儘管有風險，USDe仍能順利平倉

Ethena 協議在周一以太坊 (ETH) 跌至 2,200 美元以下的過程中倖存下來，吸收了短期衝擊。

DeFi protocol Ethena (ENA) faced its first major stress test on Monday, as ETH lost more than 30% of its price in a week. The move was especially risky, due to Ethena’s reliance on a generally bullish ETH expectation.

DeFi 協議 Ethena (ENA) 週一面臨首次重大壓力測試，以太坊價格一周內下跌超過 30%。由於 Ethena 依賴普遍看漲的 ETH 預期，此舉風險尤其大。

The protocol survived Monday’s Ethereum (ETH) slide to under $2,200, absorbing the short-term shock. The risks for Ethena stem from paying high funding fees on its leveraged ETH positions.

該協議在周一以太坊 (ETH) 跌至 2,200 美元以下的過程中倖存下來，吸收了短期衝擊。 Ethena 的風險源自於其槓桿 ETH 部位支付高額融資費用。

The other major risk is the stability of USDe, especially during panic withdrawals. The recent market crash caused calls for around $50M in USDe, out of the total supply of more than 3B USDe. The native Ethena stablecoin is relatively hard to withdraw without losses, and has safeguards in the form of a cooldown period for withdrawals, which can expand to 90 days. USDe remains over-collateralized and held up its $1 price.

另一個主要風險是 USDe 的穩定性，尤其是在恐慌提款期間。最近的市場崩盤引發了對 USDe 約 5000 萬美元的需求，而 USDe 的總供應量超過 3B。原生 Ethena 穩定幣相對難以在不造成損失的情況下提取，並以提取冷卻期的形式提供保障，該冷卻期可以延長至 90 天。 USDe 仍然處於超額抵押狀態，並維持了 1 美元的價格。

After the initial redeeming and DEX trading, a total of 96M tokens were redeemed, overcoming the initial news of market panic. The decentralized protocol has been spreading USDe to other pools, yield farms and DEXs. The token is now in the hands of 11,149 reported users on-chain, with more than 50% of the supply staked. Holders of USDe can choose multiple protocols to earn yield on their USDe, as long as they don’t redeem.

經過最初的贖回和DEX交易，總共贖回了9600萬個代幣，克服了最初的市場恐慌消息。去中心化協議已將 USDe 傳播到其他礦池、流動農場和 DEX。該代幣目前掌握在鏈上 11,149 個報告用戶手中，其中超過 50% 的供應量已被質押。 USDe 的持有者可以選擇多種協議來賺取 USDe 的收益，只要他們不贖回。

“Sorry to see this much pain across the board. On the Ethena side I can confirm there are zero issues with >$50m of redemptions processed overnight which is the largest to date,” Ethena lead developer G said in a tweet on August 5.

「很遺憾看到這麼多的痛苦。在 Ethena 方面，我可以確認隔夜處理的超過 5000 萬美元的贖回問題為零，這是迄今為止最大的，」Ethena 首席開發人員 G 在 8 月 5 日的一條推文中表示。

“The backing assets and reserve remain at >101% v USDe supply per the attestation reports linked below.”

“根據下面連結的認證報告，支援資產和儲備相對於 USDe 供應量仍保持在 >101%。”

USDe capable of unwinding smoothly despite risk

儘管有風險，USDe仍能順利平倉

In the past weeks, the supply of USDe sank to around 3.2M, with new issues almost grinding to a halt. Staked USDe is now making its way through the Ethereum ecosystem, with the biggest presence on Pendle and Morpho. A total of 7,052 wallets hold the staked asset for passive returns, posing the lowest risk of making a claim and redeeming.

過去幾週，USDe 的供應量下降至 320 萬枚左右，新發行幾乎陷入停滯。質押的 USDe 目前正在以太坊生態系統中發展，其中在 Pendle 和 Morpho 上的影響力最大。共有 7,052 個錢包持有質押資產以獲得被動收益，索賠和贖回的風險最低。

Ethena has shown it is capable of slowly unwinding the supply of USDe without panic, over the course of months. During the latest market crash, some DEX saw a shift to more reliable types of stablecoins. USDe burns also surpassed new mints in the past weeks. Usually, not all USDe minted can be swapped reliably, but even the recent market crash did not lead to panic-selling, as Ethena supporters choose not to abandon the protocol.

