USDe：在 SEC 审查中检查与 UST 的风险和相似之处

Ethena 的 USDe 与美元挂钩的加密货币因其 37.1% 的高年收益率以及对其治理代币空投分配的预期而获得了显着的吸引力。其快速增长和较高的收益率让人将其与 Terra 的 UST 稳定币进行比较，后者于 2022 年崩溃。虽然 USDe 和 UST 都是算法稳定币，无需法币支持即可保持锚定，但它们的机制和潜在风险存在显着差异。 USDe 不像 USDT 或 USDC 那样由法定货币支持，而是通过 Delta 中性交易来保持稳定性，其中它质押 ETH 进行多头头寸，同时在交易所开设空头期货头寸。 UST 依赖于销毁和铸币机制，用户用 LUNA 代币交易 UST 以维持其挂钩。尽管收益率生成机制相似，但它们不同的挂钩方法以及 Ethena 对 ETH 抵押品的使用表明了不同的风险状况，由于 ETH 的独立价值和流动性，USDe 可能更具弹性。

Ethena's USDe: Examining the Risks and Similarities with Terra's UST

Ethena 的 USDe：检查与 Terra 的 UST 的风险和相似之处

Since its inception in February, Ethena's USDe, a cryptocurrency designed to maintain a 1:1 peg to the US dollar, has experienced a meteoric rise. Its allure lies in its exceptionally high annual yield—a staggering 37.1% at the time of writing—earned by those who stake it. Additionally, the upcoming airdrop of Ethena's governance token has further fueled the frenzy surrounding USDe.

自 2 月份推出以来，Ethena 的 USDe（一种旨在与美元保持 1:1 挂钩的加密货币）经历了飞速上涨。它的吸引力在于其异常高的年收益率——在撰写本文时已达到惊人的 37.1%——由那些持有它的人获得。此外，即将空投 Ethena 的治理代币进一步加剧了围绕 USDe 的狂热。

However, the cryptocurrency's rapid growth, burgeoning market capitalization (recently surpassing $2 billion), and certain aspects of its structure have inevitably drawn comparisons to UST, the infamous algorithmic stablecoin created by Do Kwon and Terraform Labs. Both projects have faced accusations of securities fraud by the SEC, prompting concerns regarding the potential risks associated with USDe.

然而，加密货币的快速增长、迅速增长的市值（最近超过 20 亿美元）及其结构的某些方面不可避免地会与由 Do Kwon 和 Terraform Labs 创建的臭名昭著的算法稳定币 UST 进行比较。这两个项目都面临 SEC 的证券欺诈指控，引发了人们对 USDe 相关潜在风险的担忧。

Similarities and Differences: Delving into the Mechanics

异同：深入研究机制

One striking similarity between USDe and UST is their departure from fiat-backed cryptocurrencies like Tether's USDT and Circle's USDC. While the latter two claim to hold corresponding US dollar reserves in bank accounts or Treasury bills, Terra's UST and Ethena's USDe employ different mechanisms to maintain their respective pegs.

USDe 和 UST 之间的一个惊人相似之处是它们与 Tether 的 USDT 和 Circle 的 USDC 等法定支持的加密货币不同。虽然后两者声称在银行账户或国库券中持有相应的美元储备，但 Terra 的 UST 和 Ethena 的 USDe 采用不同的机制来维持各自的挂钩。

Terra's UST relied on an algorithmic, burn-and-mint mechanism for its stability. Essentially, crypto users could mint $1 of UST by burning $1 worth of its sister token, LUNA, and vice versa. Arbitrage opportunities were created whenever UST traded at a discount or premium to the dollar.

Terra 的 UST 依靠算法、销毁和铸造机制来保证其稳定性。本质上，加密货币用户可以通过燃烧价值 1 美元的姊妹代币 LUNA 来铸造 1 美元的 UST，反之亦然。每当 UST 以美元折价或溢价交易时，就会产生套利机会。

In contrast, USDe utilizes a delta-neutral strategy that incorporates "basis trading," a common technique in futures markets within traditional finance. This strategy involves taking simultaneous long and short positions in ETH. Ethena establishes a long position by staking ETH to earn rewards, while opening a short perpetual position for an equivalent dollar value on a derivatives exchange.

相比之下，USDe 采用了 Delta 中性策略，其中包含“基差交易”，这是传统金融中期货市场的常见技术。该策略涉及同时持有 ETH 多头和空头头寸。 Ethena 通过质押 ETH 来建立多头头寸以获得奖励，同时在衍生品交易所开设等值美元的空头永续头寸。

In theory, this strategy insulates USDe from ETH price fluctuations. For every dollar that ETH's price drops, the protocol loses $1 on its long position but gains $1 on its short position, maintaining the collateral's USD value relatively stable.

