Ethena：由 Arthur Hayes 和加密貨幣交易所網路支援的 2.5B 美元穩定幣

本週，有關大型交易所 ByBit 的報告加劇了 Ethena 價值 25 億美元的所謂穩定幣 USDe 出現問題的傳言。

Ethena, a crypto fund that claims to pay 37% APY on its stablecoin USDe, has sparked rumors of financial problems this week.

Ethena 是一家加密貨幣基金，聲稱為其穩定幣 USDe 支付 37% 的年利率，本週引發了有關財務問題的傳言。

The rumors began circulating after reports emerged that ByBit, a major crypto exchange where Ethena trades some of its assets, is experiencing financial difficulties. Some observers attributed the rumors to a dashboard error at Arkham, while others claimed that they are true. Observers have noted a small amount of exchange outflows relative to ByBit’s total assets.

有報導稱，Ethena 交易其部分資產的主要加密貨幣交易所 ByBit 正面臨財務困難，此後謠言開始流傳。一些觀察家將這些謠言歸因於阿卡姆的儀表板錯誤，而另一些觀察家則聲稱這些謠言是真的。觀察家注意到，相對於 ByBit 的總資產而言，有少量的交易所外流。

ByBit has since refuted any claims of insolvency.

此後，ByBit 駁斥了任何破產指控。

Protos reached out to the exchange for comment but has not received a response at time of publication. Over the last seven days, neither the price of Ethena’s proprietary token ENA nor its stablecoin USDe have declined in price.

Protos 聯繫了交易所徵求意見，但截至發稿時尚未收到回應。在過去的 7 天裡，Ethena 的專有代幣 ENA 及其穩定幣 USDe 的價格都沒有下跌。

For its part, Ethena claims to hold all of its collateral off-exchange at third-party custodians like Copper or Cobo. Although it clears trades via crypto exchanges, it claims to hold the collateral backing its positions, including ByBit perpetual futures, off-exchange.

就 Ethena 而言，它聲稱將其所有場外抵押品存放在 Copper 或 Cobo 等第三方託管機構中。儘管它透過加密貨幣交易所清算交易，但它聲稱持有支持其頭寸的抵押品，包括場外交易的 ByBit 永續期貨。

Ethena’s marketing pitch is simple: It accepts capital, executes trades on various exchanges using this capital, and pays out a stratospheric yield above 37%. It also incentivizes extra deposits with an airdrop of its proprietary token ENA — a classic crypto marketing ploy.

Ethena 的行銷宣傳很簡單：它接受資本，使用這些資本在各種交易所執行交易，並支付超過 37% 的高額收益率。它還透過空投其專有代幣 ENA 來激勵額外存款——這是一種經典的加密行銷策略。

Its hook is only slightly new. Ethena crafted a scheme that would take Ethereum’s 3.4% and add complexity and lots of leverage. It would also supposedly allow investors to earn the staking yield from Ethereum without subjecting themselves to the price fluctuations of ETH, via its USDe.

它的鉤子只是稍微有點新。 Ethena 制定了一個計劃，該計劃將佔用以太坊的 3.4%，並增加複雜性和大量槓桿作用。據稱，它還允許投資者透過其 USDe 從以太坊賺取質押收益，而無需受到 ETH 價格波動的影響。

Ethena claimed to accomplish this feat by establishing a leveraged delta-neutral ETH trade. Its leaders would also control the private keys and exchange login credentials to hold most of the protocol’s assets. It would call itself the ‘internet bond,’ its proprietary token a ‘synthetic dollar,’ and its unsustainable 37% APY an ‘internet native yield.’

Ethena 聲稱透過建立槓桿 Delta 中性 ETH 交易來實現這一壯舉。其領導人還將控制私鑰並交換登入憑證以持有該協議的大部分資產。它將稱自己為“互聯網債券”，其專有代幣為“合成美元”，其不可持續的 37% APY 為“互聯網原生收益率”。

Delta neutrality is a way to invest so that the value of a portfolio usually doesn’t decrease when small changes occur in the value of the underlying asset. A trader hedges ‘delta,’ a greek financial term meaning ‘sensitivity to changes in the price of the underlying,’ by buying an equal amount of long and short positions simultaneously.

Delta中性是一種投資方式，當標的資產的價值發生微小變化時，投資組合的價值通常不會減少。交易者透過同時購買等量的多頭和空頭部位來對沖“Delta”，這是一個希臘金融術語，意思是“對標的資產價格變化的敏感性”。

In a perfect world, this delta neutrality allows a trader to preserve the USD value of a position, regardless of whether the price of an asset like ETH declines. If ETH declines, the short position gains in value to compensate.

