隨著投資者關注網路中的兩個關鍵風險，Ethena (ENA) 價格暴跌

ENA 代幣週五跌至歷史低點 0.3508 美元，較歷史高點下跌近 70%。

The price of Ethena (ENA) coin has crashed to a record low in the past few weeks as investors focus on two key risks in the network. The ENA token crashed to a record low of $0.3508 on Friday, which is about 70% below its all-time high.

由於投資者關注網路中的兩個關鍵風險，Ethena（ENA）代幣的價格在過去幾週跌至歷史新低。 ENA 代幣週五跌至歷史低點 0.3508 美元，比歷史高點低約 70%。

Ethena USDe risks

Ethena USDe 風險

Ethena is a relatively new platform that is backed by some of the biggest players in the crypto industry, including Arthur Hayes, Dragonfly, Synthetix, and AAVE. Its product is the Ethena USDe stablecoin, which is an algorithmic stablecoin that has over $3.5 billion in assets.

Ethena 是一個相對較新的平台，得到了加密行業一些最大參與者的支持，包括 Arthur Hayes、Dragonfly、Synthetix 和 AAVE。其產品是 Ethena USDe 穩定幣，這是一種演算法穩定幣，擁有超過 35 億美元的資產。

USDe has managed to become the fourth-largest stablecoin in the industry, and this is mostly because of its high yield potential. While the yield tends to vary from time to time, it has remained above 10% since the stablecoin was launched.

USDe 已成功成為業界第四大穩定幣，這主要是因為其高收益潛力。雖然收益率往往會不時變化，但自穩定幣推出以來一直保持在 10% 以上。

USDe generates its rewards through a complicated process that includes staked asset consensus, funding, and basis spread. Its staked asset consensus is derived from staking Ethereum, which is the second-biggest cryptocurrency in the world.

USDe 透過一個複雜的過程產生獎勵，其中包括質押資產共識、融資和基差。其質押資產共識源自於質押全球第二大加密貨幣以太幣。

The funding and basis spread, on the other hand, is earned from delta hedging positions when minters provide assets in the process of minting the USDe token. In this process, Ethena opens a corresponding short derivatives position to hedge the delta of the received assets.

另一方面，當鑄幣者在鑄造 USDe 代幣的過程中提供資產時，資金和基差是透過 Delta 對沖頭寸賺取的。在此過程中，Ethena 會開設相應的空頭衍生性商品頭寸，以對沖收到資產的 Delta。

This is the first risk that Ethena faces, as it is not clear whether these mechanisms will work effectively during periods of high volatility. Investors will still recall the collapse of Terra, another platform that offered investors thrilling returns in 2022.

這是 Ethena 面臨的第一個風險，因為尚不清楚這些機制在高波動時期是否能有效發揮作用。投資者仍然會記得 Terra 的崩潰，這是另一個在 2022 年為投資者提供了驚人回報的平台。

If the USDe stablecoin loses its peg, the Ethena price will likely continue to fall.

如果 USDe 穩定幣失去掛鉤，Ethena 價格可能會繼續下跌。

Dilution to continue

稀釋繼續

The second key risk to the Ethena price is that the network will likely continue to see more dilution in the next few years. According to CoinMarketCap, the maximum supply of ENA is 15 billion tokens, while the circulating supply is 1.7 billion.

Ethena 價格的第二個主要風險是，該網路在未來幾年可能會繼續出現更多稀釋。根據CoinMarketCap的數據，ENA的最大供應量為150億個代幣，而流通供應量為17億個。

This means that nearly 90% of all tokens are still locked and will be released gradually. According to TokenUnlocks, the recent token unlock occurred on Sunday, and the next one is scheduled for this Sunday, with tokens worth over $5.63 million set to be unlocked.

這意味著近90%的代幣仍處於鎖定狀態，並將逐步釋放。據 TokenUnlocks 稱，最近一次代幣解鎖發生在周日，下一次解鎖預計將於本週日進行，價值超過 563 萬美元的代幣將被解鎖。

A significant portion of these tokens will be allocated to Ethena's investors, such as Arthur Hayes and Dragonfly. Usually, these investors tend to be the first to exit after receiving their allocations.

這些代幣的很大一部分將分配給 Ethena 的投資者，例如 Arthur Hayes 和 Dragonfly。通常，這些投資者往往是在收到分配後第一個退出的。

As a result, the ENA price is likely to continue to fall in the coming months as large institutions dump their tokens.

因此，隨著大型機構拋售代幣，ENA 價格在未來幾個月可能會繼續下跌。