Ethena 将其合成美元协议扩展到 Solana

八个月大的艾西娜实验仍在继续。合成美元协议周三宣布在 Solana 上启动，允许用户使用 SOL 代币创建 USDe 合成美元。

Ethena Continues Expanding USDe Footprint with Solana Integration

Ethena 通过 Solana 集成继续扩大 USDe 的足迹

The synthetic dollar protocol announced Wednesday its launch on Solana, letting users put up SOL tokens to create USDe synthetic dollars.

合成美元协议周三宣布在 Solana 上启动，允许用户使用 SOL 代币创建 USDe 合成美元。

It's the latest initiative to keep growing the $3 billion supply of USDe as part of Ethena's mission to become a major player in the stablecoin market.

这是持续增加 30 亿美元 USDe 供应量的最新举措，也是 Ethena 成为稳定币市场主要参与者的使命的一部分。

As the third biggest blockchain behind Bitcoin, Ether and BNB Chain, the Solana deployment presents a lucrative opportunity.

作为仅次于比特币、以太坊和 BNB 链的第三大区块链，Solana 的部署提供了一个利润丰厚的机会。

Ethena founder Guy Young told DL News the move could facilitate an additional $600 to $900 million of USDe creation.

Ethena 创始人 Guy Young 告诉 DL News，此举可能会促进额外 600 至 9 亿美元的 USDe 创造。

Compared to stablecoin market leaders Tether and Circle, which command market values of $114 billion and $34 billion, respectively, Ethena has its work cut out for it.

与市值分别为 1140 亿美元和 340 亿美元的稳定币市场领导者 Tether 和 Circle 相比，Ethena 仍有很多工作要做。

But Ethena also operates much differently than Tether and Circle's model.

但 Ethena 的运作方式也与 Tether 和 Circle 的模式有很大不同。

Instead of holding assets equal to the amount of stablecoins on the market, Ethena lets users deposit volatile assets, like Bitcoin, Ether, and now Solana, to create USDe.

Ethena 不是持有与市场上稳定币数量相等的资产，而是让用户存入波动性资产（如比特币、以太币和现在的 Solana）来创建 USDe。

Ethena then hedges these deposits with short positions — bearish bets — on the corresponding asset.

Ethena 然后通过相应资产的空头头寸（看跌押注）对冲这些存款。

This creates a stable backing for USDe that's so far been unaffected by the volatile price swings of the underlying assets.

这为 USDe 创造了稳定的支持，迄今为止尚未受到基础资产价格波动的影响。

Weathering the storm

经受住风暴

Since its launch in December, critics have worried about how Ethena would fare during bouts of severe crypto market volatility.

自去年 12 月推出以来，批评者一直担心 Ethena 在加密货币市场剧烈波动期间的表现如何。

Some have compared the protocol's USDe token to TerraUSD, an undercollateralised stablecoin that collapsed in 2022. It's a comparison Young has rejected.

有些人将该协议的 USDe 代币与 TerraUSD 进行比较，TerraUSD 是一种抵押不足的稳定币，于 2022 年崩溃。Young 拒绝了这种比较。

Ethena's first major test came on Monday when the crypto market plummeted some 25% as recession fears and economic policy changes in Japan spooked financial markets.

Ethena 的第一次重大考验发生在周一，当时，由于对经济衰退的担忧和日本经济政策的变化吓坏了金融市场，加密货币市场暴跌约 25%。

As the market fell, Ethena facilitated over $50 million of USDe redemptions — returning their USDe for the crypto deposited — the most in a 24 hour period, without any issues.

随着市场下跌，Ethena 促成了超过 5000 万美元的 USDe 赎回——返还了存入的加密货币的 USDe——这是 24 小时内最多的一次，没有出现任何问题。

Young previously told DL News that diversifying USDe's backing across multiple derivatives markets and backing assets should help reduce risks.

Young 此前告诉 DL News，USDe 在多个衍生品市场和支持资产上的支持多元化应该有助于降低风险。

Opening up USDe creation on Solana using SOL tokens adds to this diversification.

使用 SOL 代币在 Solana 上开放 USDe 创建增加了这种多样化。

Still, doubts over the resilience of Ethena's model linger.

尽管如此，人们对 Ethena 模型的恢复力仍存有疑虑。

One of the biggest risks is the possibility of funding rates for the bearish bets backing USDe turning negative.

最大的风险之一是支持美元的看跌押注的融资利率可能转为负值。

This means that instead of the protocol generating a return on the derivatives bets backing USDe, it would have to pay to keep them open.

这意味着协议不会从支持 USDe 的衍生品押注中产生回报，而是必须付费才能保持它们的开放。

Ethena said in its announcement that SOL’s funding rate has outperformed those of both Ether and Bitcoin in 2024, meaning that the protocol stands to boost returns for USDe stakers from SOL-backed USDe.

Ethena 在其公告中表示，到 2024 年，SOL 的融资利率将超过以太坊和比特币，这意味着该协议将提高 USDe 质押者从 SOL 支持的 USDe 获得的回报。

But that could turn against Ethena if the Solana funding rate turns negative in the future.

但如果 Solana 融资利率未来变为负数，这可能会对 Ethena 不利。

There's also the issue of using a crypto bridge to connect existing USDe on Ethereum with new tokens created on Solana.

还有一个问题是使用加密桥将以太坊上现有的 USDe 与 Solana 上创建的新代币连接起来。

Young said Ethena chose the LayerZero crypto bridge to facilitate cross-chain USDe transactions because of how seriously it takes security.

Young 表示，Ethena 选择 LayerZero 加密桥来促进跨链 USDe 交易，因为它非常重视安全性。

Still, the primary risk with launching USDe on Solana lies with the LayerZero bridge, Young said.

Young 表示，不过，在 Solana 上启动 USDe 的主要风险在于 LayerZero 桥接器。

Bridges between Ethereum and Solana have been attacked before.

以太坊和 Solana 之间的桥梁之前曾遭受过攻击。

In 2022, the Wormhole crypto bridge connecting Ethereum and Solana was hacked for $326 million, contributing to $1.8 billion of bridge hacks that year.

2022 年，连接以太坊和 Solana 的 Wormhole 加密桥被黑客攻击，损失达 3.26 亿美元，当年桥梁黑客攻击损失达 18 亿美元。

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.

Tim Craig 是 DL News 驻爱丁堡的 DeFi 记者。请通过 tim@dlnews.com 获取提示。