原文作者：Asher zhang
This post is part of our special coverage Syria Protests 2011.
原文来源：Bitpush
Source: Bitpush
近日，币安上线的算法稳定币Ethena再度引发市场热议。之前每轮牛市，总会有一波算法稳定币的热潮，比如Basis，Luna等。那么，这次的Ethena有何创新？Ethena会有希望成为最大的算法稳定币吗？Ethena又会面临哪些潜在危机和风险？
In recent days, the money-stabilizing algorithm Ethena has rekindled the market. Previously, there had been a wave of algorithms to stabilize the currency, such as Basics, Luna, and so on. So, what was the innovation in Ethena this time?
Ethena是什么
What's Ethena?
Ethena是基于以太坊稳定币 USDe的开发商，其希望提供一种可扩展的加密原生货币形式，以实现真正去中心化的金融系统，同时提供一个全球可访问的以美元计价的储蓄工具 —— "互联网债券”。
Ethena is based on a developer who stabilizes USDE in Taiwan and hopes to provide an expansionable form of encrypted raw currency to achieve a truly decentralised financial system, while providing a globally accessible United States dollar-denominated savings tool, Internet bonds.
该产品的创意来源于BitMEX创始人Arthur Hayes的一个构想。在2023年3月，Arthur撰写了《Dust on Crust》一文，提出了创建一种新型稳定币“中本聪美元”的想法，这种稳定币将由相等数量的BTC现货多头和期货空头支持。Ethena Labs受到了这一构想的启发，不过他们选择的是以ETH而非BTC作为主要的资产标的，即USDe的抵押资产由等量的现货ETH多头和期货ETH空头构成。在Ethena中，主要有三个关键部分，其分别是USDe、sUSDe、互联网债券。
In March 2023, Arthur wrote a book entitled Dust on Crust, which proposed the idea of creating a new stable currency, the “medium-brain dollar”, which would be supported by an equal number of BTC spotties and futures. Ethena Labs was inspired by this idea, but they chose ETH instead of BTC as the principal asset subject, that is, USDE’s mortgages made up of equivalent current ETHs and futures ETHs. In Ethena, there are three key components, USde, USde, Internet bonds, respectively.
USDe ：是一种以太坊为基础的稳定币，由衍生品提供担保。Ethena 允许用户使用美元、ETH 或流动性质押代币作为抵押品创建 USDe。
USDE: It is a stable currency based on the Taiku, guaranteed by derivatives. Ethena allows users to create USDE with dollars, ETHs, or mobile money deposites as collateral.
sUSDe：通过质押 Liquid 质押筹码和资金费率获得的奖励。最初 1 sUSDe：1 USDe，随着时间的推移，1 sUSDe > 1 USDe
sUSDE: Incentives obtained through pledge of Liquid pledge chips and fund rates. First 1 sUSDE: 1 USDE, over time, 1 sUSDE & gt; 1 USDe
互联网债券：建立在USDe的基础上，结合来自以太坊的收益率，以及来自永续掉期和期货市场的资金和标的物价差，创建了第一个链上加密原生“债券”，可以作为允许司法管辖区的用户的美元计价储蓄工具
Internet bonds: On the basis of the USDe, a combination of returns from Etheria and differences in the prices of funds and targets from the elapse and futures markets created the first chain of encrypted original “bonds” that can be used as a dollar-denominated savings tool to allow users in jurisdictions
Ethena惊人质押收益从何而来？
Where did Ethena's amazing pledge come from?
目前sUSDe的年化率高达35.4% ，很多人把自己的USDT、USDC等稳定币换成这个平台发行的USDe。那么，这惊人质押收益从何而来？
The current annual rate of SUSDE is 35.4%, and many people change their stable currencies like USDT, USDC, etc. to USD issued on this platform. So, where does this amazing pledge come from?
Ethena同时支持将现货ETH通过 Lido 等流动性质押衍生协议进行质押，从而赚取 3% — 5% 的年化收益，再叠加ETH的空单收益率（资金费率为正的时间通常远大于资金费率为负的时间，这代表着多头将向空头支付手续费）。所以这两项收益率叠加，造就了USDe 可观的高收益率。在这个过程中，Ethena产品的核心机制 — Delta中性，具有非常关键的作用。
At the same time, Ethena supports the pledge of spot ETHs through mobile derivative agreements such as Lido, thereby generating 3% – 5% annualized gains – and then superimposeing the ETH’s empty single rate of return (the funding rate is usually much more positive than the funding rate is negative, which means that many of the fees will be paid to the empty. So the two rates of return are folded to create a significant high rate of return for USDe.
