Ethena (ENA)：高风险加密货币项目引起专家担忧

尽管取得了巨大成功，但人们对 Ethena (ENA) 加密货币项目的高收益系统表示担忧，该系统类似于失败的 TerraUSD 稳定币。 ENA 协议的 USDe 稳定币提供 37% 的年收益率，引发了人们对其可持续性和潜在风险的担忧，一些专家将其比作 TerraUSD 的崩溃。

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

Ethena (ENA)：一个高风险的加密项目引发了专家的担忧

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）是一个新兴的加密货币项目，其模仿流行对冲基金策略的新颖方法引发了人们对加密领域的强烈兴趣。该项目围绕 USDe 展开，USDe 是一种与 1 美元挂钩的“合成稳定币”，旨在为投资者带来可观的收益。

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，在该项目的交易价格和锁定总价值（TVL）迅速上涨的情况下，一些知名专家纷纷表达了对 Ethena 收益系统潜在风险的担忧。

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.

该项目的 USDe 稳定币机制允许用户铸造 USDe 来换取 USDT 或 USDC，然后将其质押以获得 37% 的年收益率，该机制因其与命运多舛的 TerraUSD 稳定币惊人的相似而引起了人们的关注。

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% 的可比质押收益率而闻名，在 2022 年 5 月经历了灾难性的崩溃，给投资者造成了数十亿美元的损失。专家警告说，Ethena 高达 37% 的质押收益率显着放大了潜在风险。

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 的创始人 Mike van Rossum 虽然承认 Ethena 所采用的基础交易策略基本健全，但对该项目的实施表示保留。他认为，管理头寸、抵押品和执行大规模交易的复杂性，特别是在高度波动的市场条件下，可能会给投资者带来重大挑战。

"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.

“我喜欢这项交易，我喜欢在推特上谈论它，我也喜欢其他人参与其中。但是，将这项交易包装在几乎没有风险的固定收益产品中，你称之为“稳定币”，然后将其出售给零售...”van Rossum 于 2024 年 4 月 5 日发推文。

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.

专家提出的担忧凸显了 Ethena 高收益系统的固有风险。尽管该项目已经获得了巨大的动力和投资者的兴趣，但仍敦促潜在投资者谨慎行事，并在投入任何资金之前进行彻底的尽职调查。