Cronje 發出危險信號：Athena 的 USDe 呼應了 UST 的致命缺陷

加密貨幣領域的知名人物 Andre Cronje 最近發表了一篇文章，表達了對 Athena (ENA) USDe 代幣相關潛在風險的擔憂，與 UST 的崩潰相提並論。 Cronje 以其深刻的分析和對DeFi 的貢獻而聞名，他深入研究了Athena 的核心機制及其與各種協議的集成，強調了其永續合約、保證金抵押品和系統性風險敞口所固有的複雜性和風險。

Andre Cronje's Grave Concerns: Athena's USDe Token Echoing UST's Demise

Andre Cronje 的嚴重擔憂：Athena 的 USDe 代幣呼應了 UST 的消亡

In a groundbreaking exposé, Andre Cronje, the esteemed luminary in the cryptocurrency realm, has sounded the alarm over the ominous parallels he perceives between Athena's USDe token and the ill-fated UST, the TerraUSD stablecoin that spectacularly imploded last year, sending shockwaves throughout the industry.

在一次開創性的揭露中，加密貨幣領域受人尊敬的傑出人物Andre Cronje 對他認為Athena 的USDe 代幣與命運多舛的UST 之間的不祥相似之處敲響了警鐘。UST 是去年發生驚人內爆的TerraUSD 穩定幣，在整個加密貨幣領域引發了衝擊波。產業。

Cronje, renowned for his astute insights and trailblazing contributions to the burgeoning field of decentralized finance (DeFi), meticulously dissected Athena's intricate inner workings, laying bare its vulnerabilities and the systemic risks it poses.

Cronje 以其敏銳的洞察力和對新興的去中心化金融 (DeFi) 領域的開創性貢獻而聞名，他仔細剖析了 Athena 錯綜複雜的內部運作方式，揭示了其漏洞及其帶來的系統性風險。

"Every so often we see something new in this space," mused Cronje, reflecting on the ever-evolving landscape of crypto assets. "I often find myself on the middle curve for an extensive amount of time. I am comfortable here. That being said, there have been events in this industry I wish I was more curious about, there have also been events I definitely…," he cryptically hinted in a recent tweet.

「我們經常在這個領域看到一些新的東西，」克羅涅沉思道，反思了加密資產不斷發展的格局。 「我經常發現自己在很長一段時間內處於中間曲線。我在這裡很舒服。話雖如此，這個行業中有些事件我希望我更好奇，也有些事件我絕對......」他在最近的一條推文中神秘地暗示了這一點。

Cronje's in-depth analysis delved into the intricacies of perpetual contracts, margin collateral, and their inherent exposure to systemic risk. Perpetual contracts, a cornerstone of Athena's framework, enable traders to speculate on asset prices without directly owning the underlying assets. This seemingly attractive feature, however, carries significant risks.

克羅涅的深入分析深入研究了永續合約、保證金抵押品的複雜性及其固有的系統性風險暴露。永續合約是 Athena 框架的基石，使交易者能夠在不直接擁有基礎資產的情況下推測資產價格。這項看似吸引人的功能，卻蘊藏著巨大的風險。

Cronje highlighted the precarious nature of volatile funding rates, which can trigger urgent calls for additional collateral and subsequent liquidations, potentially culminating in an undersecured asset. Furthermore, he expressed skepticism regarding Athena's reliance on yield-based collateral such as stETH, cautioning that such instruments may prove inadequate as risk mitigators during market downturns or abrupt shifts in funding rates.

克羅涅強調了融資利率波動的不穩定性質，這可能會引發額外抵押品和隨後清算的緊急呼籲，最終可能導致資產擔保不足。此外，他對 Athena 對 stETH 等基於收益的抵押品的依賴表示懷疑，並警告說，在市場低迷或融資利率突然變化期間，此類工具可能不足以作為風險緩解工具。

Cronje's meticulously crafted critique casts a long shadow over Athena's purported stability, raising profound questions about the sustainability of strategies premised on bond issuances and open-ended contracts. The reverberations of Cronje's concerns have resonated throughout the crypto community, with Ki Yong Joo, CEO of CryptoQuant, aptly encapsulating the prevailing sentiment: "Ethena lacks the essence of DeFi; it exhibits characteristics more akin to centralized finance with vulnerabilities related to custody and enforcement."

克羅涅精心策劃的批評給雅典娜所謂的穩定性蒙上了長長的陰影，對以債券發行和開放式合約為前提的策略的可持續性提出了深刻的質疑。 Cronje 的擔憂引起了整個加密社群的共鳴，CryptoQuant 執行長Ki Yong Joo 恰當地概括了普遍的情緒：「Ethena 缺乏DeFi 的本質；它表現出更類似於中心化金融的特徵，但在託管和執行方面存在漏洞。 」。

Cronje's trenchant assessment exposes the enduring challenges confronting the development of robust and enduring DeFi solutions. It underscores the imperative for continued vigilance and critical scrutiny as the industry navigates the uncharted waters of financial innovation.

Cronje 尖銳的評估揭示了開發強大且持久的 DeFi 解決方案所面臨的持久挑戰。它強調了當該行業在金融創新的未知領域中航行時，必須繼續保持警惕和嚴格審查。