理论上，该策略可以使 USDe 免受 ETH 价格波动的影响。 ETH 价格每下跌 1 美元，该协议的多头头寸就会损失 1 美元，但空头头寸会增加 1 美元，从而保持抵押品的美元价值相对稳定。

Source of High Yields: A Closer Look

高收益的来源：仔细观察

UST's high yields were partially attributed to staking rewards, but in reality, the primary driver was marketing incentives. For USDe, the yields stem from ETH staking rewards and funding rates earned from opening short derivative positions. Given the high leverage currently employed in futures derivatives markets, Ethena's yield has been exceptionally high.

UST 的高收益率部分归因于质押奖励，但实际上，主要驱动因素是营销激励。对于 USDe 来说，收益率来源于 ETH 质押奖励和开立衍生品空头头寸赚取的资金利率。鉴于目前期货衍生品市场采用的高杠杆率，Ethena 的收益率异常高。

Contrasting Peg Mechanisms and Risks

对比挂钩机制和风险

Despite the evident differences between USDe's peg mechanism and UST's, risks still lurk. Campbell, an adjunct professor at Columbia Business School and former head of portfolio management at Paxos, highlights two potential concerns.

尽管USDe的挂钩机制与UST的挂钩机制存在明显差异，但风险仍然潜伏。哥伦比亚商学院兼职教授、Paxos 前投资组合管理主管坎贝尔强调了两个潜在的担忧。

Firstly, a significant divergence between the price of an ETH future and the spot price of ETH could disrupt USDe's basis trade strategy. However, Campbell downplays this risk, citing the liquidity and depth of the ETH futures market.

首先，ETH 期货价格与 ETH 现货价格之间的显着差异可能会扰乱 USDe 的基差交易策略。然而，坎贝尔以 ETH 期货市场的流动性和深度为由，淡化了这种风险。

A more pressing concern, according to Campbell, is the credit risk stemming from the protocols and platforms employed by Ethena for its futures trading. If Ethena were to utilize a protocol that falls victim to a hack or a centralized exchange that faces bankruptcy, the consequences could be dire.

坎贝尔表示，更紧迫的担忧是 Ethena 用于期货交易的协议和平台带来的信用风险。如果 Ethena 使用的协议遭到黑客攻击或中心化交易所面临破产，后果可能是可怕的。

Nonetheless, crypto heavyweights like Hasu, a strategic advisor at Lido, assign less risk to USDe due to the distinction between its peg mechanism and UST's. Hasu emphasizes that the type of trade employed by USDe is relatively common and carries low risk, especially when using a prime broker.

尽管如此，由于 USDe 的挂钩机制与 UST 之间的区别，像 Lido 战略顾问 Hasu 这样的加密货币重量级人物认为 USDe 的风险较小。 Hasu 强调，USDe 采用的交易类型相对常见且风险较低，尤其是在使用主经纪商时。

Unwinding USDe vs UST: A Comparative Perspective

USDe 与 UST 平仓：比较视角

In the event that Ethena decides to discontinue USDe, the process of unwinding would be significantly less complex compared to UST. Ethena would retain the dollars to reimburse investors by closing its short perpetual positions and selling ETH.

如果 Ethena 决定停止 USDe，则平仓过程将比 UST 简单得多。 Ethena 将保留美元，通过平仓永续空头头寸并出售 ETH 来偿还投资者。

Conversely, unwinding UST would be far more challenging due to the self-referential relationship between LUNA and UST. Deminting all UST would trigger a chain reaction of LUNA selling, ultimately leading to the collapse of both tokens due to their lack of independent sources of value. USDe, on the other hand, benefits from ETH's independent value.

相反，由于 LUNA 和 UST 之间的自引用关系，解除 UST 会更具挑战性。销毁所有 UST 将引发 LUNA 抛售的连锁反应，最终导致这两种代币因缺乏独立的价值来源而崩溃。另一方面，USDe 受益于 ETH 的独立价值。

Conclusion: Assessing the Risks and Potential

结论：评估风险和潜力

While Ethena's USDe shares certain characteristics with Terra's ill-fated UST, it is crucial to acknowledge the fundamental differences between their respective peg mechanisms. USDe's delta-neutral strategy, dependence on ETH's value, and easier unwindability suggest a lower risk profile than UST.

虽然 Ethena 的 USDe 与 Terra 命运多舛的 UST 有某些共同特征，但承认它们各自的挂钩机制之间的根本差异至关重要。 USDe 的 Delta 中性策略、对 ETH 价值的依赖以及更容易的平仓表明其风险状况比 UST 更低。

However, it is prudent to remain vigilant of the potential risks associated with USDe, particularly those related to credit risk stemming from its reliance on third-party platforms for futures trading. Investors should carefully consider these factors and conduct thorough due diligence before making any investment decisions.

然而，仍需谨慎警惕与 USDe 相关的潜在风险，特别是因依赖第三方平台进行期货交易而产生的信用风险。投资者在做出任何投资决定之前应仔细考虑这些因素并进行彻底的尽职调查。