However, the meteoric rise of USDe has sparked concerns regarding its resilience and potential susceptibility to the pitfalls of its predecessors.

Ethena Labs 的合成美元稳定币 USDe 已成为加密货币市场的强大竞争对手，在创纪录的时间内积累了超过 20 亿美元的市值。然而，USDe 的迅速崛起引发了人们对其弹性和对其前辈陷阱的潜在敏感性的担忧。

A Novel Approach to Stablecoin Creation

创造稳定币的新方法

Unlike traditional stablecoins backed by fiat currencies or other crypto assets, USDe adopts a unique "synthetic dollar" model. Users deposit crypto assets such as Bitcoin, Ether, or Staked Ether (stETH) into the protocol, which are then utilized to establish equivalent short perpetual positions or derivatives contracts with no expiration date.

与由法定货币或其他加密资产支持的传统稳定币不同，USDe 采用独特的“合成美元”模式。用户将比特币、以太币或质押以太币（stETH）等加密资产存入协议中，然后利用这些资产建立等效的空头永续头寸或没有到期日的衍生品合约。

This design, referred to as "delta-neutral," leverages a well-established technique in traditional finance known as the cash-and-carry trade. By hedging the deposited assets with short positions, the protocol aims to neutralize price fluctuations, ensuring that any gains or losses in the underlying asset are offset by corresponding adjustments in the short position.

这种设计被称为“德尔塔中性”，利用了传统金融中一种成熟的技术，即现款自运交易。该协议通过用空头头寸对冲存入资产，旨在抵消价格波动，确保标的资产的任何收益或损失都可以通过空头头寸的相应调整来抵消。

Navigating Negative Funding Rates

应对负资金利率

A key challenge for USDe's stability lies in the potential for negative funding rates in the perpetual futures market. Negative funding rates arise when there is an imbalance between long and short positions, leading to a situation where short position holders must pay long position holders.

USDe 稳定性的一个关键挑战在于永续期货市场可能出现负融资利率。当多头头寸和空头头寸之间不平衡时，就会出现负资金费率，导致空头头寸持有人必须向多头头寸持有人支付费用。

In a bullish market, funding rates are typically positive, allowing Ethena to collect fees from its perpetual contracts, which are distributed as yield to USDe holders. However, during market downturns, funding rates can turn negative, forcing Ethena to cover the costs of maintaining its short positions.

在牛市中，融资利率通常为正，这使得 Ethena 可以从其永续合约中收取费用，这些费用作为收益分配给 USDe 持有者。然而，在市场低迷期间，融资利率可能会变为负值，迫使 Ethena 承担维持空头头寸的成本。

Collateral Diversity and Mitigation Strategies

附带多样性和缓解策略

To mitigate the impact of negative funding rates, Ethena maintains a diverse collateral portfolio, with allocations to Bitcoin, Ether, stETH, and USDT. The inclusion of stETH, which earns a staking yield, provides a buffer against funding costs.

为了减轻负资金利率的影响，Ethena 维持多样化的抵押品投资组合，配置为比特币、以太币、stETH 和 USDT。 stETH 的加入可以赚取质押收益，为融资成本提供缓冲。

In addition, Ethena has established an insurance fund of $32 million to cover potential losses in extreme market conditions. The fund is primarily funded by excess derivatives earnings generated by the protocol.

此外，Ethena还设立了3200万美元的保险基金，以弥补极端市场条件下的潜在损失。该基金主要由协议产生的超额衍生品收益提供资金。

Centralized Counterparty Risks

集中交易对手风险

One inherent concern with USDe's model is its reliance on centralized exchanges for its derivatives operations. Ethena mitigates this risk by partnering with off-exchange settlement custodians who hold user assets and facilitate the opening of perpetual positions at centralized exchanges.

USDe 模式的一个固有问题是其衍生品业务依赖中心化交易所。 Ethena 通过与持有用户资产的场外结算托管人合作并促进在中心化交易所开设永续头寸来降低这种风险。

However, the movement of assets between Ethena and its custodians raises concerns about the potential for operational mishaps or execution errors. Moreover, the reliance on centralized exchanges for clearing and settlement introduces a degree of counterparty risk.

然而，Ethena 及其托管人之间的资产流动引发了人们对可能发生操作事故或执行错误的担忧。此外，对集中交易所进行清算和结算的依赖带来了一定程度的交易对手风险。

Growth Limitations and Market Dynamics

增长限制和市场动态

USDe's growth potential is constrained by the size of the perpetual market and the maximum open interest limits imposed by exchanges. As USDe's market capitalization increases, the demand for short positions in derivatives may outpace the available supply, leading to higher negative funding rates and reduced profitability.

USDe 的增长潜力受到永续市场规模和交易所规定的最大持仓量限制的限制。随着 USDe 市值的增加，对衍生品空头头寸的需求可能超过可用供应，导致更高的负融资利率和盈利能力下降。

Additionally, the limited yield potential of Bitcoin, USDT, and Ether, compared to stETH, could limit the size of USDe's collateral base and its ability to withstand extended periods of negative funding rates.

此外，与 stETH 相比，比特币、USDT 和以太币的收益潜力有限，可能会限制 USDe 抵押品基础的规模及其承受长期负融资利率的能力。

Interdependence with DAI

与 DAI 的相互依赖

Ethena's insurance fund includes an allocation to DAI, the stablecoin issued by MakerDAO. This creates an element of interdependence between the two stablecoins, as MakerDAO has recently voted to increase its debt ceiling to invest in USDe. In the event of a market downturn affecting both Ethena and MakerDAO, this interdependence could pose a risk to the stability of both stablecoins.

Ethena 的保险基金包括对 DAI 的分配，DAI 是 MakerDAO 发行的稳定币。这在两种稳定币之间造成了相互依​​赖的因素，因为 MakerDAO 最近投票决定提高投资 USDe 的债务上限。如果市场低迷影响 Ethena 和 MakerDAO，这种相互依赖可能会给这两种稳定币的稳定性带来风险。

Assessing the Overall Risk Profile

评估总体风险状况

Despite the potential risks outlined above, experts generally believe that USDe's delta-neutral approach provides a strong foundation for stability. The protocol's diverse collateral portfolio and insurance fund further enhance its resilience. However, it is crucial to note that no financial instrument is entirely without risk.

尽管存在上述潜在风险，但专家普遍认为 USDe 的 Delta 中性方法为稳定提供了坚实的基础。该协议多样化的抵押品组合和保险基金进一步增强了其弹性。然而，值得注意的是，没有一种金融工具是完全没有风险的。

Users considering investing in USDe or any stablecoin should carefully assess the potential risks and benefits and make informed decisions based on their individual risk tolerance and financial situation. The crypto market is highly volatile, and past performance is not a reliable indicator of future results.

考虑投资 USDe 或任何稳定币的用户应仔细评估潜在的风险和收益，并根据个人风险承受能力和财务状况做出明智的决定。加密货币市场波动性很大，过去的表现并不能作为未来结果的可靠指标。