随着投资者关注网络中的两个关键风险，Ethena (ENA) 价格暴跌

ENA 代币周五跌至历史低点 0.3508 美元，较历史高点下跌近 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.

由于投资者关注网络中的两个关键风险，Ethena（ENA）代币的价格在过去几周跌至历史新低。 ENA 代币周五跌至历史低点 0.3508 美元，比历史高点低约 70%。

Ethena USDe risks

Ethena USDe 风险

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 是一个相对较新的平台，得到了加密行业一些最大参与者的支持，包括 Arthur Hayes、Dragonfly、Synthetix 和 AAVE。其产品是 Ethena USDe 稳定币，这是一种算法稳定币，拥有超过 35 亿美元的资产。

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 已成功成为业内第四大稳定币，这主要是因为其高收益潜力。虽然收益率往往会不时变化，但自稳定币推出以来一直保持在 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 通过一个复杂的过程产生奖励，其中包括质押资产共识、融资和基差。其质押资产共识源自质押全球第二大加密货币以太坊。

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，当铸币者在铸造 USDe 代币的过程中提供资产时，资金和基差是通过 Delta 对冲头寸赚取的。在此过程中，Ethena 会开设相应的空头衍生品头寸，以对冲收到资产的 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.

这是 Ethena 面临的第一个风险，因为尚不清楚这些机制在高波动时期是否能有效发挥作用。投资者仍然会记得 Terra 的崩溃，这是另一个在 2022 年为投资者提供了惊人回报的平台。

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

如果 USDe 稳定币失去挂钩，Ethena 价格可能会继续下跌。

Dilution to continue

稀释继续

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 价格的第二个主要风险是，该网络在未来几年可能会继续出现更多稀释。根据CoinMarketCap的数据，ENA的最大供应量为150亿个代币，而流通供应量为17亿个。

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.

这意味着近90%的代币仍处于锁定状态，并将逐步释放。据 TokenUnlocks 称，最近一次代币解锁发生在周日，下一次解锁预计将于本周日进行，价值超过 563 万美元的代币将被解锁。

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.

这些代币的很大一部分将分配给 Ethena 的投资者，例如 Arthur Hayes 和 Dragonfly。通常，这些投资者往往是在收到分配后第一个退出的。

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

因此，随着大型机构抛售代币，ENA 价格在未来几个月可能会继续下跌。