Ethena的ENA代幣空投後暴漲60%，引發擔憂

Ethena Labs 的治理代幣 ENA 已飆升 60%，使其市值達到近 13.4 億美元。此次上漲是在透過空投向 USDe 穩定幣持有者戰略性分配 7.5 億個 ENA 代幣之後實現的。 ENA 代幣旨在促進以太坊區塊鏈上的數位美元平台的發展，為傳統銀行機制提供可行的替代方案。

Ethena Labs' ENA Token Soars 60% Post-Airdrop, Raising Concerns about Its Value Proposition

Ethena Labs 的 ENA 代幣空投後飆升 60%，引發對其價值主張的擔憂

Market Surge and Capitalization

市場激增和資本化

Ethena Labs' governance token, ENA, has witnessed a remarkable surge of 60% in its value shortly after its market debut. The price of ENA rallied to approximately $0.96, catapulted its market capitalization to nearly $1.34 billion. This impressive feat has propelled ENA to become the 80th largest cryptocurrency by market cap, highlighting its rapid acceptance and growing prominence within the crypto community.

Ethena Labs 的治理代幣 ENA 在上市後不久，其價值就飆升了 60%。 ENA 的價格上漲至約 0.96 美元，使其市值猛增至近 13.4 億美元。這項令人印象深刻的壯舉推動 ENA 成為按市值計算第 80 位的加密貨幣，突顯了其在加密貨幣社區中的快速接受度和日益突出的地位。

Airdrop Distribution and Market Impact

空投分佈及市場影響

This substantial surge followed Ethena's strategic distribution of 750 million ENA tokens, representing 5% of its total supply, through an airdrop to holders of its USDe token. USDe, a synthetic dollar, serves as the cornerstone of Ethena's offerings. By leveraging a blend of ether liquid staking tokens and short Ether (ETH) perpetual futures positions, USDe aims to maintain a target value near $1, offering a stable and predictable asset for investors.

這一大幅成長是在 Ethena 透過向 USDe 代幣持有者空投的方式策略分配 7.5 億個 ENA 代幣（佔其總供應量的 5%）之後實現的。 USDe 是一種合成美元，是 Ethena 產品的基石。透過結合以太坊流動質押代幣和空頭以太坊 (ETH) 永續期貨頭寸，USDe 的目標是將目標價值維持在 1 美元附近，為投資者提供穩定且可預測的資產。

Tokenomics and Ecosystem Development

代幣經濟學和生態系統發展

The Ethena Labs airdrop, which commenced two hours prior to the market surge, distributed $450 million worth of ENA tokens. Notably, the largest recipient of ENA tokens was the wallet address 0xb56, which received 3.30 million ENA, valued at $1.96 million.

Ethena Labs 空投在市場飆升前兩小時開始，分發了價值 4.5 億美元的 ENA 代幣。值得注意的是，ENA代幣的最大接收者是錢包地址0xb56，該地址收到了330萬個ENA，價值196萬美元。

The total supply of ENA tokens is capped at 15 billion, with an initial issuance of 1.425 billion tokens. The tokenomics plan prioritizes ecosystem development (30%), core contributor rewards (30%), investor engagement (25%), and foundation support (15%). This strategic distribution aligns with Ethena Labs' commitment to fostering a robust ecosystem around its platform.

ENA代幣總發行量上限為150億枚，首次發行14.25億枚。代幣經濟計畫優先考慮生態系統開發（30%）、核心貢獻者獎勵（30%）、投資者參與（25%）和基金會支持（15%）。這項策略分佈符合 Ethena Labs 圍繞其平台培育強大生態系統的承諾。

Concerns Raised by Fantom Co-Founder

Fantom 聯合創辦人提出的擔憂

Amidst the market enthusiasm surrounding ENA's surge, Andre Cronje, co-founder of the Fantom Foundation, expressed concerns about the token's value proposition and potential risks associated with its underlying mechanisms. Cronje highlighted the potential for a "Luna-like collapse," echoing the concerns raised prior to the demise of Terra Luna, another stablecoin project that faced structural challenges.

在市場對 ENA 的熱情飆升之際，Fantom 基金會聯合創始人 Andre Cronje 對該代幣的價值主張以及與其底層機制相關的潛在風險表示擔憂。 Cronje 強調了「類似 Luna 崩潰」的可能性，呼應了另一個面臨結構性挑戰的穩定幣項目 Terra Luna 消亡之前提出的擔憂。

Perpetual Contracts and Collateralization

永續合約和抵押

Cronje's concerns center around the use of perpetual contracts, a derivative product that allows traders to speculate on the price movement of an asset without holding the actual asset. Perpetual contracts rely on a system of funding rates to align their prices with the spot price of the underlying asset.

克羅涅的擔憂集中在永續合約的使用上，永續合約是一種衍生產品，允許交易者在不持有實際資產的情況下推測資產的價格變動。永續合約依靠融資利率系統來使其價格與標的資產的現貨價格保持一致。

However, Cronje emphasizes the vulnerability of this system when collateralized with yield-generating assets, such as staked Ethereum (stETH). The reliance on such collateral creates a precarious equilibrium, as negative shifts in funding rates can erode the collateral's value, leading to liquidations and destabilizing the system.

然而，Cronje 強調了該系統在以產生收益的資產（例如抵押以太坊（stETH））作為抵押時的脆弱性。對此類抵押品的依賴造成了不穩定的平衡，因為融資利率的負變化可能會侵蝕抵押品的價值，導致清算並破壞系統的穩定性。

Syntactic Parallels to Terra Luna

與 Terra Luna 的句法相似

Cronje draws parallels between the structure of Ethena's framework and the mechanisms that led to Terra's downfall. He points out that both systems rely on complex financial products that lack transparent risk mitigation strategies, raising concerns about their sustainability.

Cronje 將 Ethena 框架的結構與導致 Terra 垮台的機制進行了比較。他指出，這兩個系統都依賴複雜的金融產品，缺乏透明的風險緩解策略，引發了人們對其永續性的擔憂。

Founder's Response

創辦人的回應

In response to Cronje's critique, Guy Young, founder of Ethena Labs, acknowledged the validity of the concerns raised. Young acknowledged that "these aren't mid curve concerns at all" and expressed his commitment to providing a detailed response addressing the risks associated with Ethena's platform by the end of the week.

針對 Cronje 的批評，Ethena Labs 創辦人 Guy Young 承認所提出的擔憂是正確的。 Young 承認“這些根本不是中期問題”，並表示他承諾在本週末之前提供詳細的應對措施，以解決與 Ethena 平台相關的風險。

Conclusion

結論

The surge in ENA's value has garnered significant attention and sparked discussions about its underlying value proposition and potential risks. While the token has gained traction and market capitalization, concerns raised by industry experts, such as Andre Cronje, highlight the importance of rigorous evaluation and risk assessment before investing in novel financial products. Investors are advised to conduct their own due diligence and carefully consider the potential risks and rewards associated with such investments.

ENA 價值的飆升引起了廣泛關注，並引發了對其潛在價值主張和潛在風險的討論。雖然該代幣已經獲得了關注和市值，但安德烈·克羅涅（Andre Cronje）等行業專家提出的擔憂強調了在投資新型金融產品之前進行嚴格評估和風險評估的重要性。建議投資者自行進行盡職調查，並仔細考慮與此類投資相關的潛在風險和回報。