USDe 与 UST：合成美元引发对潜在风险的担忧

Fantom 基金会联合创始人 Andre Cronje 对合成美元 USDe 的设计提出了担忧，并将其与失败的算法稳定币 UST (TerraUSD) 进行比较。 Cronje 强调了 USDe 框架中与永续合约和保证金交易相关的潜在风险，警告负资金利率可能导致清算和无担保资产的产生。他强调了评估复杂系统时不同观点的重要性，并邀请更广泛的加密社区提供见解和观点。

USDe vs. UST: Concerns Raised Over Synthetic Dollar's Potential Risks

USDe 与 UST：对合成美元潜在风险的担忧

Andre Cronje, the influential co-founder and architect of the Fantom Foundation, has sparked a heated debate within the cryptocurrency community by raising serious concerns about the potential risks associated with the Ethena synthetic dollar (USDe). Critics argue that USDe shares striking similarities to the ill-fated TerraUSD (UST) stablecoin, which spectacularly collapsed in May 2022, wiping out billions of dollars in investor funds.

Fantom 基金会颇具影响力的联合创始人兼架构师 Andre Cronje 对 Ethena 合成美元 (USDe) 的潜在风险提出了严重担忧，引发了加密货币社区的激烈争论。批评者认为，USDe 与命运多舛的 TerraUSD (UST) 稳定币有着惊人的相似之处，后者于 2022 年 5 月轰然崩盘，损失了数十亿美元的投资者资金。

Understanding USDe

了解 USDe

USDe is a synthetic ERC-20 (digital) dollar created by Ethena Labs with the ambitious goal of providing a reliable, scalable, and censorship-resistant digital asset. Unlike traditional stablecoins, which are typically backed by fiat currencies or other stable assets, USDe is fully collateralized by ETH, the native cryptocurrency of the Ethereum blockchain.

USDe 是由 Ethena Labs 创建的合成 ERC-20（数字）美元，其雄心勃勃的目标是提供可靠、可扩展且抗审查的数字资产。与通常由法定货币或其他稳定资产支持的传统稳定币不同，USDe 完全由以太坊区块链的原生加密货币 ETH 抵押。

Maintaining Stability Through Delta Hedging

通过 Delta 对冲保持稳定

Ethena employs a delta hedging strategy to maintain USDe's peg to the US dollar. Delta hedging involves dynamically adjusting the portfolio of ETH collateral based on market conditions. This strategy aims to ensure that the value of USDe remains stable despite fluctuations in the price of ETH.

Ethena 采用 Delta 对冲策略来维持 USDe 与美元的挂钩。 Delta 对冲涉及根据市场状况动态调整 ETH 抵押品的投资组合。该策略旨在确保尽管 ETH 价格波动，USDe 的价值仍保持稳定。

Challenging the Stablecoin Trilemma

挑战稳定币三难困境

USDe is designed to tackle the so-called stablecoin trilemma, a theoretical problem that suggests it is impossible for a stablecoin to simultaneously achieve decentralization, capital efficiency, and stability. By focusing on delta-neutral strategies, censorship resistance, and scaling with capital efficiency, USDe purports to offer a solution to this long-standing challenge.

USDe 旨在解决所谓的稳定币三难困境，这一理论问题表明稳定币不可能同时实现去中心化、资本效率和稳定性。通过专注于 Delta 中性策略、审查制度阻力和资本效率扩展，USDe 旨在为这一长期挑战提供解决方案。

Enter TerraUSD: A Cautionary Tale

进入 TerraUSD：一个警示故事

TerraUSD (UST) was an algorithmic stablecoin developed by Terra in 2020. Like USDe, UST was designed to be decentralized and pegged to the US dollar. However, UST operated on the Terra blockchain and utilized a unique minting policy that allowed DeFi protocols to integrate it seamlessly without compromising scalability.

