Ethena 的 USDe 稳定币因结构与 UST 相似而受到审查

以其在加密行业的技术专长而闻名的开发人员 Andre Cronje 在最近的一篇文章中对 Ethena 的 USDe 稳定币的稳定性提出了担忧。 Cronje 将 USDe 的结构与导致 Terra 垮台的机制进行了比较，强调了使用创收资产作为抵押品的漏洞，引发了加密社区内关于复杂金融产品可持续性的讨论。

Ethena's USDe Stablecoin Raises Concerns Over Structural Similarities to Terra's UST

Ethena 的 USDe 稳定币与 Terra 的 UST 结构相似引发担忧

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April 4, 2024

2024 年 4 月 4 日

Prominent developer Andre Cronje has ignited a debate within the cryptocurrency community by expressing doubts about the stability of Ethena's USDe stablecoin, drawing parallels to the infamous collapse of Terra's UST.

著名开发商 Andre Cronje 对 Ethena 的 USDe 稳定币的稳定性表示怀疑，引发了加密货币社区内的一场争论，这与 Terra 的 UST 臭名昭著的崩溃相似。

In a thought-provoking post published on X on April 3, Cronje meticulously analyzed the structure of perpetual contracts, a derivative product widely used in the cryptocurrency market. He highlighted a critical vulnerability in this system: the reliance on income-generating assets such as staked Ethereum (stETH) as collateral.

4 月 3 日，Cronje 在 X 上发表了一篇发人深省的文章，详细分析了加密货币市场广泛使用的衍生产品——永续合约的结构。他强调了该系统的一个关键漏洞：依赖创收资产，例如质押以太坊（stETH）作为抵押品。

Cronje's primary concern stems from the similarities he observed between the structural flaws in USDe's system and the mechanisms that ultimately led to the catastrophic downfall of Terra's UST. Specifically, he questions the sustainability of complex financial products that lack transparent risk mitigation strategies.

Cronje 的主要担忧源于他观察到的 USDe 系统的结构性缺陷与最终导致 Terra UST 灾难性垮台的机制之间的相似性。具体来说，他质疑缺乏透明风险缓解策略的复杂金融产品的可持续性。

"UST, I had a high degree of confidence would fail," Cronje wrote. "The simply mechanisms didn't make sense to me. However, a lot of people I consider to be very smart were very vocal about how it can't fail. This reached a point where I was convinced that I was wrong."

“科技大学，我非常有信心会失败，”克罗涅写道。 “这种简单的机制对我来说没有意义。然而，很多我认为非常聪明的人都非常直言不讳地说它不会失败。这让我确信我错了。”

Ethena Labs founder Guy Young, also known as Leptokurtic, acknowledged the validity of Cronje's concerns, stating that the risks identified are indeed present in the USDe system. Young committed to providing a more detailed response by the end of the week, outlining his thoughts and perspectives on the matter.

Ethena Labs 创始人 Guy Young（又名 Leptokurtic）承认 Cronje 的担忧是正确的，并表示所发现的风险确实存在于 USDe 系统中。杨承诺在本周末之前提供更详细的回应，概述他对此事的想法和观点。

Earlier this week, Ethena Labs announced the launch of its governance token, ENA, and the expansion of its synthetic dollar token USDe. Additionally, Ethena initiated an airdrop of 750 million ENA tokens. Users who participated in the Shard Campaign are eligible to claim complimentary tokens, with the number of coins received proportionate to the 'shards' or points accumulated before April 1.

本周早些时候，Ethena Labs 宣布推出其治理代币 ENA，并扩展其合成美元代币 USDe。此外，Ethena 还发起了 7.5 亿个 ENA 代币的空投。参与碎片活动的用户有资格领取免费代币，收到的代币数量与 4 月 1 日之前积累的“碎片”或积分成比例。

It is important to note that Ethena Labs has not yet publicly addressed Cronje's concerns in a comprehensive manner. As the cryptocurrency community awaits Young's promised response, the debate over USDe's stability continues to unfold.

值得注意的是，Ethena Labs 尚未公开全面地解决 Cronje 的担忧。在加密货币社区等待 Young 承诺的回应之际，关于 USDe 稳定性的争论仍在继续展开。

Industry observers emphasize the paramount importance of thorough due diligence and risk assessment when investing in complex financial products, particularly those with opaque risk management strategies. The events surrounding Terra's UST have underscored the fragility of algorithmic stablecoins and the need for robust safeguards to protect against potential catastrophic failures.

行业观察家强调，在投资复杂的金融产品，特别是那些风险管理策略不透明的金融产品时，彻底的尽职调查和风险评估至关重要。围绕 Terra UST 的事件凸显了算法稳定币的脆弱性，以及需要采取强有力的保障措施来防止潜在的灾难性故障。

As Ethena Labs finalizes its response to Cronje's analysis, the cryptocurrency community eagerly anticipates further insights into the potential risks and vulnerabilities associated with USDe. This ongoing dialogue promises to shed light on the evolving landscape of stablecoins and the significance of ensuring their stability and sustainability in the long term.

随着 Ethena Labs 最终确定对 Cronje 分析的回应，加密货币社区热切期待进一步了解与 USDe 相关的潜在风险和漏洞。此次持续的对话有望揭示稳定币不断发展的格局以及确保稳定币长期稳定性和可持续性的重要性。