在完美的世界中，無論 ETH 等資產的價格是否下跌，這種 Delta 中性都允許交易者保留頭寸的美元價值。如果 ETH 下跌，空頭部位就會增值以進行補償。

Of course, there’s no free lunch in finance, and holding delta neutrality in order to capture Ethereum’s staking yield carries significant risks. The two most important risks are Ethena leadership’s control of keys and funds, as well as the risk of crypto exchanges going under.

當然，金融界沒有免費的午餐，為了獲得以太坊的質押收益而保持 Delta 中性會帶來巨大的風險。兩個最重要的風險是 Ethena 領導層對金鑰和資金的控制，以及加密貨幣交易所破產的風險。

Ethena has both risks in spades. By its founding backer’s own admission, “Ethena is not decentralized, nor is it trying to be.”

Ethena 確實存在這兩種風險。據其創始支持者自己承認，“Ethena 並不是去中心化的，也沒有試圖去中心化。”

Ethena backs each USDe, which is supposed to be worth $1, with two major assets. First, it buys a staked ETH (stETH) position from LidoDAO, Ethereum’s largest liquid staking protocol. Second, it collateralizes perpetual futures short contracts on crypto exchanges, including ByBit. Lido pays out most of Ethereum’s staking yield to Ethena, which Ethena then eventually leverages and passes along to USDe tokenholders who stake their USDe.

Ethena 透過兩項主要資產支持每個 USDe，其價值應該是 1 美元。首先，它從以太坊最大的流動質押協議 LidoDAO 購買質押 ETH (stETH) 頭寸。其次，它以包括 ByBit 在內的加密貨幣交易所的永續期貨空頭合約作為抵押。 Lido 將以太坊的大部分質押收益支付給 Ethena，然後 Ethena 最終利用這些收益並將其傳遞給質押 USDe 的 USDe 代幣持有者。

With the USD price of ETH hedged against a decline thanks to its perp shorts, as long as management and custodians don’t steal or lose the money, Ethena hopefully stays delta-neutral.

由於 ETH 的美元價格因其永久空頭而對沖下跌，只要管理層和託管人不竊取或損失資金，Ethena 希望保持 Delta 中性。

Ethena aimed to differentiate itself from failed stablecoins like Charles Hoskinson’s BitUSD, Mark Cuban’s Iron Titanium, Mark Lamb’s flexUSD, Huobi’s HUSD, or Do Kwon’s Terra and Basis Cash. Its marketing campaign worked. It rebranded itself away from ‘algorithmic’ stablecoin — a tarnished word after the multi-billion dollar collapse of Do Kwon’s algorithmic stablecoin Terra — and instead claims that USDe is a ‘synthetic dollar.’

Ethena 旨在將自己與 Charles Hoskinson 的 BitUSD、Mark Cuban 的 Iron Titanium、Mark Lamb 的 flexUSD、Huobi 的 HUSD 或 Do Kwon 的 Terra 和 Basis Cash 等失敗的穩定幣區分開來。它的行銷活動奏效了。它重新命名了自己，不再使用「演算法」穩定幣——在Do Kwon 的演算法穩定幣Terra 價值數十億美元崩潰後，這個詞已經被玷污了——而是聲稱USDe 是一種「合成美元」。

Synthetic is, of course, different from algorithmic.

當然，合成與演算法不同。

Arthur Hayes, who made millions by trading against his own customers at BitMEX and later pleaded guilty to federal crimes, is the main cheerleader for Ethena. Hayes predicts that USDe, which has a market capitalization of $2.6 billion today, will one day grow larger than its $111 billion stablecoin competitor, Tether (USDT).

Arthur Hayes 在 BitMEX 與自己的客戶進行交易賺了數百萬美元，後來承認犯有聯邦罪行，他是 Ethena 的主要支持者。 Hayes 預測，目前市值為 26 億美元的 USDe，有一天將超過其 1,110 億美元的穩定幣競爭對手 Tether (USDT)。

“Combining physical staked ETH plus a short ETH/USD perp swap position creates a high-yielding synthetic USD,” Hayes wrote glowingly. He also assured his fanbase that despite similar, nose bleeding-high interest rates above 30% advertised for both USDe and UST during their respective launch phases, “USDe generates yield in a completely different fashion than

海耶斯熱情洋溢地寫道：“將實物質押的 ETH 加上空頭 ETH/美元永續掉期頭寸相結合，創造出高收益的合成美元。”他還向他的粉絲群保證，儘管 USDe 和 UST 在各自的推出階段都宣傳了類似的、令人流鼻血的高利率（超過 30%），「USDe 產生的收益率與