TerraUSD (UST) 是 Terra 于 2020 年开发的一种算法稳定币。与 USDe 一样，UST 的设计是去中心化的并与美元挂钩。然而，UST 在 Terra 区块链上运行，并利用独特的铸币政策，允许 DeFi 协议无缝集成它，而不会影响可扩展性。

UST's Downfall

UST的垮台

TerraUSD's downfall began in May 2022 with a significant drop in the value of the Luna token, which was used to maintain UST's stability. This triggered a death spiral, leading to the liquidation of UST positions and a complete loss of peg to the US dollar.

TerraUSD 的衰落始于 2022 年 5 月，当时用于维持 UST 稳定性的 Luna 代币价值大幅下跌。这引发了死亡螺旋，导致 UST 头寸被清算，并完全失去与美元挂钩的地位。

Cronje's Concerns

克罗涅的担忧

In a recent article, Andre Cronje expressed his concerns about perceived vulnerabilities in USDe's design. He argues that the use of perpetual contracts and margin trading, which are integral components of Ethena's framework, introduces significant risks. Cronje warns that negative funding rates could lead to liquidation events and the emergence of unbacked assets.

在最近的一篇文章中，Andre Cronje 表达了他对 USDe 设计中已知漏洞的担忧。他认为，作为 Ethena 框架不可或缺的组成部分，永续合约和保证金交易的使用会带来重大风险。克罗涅警告说，负融资利率可能会导致清算事件和无担保资产的出现。

Trading Risks and Market Dynamics

交易风险和市场动态

Cronje emphasizes the importance of closing trades eventually, whether voluntarily or through liquidation. He cautions that current market conditions may favor certain trading strategies, but negative funding rates in the future could pose a significant threat. This could result in the liquidation of margin collateral and leave traders with assets unsupported by USDe.

克罗涅强调最终结束交易的重要性，无论是自愿还是通过清算。他警告说，当前的市场状况可能有利于某些交易策略，但未来的负融资利率可能会构成重大威胁。这可能会导致保证金抵押品被清算，并使交易者的资产不受 USDe 支持。

Counterarguments and the Importance of Diverse Perspectives

反驳和不同观点的重要性

Proponents of USDe argue that the "law of large numbers" may mitigate the risks associated with trading. However, Cronje refrains from outright condemnation, instead inviting the crypto community's expertise to provide insights and perspectives. He acknowledges his limitations as a developer and recognizes the value of diverse viewpoints in evaluating complex systems.

USDe 的支持者认为，“大数定律”可以减轻与交易相关的风险。然而，Cronje 没有直接谴责，而是邀请加密社区的专业知识提供见解和观点。他承认自己作为开发人员的局限性，并认识到评估复杂系统时不同观点的价值。

Ethena's Response

埃西娜的回应

In response to Cronje's concerns, the founder of Ethena has assured stakeholders that a comprehensive response is forthcoming. Ethena plans to address the perceived risks in a longer-form format, providing further clarity and reassurance to the community.

为了回应 Cronje 的担忧，Ethena 的创始人已向利益相关者保证，即将做出全面的回应。 Ethena 计划以更长的形式解决感知到的风险，为社区提供进一步的清晰度和保证。

Conclusion

结论

The debate over the potential risks of USDe is likely to continue as the cryptocurrency community carefully examines the implications of Cronje's concerns. While USDe presents a promising solution to the stablecoin trilemma, its similarities to UST raise legitimate questions that require careful consideration. As the investigation unfolds, the crypto community eagerly awaits Ethena's response and further insights from leading experts in the field.

随着加密货币社区仔细研究 Cronje 担忧的影响，有关 USDe 潜在风险的争论可能会继续下去。虽然 USDe 为稳定币三难困境提供了一个有希望的解决方案，但它与 UST 的相似之处引发了需要仔细考虑的合理问题。随着调查的展开，加密社区热切等待 Ethena 的回应以及该领域领先专家的进一步见解。