Ethena (ENA)：高風險加密貨幣專案引起專家擔憂

儘管取得了巨大成功，但人們對 Ethena (ENA) 加密貨幣專案的高收益系統表示擔憂，該系統類似於失敗的 TerraUSD 穩定幣。 ENA 協議的 USDe 穩定幣提供 37% 的年收益率，引發了人們對其可持續性和潛在風險的擔憂，一些專家將其比作 TerraUSD 的崩潰。

Ethena (ENA): A High-Risk Crypto Project Sparking Concerns Among Experts

Ethena (ENA)：一個高風險的加密項目引發了專家的擔憂

Ethena (ENA), a novice cryptocurrency project, has sparked fervent interest in the cryptosphere with its novel approach of mimicking a popular hedge fund strategy. The project revolves around USDe, a "synthetic stablecoin" pegged to the value of $1 and designed to generate substantial yields for investors.

Ethena（ENA）是一個新興的加密貨幣項目，其模仿流行對沖基金策略的新穎方法引發了人們對加密領域的強烈興趣。該項目圍繞 USDe 展開，USDe 是一種與 1 美元掛鉤的“合成穩定幣”，旨在為投資者帶來可觀的收益。

However, amidst the project's rapidly escalating trade price and escalating total value locked (TVL), a chorus of eminent experts has voiced their apprehensions over the potential risks associated with Ethena's yield system.

然而，在該專案的交易價格和鎖定總價值（TVL）迅速上漲的情況下，一些知名專家紛紛表達了對 Ethena 收益系統潛在風險的擔憂。

The project's USDe stablecoin mechanism, which allows users to mint USDe in exchange for USDT or USDC and subsequently stake it to earn an annual yield of 37%, has raised eyebrows due to its striking resemblance to the ill-fated TerraUSD stablecoin.

該項目的USDe 穩定幣機制允許用戶鑄造USDe 來換取USDT 或USDC，然後將其質押以獲得37% 的年收益率，該機制因其與命運多舛的TerraUSD 穩定幣驚人的相似而引起了人們的關注。

TerraUSD, renowned for its comparable staking yield of 20%, experienced a catastrophic collapse in May 2022, resulting in billions of dollars in losses for investors. Experts caution that Ethena's higher staking yield of 37% significantly amplifies the potential risks.

TerraUSD 以其 20% 的可比質押收益率而聞名，在 2022 年 5 月經歷了災難性的崩潰，給投資者造成了數十億美元的損失。專家警告說，Ethena 高達 37% 的質押收益率顯著放大了潛在風險。

Mike van Rossum, founder of Folkvang, while acknowledging the fundamental soundness of the underlying trading strategy employed by Ethena, has expressed reservations about the project's implementation. He posits that the complexities associated with managing positions, collateral, and executing sizable trades, particularly in highly volatile market conditions, could pose significant challenges for investors.

Folkvang 的創辦人 Mike van Rossum 雖然承認 Ethena 所採用的基礎交易策略基本上健全，但對該專案的實施表示保留。他認為，管理部位、抵押品和執行大規模交易的複雜性，特別是在高度波動的市場條件下，可能會給投資者帶來重大挑戰。

"I love this trade and I love tweeting about it, and I love others to get in it too. But wrapping this trade up in a fixed income product you call a 'stablecoin' with pretty much no risk, and then selling it to retail..." van Rossum tweeted on April 5, 2024.

「我喜歡這項交易，我喜歡在推特上談論它，我也喜歡其他人參與其中。但是，將這項交易包裝在幾乎沒有風險的固定收益產品中，你稱之為“穩定幣”，然後將其出售給零售...」van Rossum 於 2024 年 4 月 5 日發推文。

The concerns raised by experts underscore the inherent risks associated with Ethena's high-yield system. While the project has garnered substantial momentum and investor interest, potential investors are urged to proceed with caution and conduct thorough due diligence before committing any funds.

專家提出的擔憂凸顯了 Ethena 高收益系統的固有風險。儘管該項目已經獲得了巨大的動力和投資者的興趣，但仍敦促潛在投資者謹慎行事，並在投入任何資金之前進行徹底的盡職調查。