尽管存在风险，USDe仍能顺利平仓

Ethena 协议在周一以太坊 (ETH) 跌至 2,200 美元以下的过程中幸存下来，吸收了短期冲击。

DeFi protocol Ethena (ENA) faced its first major stress test on Monday, as ETH lost more than 30% of its price in a week. The move was especially risky, due to Ethena’s reliance on a generally bullish ETH expectation.

DeFi 协议 Ethena (ENA) 周一面临首次重大压力测试，以太坊价格一周内下跌超过 30%。由于 Ethena 依赖于普遍看涨的 ETH 预期，此举风险尤其大。

The protocol survived Monday’s Ethereum (ETH) slide to under $2,200, absorbing the short-term shock. The risks for Ethena stem from paying high funding fees on its leveraged ETH positions.

该协议在周一以太坊 (ETH) 跌至 2,200 美元以下的过程中幸存下来，吸收了短期冲击。 Ethena 的风险源于其杠杆 ETH 头寸支付高额融资费用。

The other major risk is the stability of USDe, especially during panic withdrawals. The recent market crash caused calls for around $50M in USDe, out of the total supply of more than 3B USDe. The native Ethena stablecoin is relatively hard to withdraw without losses, and has safeguards in the form of a cooldown period for withdrawals, which can expand to 90 days. USDe remains over-collateralized and held up its $1 price.

另一个主要风险是 USDe 的稳定性，尤其是在恐慌提款期间。最近的市场崩盘引发了对 USDe 约 5000 万美元的需求，而 USDe 的总供应量超过 3B。原生 Ethena 稳定币相对难以在不造成损失的情况下提取，并且以提取冷却期的形式提供保障，该冷却期可以延长至 90 天。 USDe 仍然处于超额抵押状态，并维持了 1 美元的价格。

After the initial redeeming and DEX trading, a total of 96M tokens were redeemed, overcoming the initial news of market panic. The decentralized protocol has been spreading USDe to other pools, yield farms and DEXs. The token is now in the hands of 11,149 reported users on-chain, with more than 50% of the supply staked. Holders of USDe can choose multiple protocols to earn yield on their USDe, as long as they don’t redeem.

经过最初的赎回和DEX交易，总共赎回了9600万个代币，克服了最初的市场恐慌消息。去中心化协议已将 USDe 传播到其他矿池、流动农场和 DEX。该代币目前掌握在链上 11,149 个报告用户手中，其中超过 50% 的供应量已被质押。 USDe 的持有者可以选择多种协议来赚取 USDe 的收益，只要他们不赎回。

“Sorry to see this much pain across the board. On the Ethena side I can confirm there are zero issues with >$50m of redemptions processed overnight which is the largest to date,” Ethena lead developer G said in a tweet on August 5.

“很遗憾看到如此多的痛苦。在 Ethena 方面，我可以确认隔夜处理的超过 5000 万美元的赎回问题为零，这是迄今为止最大的，”Ethena 首席开发人员 G 在 8 月 5 日的一条推文中表示。

“The backing assets and reserve remain at >101% v USDe supply per the attestation reports linked below.”

“根据下面链接的认证报告，支持资产和储备相对于 USDe 供应量仍保持在 >101%。”

USDe capable of unwinding smoothly despite risk

尽管存在风险，USDe仍能顺利平仓

In the past weeks, the supply of USDe sank to around 3.2M, with new issues almost grinding to a halt. Staked USDe is now making its way through the Ethereum ecosystem, with the biggest presence on Pendle and Morpho. A total of 7,052 wallets hold the staked asset for passive returns, posing the lowest risk of making a claim and redeeming.

过去几周，USDe 的供应量下降至 320 万枚左右，新发行几乎陷入停滞。质押的 USDe 目前正在以太坊生态系统中发展，其中在 Pendle 和 Morpho 上的影响力最大。共有 7,052 个钱包持有质押资产以获得被动收益，索赔和赎回的风险最低。

Ethena has shown it is capable of slowly unwinding the supply of USDe without panic, over the course of months. During the latest market crash, some DEX saw a shift to more reliable types of stablecoins. USDe burns also surpassed new mints in the past weeks. Usually, not all USDe minted can be swapped reliably, but even the recent market crash did not lead to panic-selling, as Ethena supporters choose not to abandon the protocol.

