Luna 崩溃：案例研究凸显加密货币透明度的演变

鉴于 Luna 的崩溃，人们对与稳定币相似的项目持怀疑态度。然而，Ethena，一个“有点稳定币”的项目，却引起了人们的关注。与 Luna 不同，Ethena 优先考虑透明度，公开讨论其潜在风险和交易对手风险。这种围绕 Ethena 风险的公开对话与强调 Luna 缺陷的文章所面临的批评形成鲜明对比，显示了该行业风险评估方法的进步。

Luna's Collapse: A Case Study in the Evolution of Crypto Transparency

Luna 的崩溃：加密货币透明度演变的案例研究

In the wake of Luna and UST's catastrophic collapse, the crypto landscape has been abuzz with questions about the viability of similar projects. As the dust settles, one project has emerged as a curious case study in the evolution of crypto transparency: Ethena ENA.

在 Luna 和 UST 灾难性崩溃之后，加密货币领域一直充满了对类似项目可行性的质疑。随着尘埃落定，一个项目已经成为加密透明度演变的一个有趣的案例研究：Ethena ENA。

Luna's Arrogance and UST's Downfall

卢娜的傲慢与UST的没落

Luna and UST, the brainchild of Do Kwon, captivated the crypto community with promises of astronomical returns and a stablecoin backed by another token. However, skepticism abounded from the outset, as the inherent risks of such a structure seemed evident. Despite these concerns, Kwon's unwavering arrogance and a cult-like following silenced any dissenting voices.

Luna 和 UST（Do Kwon 的创意）以天文数字回报和由另一种代币支持的稳定币的承诺吸引了加密社区。然而，从一开始就充满了怀疑，因为这种结构固有的风险似乎很明显。尽管存在这些担忧，权坚定的傲慢和狂热的追随者压制了任何反对的声音。

As the stablecoin began to depeg, Kwon dismissed concerns, mocking skeptics on social media. This attitude proved catastrophic, as Luna and UST plummeted, wiping out over $40 billion in value.

随着稳定币开始脱钩，Kwon 驳斥了担忧，嘲笑社交媒体上的怀疑者。这种态度被证明是灾难性的，Luna 和 UST 暴跌，市值蒸发超过 400 亿美元。

Ethena: A Different Approach

Ethena：不同的方法

In the aftermath of Luna's collapse, Ethena's approach has stood in stark contrast. While it bears similarities to UST, featuring a stablecoin with high yield, Ethena is more akin to a hybrid of a structured product and a stablecoin. Furthermore, the project's founder, Guy Young (pseudonym: Leptokurtic), has shown a willingness to engage openly about potential risks.

卢娜崩溃后，埃西娜的做法形成了鲜明的对比。虽然它与 UST 相似，都是高收益的稳定币，但 Ethena 更类似于结构性产品和稳定币的混合体。此外，该项目的创始人 Guy Young（化名：Leptokurtic）已表现出公开参与潜在风险的意愿。

Young has identified counterparty risk as the worst-case scenario for Ethena, acknowledging the possibility of asset loss if the project's institutional custodians (Fireblocks and Copper) were to encounter significant problems. Ethena's transparency extends to its FAQ page, which details seven potential risks, including funding rates, exchange failure, and regulatory issues.

Young 将交易对手风险视为 Ethena 的最坏情况，并承认如果该项目的机构托管人（Fireblocks 和 Copper）遇到重大问题，可能会造成资产损失。 Ethena 的透明度延伸到其常见问题解答页面，其中详细介绍了七种潜在风险，包括融资利率、交易所失败和监管问题。

Progress in Transparency

透明度方面的进步

While Ethena's risk profile remains complex, the project's willingness to engage in transparent discussions about potential shortcomings is a significant development in the crypto space. In contrast to the hubris and dismissiveness that characterized Luna, Ethena's approach has welcomed skeptical scrutiny, recognizing that open debate is essential for identifying and mitigating risks.

尽管 Ethena 的风险状况仍然复杂，但该项目愿意就潜在缺陷进行透明的讨论，这是加密货币领域的一项重大发展。与 Luna 的傲慢和轻蔑相反，Ethena 的做法受到了怀疑的审查，她认识到公开辩论对于识别和减轻风险至关重要。

Implications for the Crypto Industry

对加密行业的影响

Ethena's case study serves as a testament to the growing importance of transparency in the crypto industry. The collapse of Luna exposed the dangers of unchecked arrogance and a lack of accountability. By embracing transparency and acknowledging the potential pitfalls of their project, Ethena is setting a positive example for the crypto community.

Ethena 的案例研究证明了透明度在加密行业中日益增长的重要性。卢娜的崩溃暴露了不受约束的傲慢和缺乏责任感的危险。通过拥抱透明度并承认其项目的潜在陷阱，Ethena 为加密货币社区树立了积极的榜样。

This shift towards transparency, coupled with the proliferation of skeptical voices, suggests that the crypto industry is maturing and learning from its past mistakes. As a result, investors can feel more confident in engaging with projects that prioritize open and honest communication about potential risks.

这种向透明度的转变，加上怀疑声音的激增，表明加密行业正在走向成熟，并从过去的错误中吸取教训。因此，投资者可以更有信心参与优先考虑就潜在风险进行公开和诚实沟通的项目。

Additional Notable News

其他值得注意的新闻

• DOJ's Bitcoin Transfer Clarification: Contrary to initial reports, the DOJ did not transfer 30,000 BTC to Coinbase. Instead, it sent a test transaction of 0.0001 BTC and subsequently withdrew the majority of its funds to a change address, effectively retaining most of its holdings. The actual amount transferred to Coinbase was 2,000 BTC, not the $2 billion initially reported.
• Wormhole Hacker's Airdrop Eligibility Revoked: Cross-chain protocol Wormhole initially allocated W tokens to the entity responsible for its $323 million hack in 2022. However, these tokens have since been removed from the hacker's allocation.
• Big Backers Invest in Alliance's Third Fund: Brevan Howard Digital and Galaxy Digital have invested a combined $20 million in crypto accelerator Alliance's third fund. Alliance Fund III aims to raise an additional $80 million by July, with a target fund size of $100 million. The fund plans to invest $500,000 per startup.

DOJ 的比特币转移澄清：与最初的报告相反，DOJ 并未将 30,000 BTC 转移到 Coinbase。相反，它发送了 0.0001 BTC 的测试交易，随后将大部分资金提取到找零地址，从而有效地保留了大部分持仓。转移到 Coinbase 的实际金额为 2,000 BTC，而不是最初报道的 20 亿美元。 Wormhole 黑客的空投资格被撤销：跨链协议 Wormhole 最初将 W 代币分配给了负责 2022 年 3.23 亿美元黑客攻击的实体。然而，这些代币此后已经被取消。已从黑客的分配中删除。 大支持者投资联盟的第三只基金：Brevan Howard Digital 和 Galaxy Digital 已向加密加速器联盟的第三只基金总共投资了 2000 万美元。 Alliance Fund III 计划在 7 月份之前额外筹集 8000 万美元，目标基金规模为 1 亿美元。该基金计划为每家初创公司投资 50 万美元。