Ethena 已經表明，它有能力在幾個月內慢慢減少 USDe 的供應，而不會出現恐慌。在最近的市場崩盤期間，一些去中心化交易所看到了轉向更可靠類型的穩定幣的趨勢。過去幾週，USDe 的銷毀量也超過了新鑄幣量。通常，並非所有鑄造的 USDe 都可以可靠地進行交換，但即使最近的市場崩盤也沒有導致恐慌性拋售，因為 Ethena 支持者選擇不放棄該協議。

During the market sell-off, ETH funding rates turned negative in the short term, remaining in that range for additional hours. This event put pressure on Ethena to repay based on its long-biased position.

在市場拋售期間，ETH 融資利率在短期內轉為負數，並在接下來的幾個小時內保持在該區間。這一事件給 Ethena 帶來了基於其多頭偏見的償還壓力。

Over time, Ethena has benefitted from the generally bullish expectation for ETH, which is its main source of earnings. For now, Ethena survived, but the initial hours of the market crash caused fears of losing the $1 level for USDe, or spreading risk to other protocols. Ethena has also not shown its survival ability in a protracted ETH bear market. The protocol functions on a probability curve, where a positive funding rate is not an absolute, and relies on several possible scenarios where it can remain viable.

隨著時間的推移，Ethena 受益於人們對 ETH 的普遍看漲預期，這是其主要收入來源。目前，Ethena 倖存下來，但市場崩盤的最初幾個小時引發了人們對 USDe 失去 1 美元水平或將風險分散到其他協議的擔憂。 Ethena也沒有表現出在曠日持久的ETH熊市中的生存能力。該協議在機率曲線上運行，其中正資金率並不是絕對的，並且依賴幾種可能的情況來保持可行。

Bybit becomes largest USDe holder

Bybit成為最大USDe持有者

USDe transfers are flexible, and only in the span of a week Bybit lined up among the top USDe holders. Bybit now holds more than 200M USDe tokens, after inflows started a week ago. USDe can now join the markets as collateral for perpetual swaps trading.

USDe 轉帳非常靈活，僅在一周內，Bybit 就躋身 USDe 持有量前列。自一周前開始流入以來，Bybit 目前持有超過 2 億美元的 USDe 代幣。 USDe 現在可以作為永續掉期交易的抵押品加入市場。

Ethena Labs announced the integration of USDe into Bybit from May 7, but only the last month saw a rapid inflow after adding a 20% APR reward for depositors. The addition of Bybit was seen as one of the factors to drive the supply of USDe toward $4B. For now, the aggressive expansion of USDe has stopped, possibly due to lowered demand on the Pendle protocol. At the end of July, Pendle proposed a new bond for USDe depositors, with a maturity date on December 25, 2024 and an annualized yield of 36%.

Ethena Labs 宣布從 5 月 7 日起將 USDe 納入 Bybit，但在為儲戶增加 20% 年利率獎勵後，僅上個月就出現了快速流入。 Bybit的加入被視為推動USDe供應量接近$4B的因素之一。目前，USDe 的激進擴張已經停止，可能是由於對 Pendle 協議的需求下降。 7月底，Pendle向USDe儲戶提出了新債券，到期日為2024年12月25日，年化殖利率為36%。

The collateral earnings on USDe have been available since August 2, and will start affecting USDe in the future. Skeptics see this as Bybit exposure to a risky asset, which is still capable of losing its $1 peg.

USDe 的抵押收益自 8 月 2 日起開始提供，並將在未來開始影響 USDe。懷疑論者認為這是 Bybit 對風險資產的曝險，該資產仍有可能失去 1 美元的錨定匯率。

Despite the growth of USDe, the native ENA token has been sliding for the past 12 months. ENA crashed to a low of $0.23 during the recent market recovery, later

儘管 USDe 不斷增長，但原生 ENA 代幣在過去 12 個月中一直在下滑。隨後，ENA 在最近的市場復甦期間跌至 0.23 美元的低點