Ethena 已经表明，它有能力在几个月内慢慢减少 USDe 的供应，而不会出现恐慌。在最近的市场崩盘期间，一些去中心化交易所看到了转向更可靠类型的稳定币的趋势。过去几周，USDe 的销毁量也超过了新铸币量。通常，并非所有铸造的 USDe 都可以可靠地进行交换，但即使最近的市场崩盘也没有导致恐慌性抛售，因为 Ethena 支持者选择不放弃该协议。

During the market sell-off, ETH funding rates turned negative in the short term, remaining in that range for additional hours. This event put pressure on Ethena to repay based on its long-biased position.

在市场抛售期间，ETH 融资利率在短期内转为负数，并在接下来的几个小时内保持在该区间。这一事件给 Ethena 带来了基于其多头偏见的偿还压力。

Over time, Ethena has benefitted from the generally bullish expectation for ETH, which is its main source of earnings. For now, Ethena survived, but the initial hours of the market crash caused fears of losing the $1 level for USDe, or spreading risk to other protocols. Ethena has also not shown its survival ability in a protracted ETH bear market. The protocol functions on a probability curve, where a positive funding rate is not an absolute, and relies on several possible scenarios where it can remain viable.

随着时间的推移，Ethena 受益于人们对 ETH 的普遍看涨预期，这是其主要收入来源。目前，Ethena 幸存下来，但市场崩盘的最初几个小时引发了人们对 USDe 失去 1 美元水平或将风险分散到其他协议的担忧。 Ethena也没有表现出在旷日持久的ETH熊市中的生存能力。该协议在概率曲线上运行，其中正资金率并不是绝对的，并且依赖于几种可能的情况来保持可行。

Bybit becomes largest USDe holder

Bybit成为最大USDe持有者

USDe transfers are flexible, and only in the span of a week Bybit lined up among the top USDe holders. Bybit now holds more than 200M USDe tokens, after inflows started a week ago. USDe can now join the markets as collateral for perpetual swaps trading.

USDe 转账非常灵活，仅在一周内，Bybit 就跻身 USDe 持有量前列。自一周前开始流入以来，Bybit 目前持有超过 2 亿美元的 USDe 代币。 USDe 现在可以作为永续掉期交易的抵押品加入市场。

Ethena Labs announced the integration of USDe into Bybit from May 7, but only the last month saw a rapid inflow after adding a 20% APR reward for depositors. The addition of Bybit was seen as one of the factors to drive the supply of USDe toward $4B. For now, the aggressive expansion of USDe has stopped, possibly due to lowered demand on the Pendle protocol. At the end of July, Pendle proposed a new bond for USDe depositors, with a maturity date on December 25, 2024 and an annualized yield of 36%.

Ethena Labs 宣布从 5 月 7 日起将 USDe 纳入 Bybit，但在为储户增加 20% 年利率奖励后，仅上个月就出现了快速流入。 Bybit的加入被视为推动USDe供应量接近$4B的因素之一。目前，USDe 的激进扩张已经停止，可能是由于对 Pendle 协议的需求下降。 7月底，Pendle向USDe储户提出了新债券，到期日为2024年12月25日，年化收益率为36%。

The collateral earnings on USDe have been available since August 2, and will start affecting USDe in the future. Skeptics see this as Bybit exposure to a risky asset, which is still capable of losing its $1 peg.

USDe 的抵押收益自 8 月 2 日起开始提供，并将在未来开始影响 USDe。怀疑论者认为这是 Bybit 面临的风险资产，该资产仍有可能失去 1 美元的锚定汇率。

Despite the growth of USDe, the native ENA token has been sliding for the past 12 months. ENA crashed to a low of $0.23 during the recent market recovery, later

尽管 USDe 不断增长，但原生 ENA 代币在过去 12 个月中一直在下滑。随后，ENA 在最近的市场复苏期间跌至 0.23 美元的低点