Ethena：由 Arthur Hayes 和加密货币交易所网络支持的 2.5B 美元稳定币

本周，有关大型交易所 ByBit 的报道加剧了 Ethena 价值 25 亿美元的所谓稳定币 USDe 出现问题的传言。

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

Ethena 是一家加密货币基金，声称为其稳定币 USDe 支付 37% 的年利率，本周引发了有关财务问题的传言。

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.

有报道称，Ethena 交易部分资产的主要加密货币交易所 ByBit 正面临财务困难，此后谣言开始流传。一些观察家将这些谣言归因于阿卡姆的仪表板错误，而另一些观察家则声称这些谣言是真的。观察人士注意到，相对于 ByBit 的总资产而言，有少量的交易所外流。

ByBit has since refuted any claims of insolvency.

此后，ByBit 驳斥了任何破产指控。

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 联系了交易所征求意见，但截至发稿时尚未收到回复。在过去的 7 天里，Ethena 的专有代币 ENA 及其稳定币 USDe 的价格都没有下跌。

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，它声称将其所有场外抵押品存放在 Copper 或 Cobo 等第三方托管机构中。尽管它通过加密货币交易所清算交易，但它声称持有支持其头寸的抵押品，包括场外交易的 ByBit 永续期货。

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 的营销宣传很简单：它接受资本，使用这些资本在各种交易所执行交易，并支付超过 37% 的高额收益率。它还通过空投其专有代币 ENA 来激励额外存款——这是一种经典的加密营销策略。

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.

它的钩子只是稍微有点新。 Ethena 制定了一个计划，该计划将占用以太坊的 3.4%，并增加复杂性和大量杠杆作用。据称，它还允许投资者通过其 USDe 从以太坊赚取质押收益，而无需受到 ETH 价格波动的影响。

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 声称通过建立杠杆 Delta 中性 ETH 交易来实现这一壮举。其领导人还将控制私钥并交换登录凭据以持有该协议的大部分资产。它将称自己为“互联网债券”，其专有代币为“合成美元”，其不可持续的 37% APY 为“互联网原生收益率”。

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中性是一种投资方式，当标的资产的价值发生微小变化时，投资组合的价值通常不会减少。交易者通过同时购买等量的多头和空头头寸来对冲“Delta”，这是一个希腊金融术语，意思是“对标的资产价格变化的敏感性”。

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，无论 ETH 等资产的价格是否下跌，这种 Delta 中性都允许交易者保留头寸的美元价值。如果 ETH 下跌，空头头寸就会增值以进行补偿。

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.

当然，金融界没有免费的午餐，为了获得以太坊的质押收益而保持 Delta 中性会带来巨大的风险。两个最重要的风险是 Ethena 领导层对密钥和资金的控制，以及加密货币交易所破产的风险。

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

Ethena 确实存在这两种风险。据其创始支持者自己承认，“Ethena 并不是去中心化的，也没有试图去中心化。”

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 通过两项主要资产支持每个 USDe，其价值应该是 1 美元。首先，它从以太坊最大的流动质押协议 LidoDAO 购买质押 ETH (stETH) 头寸。其次，它以包括 ByBit 在内的加密货币交易所的永续期货空头合约作为抵押。 Lido 将以太坊的大部分质押收益支付给 Ethena，然后 Ethena 最终利用这些收益并将其传递给质押 USDe 的 USDe 代币持有者。

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.

由于 ETH 的美元价格因其永久空头而对冲下跌，只要管理层和托管人不窃取或损失资金，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 旨在将自己与 Charles Hoskinson 的 BitUSD、Mark Cuban 的 Iron Titanium、Mark Lamb 的 flexUSD、Huobi 的 HUSD 或 Do Kwon 的 Terra 和 Basis Cash 等失败的稳定币区分开来。它的营销活动奏效了。它重新命名了自己，不再使用“算法”稳定币——在 Do Kwon 的算法稳定币 Terra 价值数十亿美元崩溃后，这个词已经被玷污了——而是声称 USDe 是一种“合成美元”。

Synthetic is, of course, different from algorithmic.

当然，合成与算法不同。

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 通过在 BitMEX 与自己的客户进行交易赚了数百万美元，后来承认犯有联邦罪行，他是 Ethena 的主要支持者。 Hayes 预测，目前市值为 26 亿美元的 USDe，有一天将超过其 1,110 亿美元的稳定币竞争对手 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

海耶斯热情洋溢地写道：“将实物质押的 ETH 加上空头 ETH/美元永续掉期头寸相结合，创造出高收益的合成美元。”他还向他的粉丝群保证，尽管 USDe 和 UST 在各自的推出阶段都宣传了类似的、令人流鼻血的高利率（超过 30%），“USDe 产生的收益率与