Delta：在金融学中是一个用以衡量基础资产价格变动对投资组合变化影响幅度的指标，取值范围为-1 到 1。Delta 中性的意思是：如果一个投资组合由相关的金融产品组成，而且其价值不受基础资产小幅价格变动的影响，这样的投资组合即具有Delta 中性的性质。比如：假设ETH的价格是1美金，创建1USDe时会将1ETH作为保证金在衍生品交易中做空1ETH。无论ETH价格是下跌到0.1美金还是上涨到100美金，通过做空合约的套保机制，1ETH在合约中的价值始终能保持为1美金，从而实现资金的平衡。这样创建出了原生去中心化且等额抵押的合成美元，确保了1USDe始终等值于1美金，体现了稳定币的核心价值。
Delta: In financial science, an indicator to measure the extent of the impact of changes in base asset prices on changes in the portfolio ranged from -1 to 1. Delta neutral means that if a portfolio consists of related financial products and its value is not affected by changes in base asset prices, such portfolio has the neutral character of Delta. For example, assuming that the price of ETH is $1, when creating 1USDE will use 1ETH as a bond to empty 1 ETH in derivative transactions. Whether the ETH price falls to $0.1 or rises to $100, the value of 1 ETH in a contract can always be maintained at $1 through a hedging mechanism, thereby achieving a balance of funds. This creates a synthetic dollar that is de-centralized and collateralized, thus ensuring that 1USDE is always equal to 1 dollar, reflecting the core value of a stable currency.
Ethena会是下一个Luna？
Ethena will be the next Luna?
由于Ethena Labs在推动Arthur的这一愿景，Arthur自己也直接参与了大量USDe的铸造。其并在X平台公开表示：“USDe将超过USDT，成为市场上规模最大的美元稳定币。”但是，Ethena真的会成为世界上最大的美元稳定币吗？其又面临哪些潜在风险与危机？
Because Ethena Labs is driving Arthur's vision, Arthur himself is directly involved in the creation of a large number of USDEs. It says publicly on platform X: “USDe will be the largest dollar-stabilized currency on the market.” But will Ethena really be the biggest dollar-stabilized currency in the world? What are the potential risks and crises it faces?
抵押脱钩风险：如果Ethena的LST抵押品与ETH脱钩，将导致ETH空头无法有效捕捉市场波动，可能引起协议损失。历史上已有LST脱钩的例子，如stETH在某些事件中的折扣达到近8%。
Mortgage decoupling risk: If Ethena’s LST collateral is decoupled from ETH, it will result in ETH not being able to effectively capture market fluctuations and may result in agreement losses. There are historical examples of EST decoupling, such as StETH’s discount of nearly 8% in some cases.
资金费率风险：虽然Ethena的回溯测试显示通过使用ETH作为抵押品可以减少负收益的天数，但资金利率可能转为负数，以往有协议因收益率倒挂而失败。
Financial rate risk: Although Ethena's retrospective tests showed that negative returns could be reduced by using ETH as collateral, the interest rate on funds could be converted to negative, and there had been agreements that had failed due to the reversal of the rate of return.
交易对手风险：虽然通过使用OES托管账户缓解了将用户抵押品部署到中心化交易所的风险，但交易所破产仍可能导致损失。Ethena需采取措施减少交易所资本风险，如至少每天结算盈亏。
Dealer risk: Although the risk of deploying a user collateral to a centralized exchange is mitigated by the use of an OES hosting account, the exchange’s bankruptcy may result in losses. Ethena needs to take measures to reduce exchange capital risk, such as settling gains and losses at least daily.
一般加密货币风险：Ethena的存款人面临协议团队可能侵吞资金的风险，以及与智能合约潜在漏洞相关的风险。不过，Ethena通过使用OES托管账户，无需依赖复杂的智能合约逻辑降低了后者的风险。
General cryptographic currency risk: Ethena’s depositors are exposed to the risk that the agreement team may embezzle funds, as well as risks associated with potential loopholes in smart contracts. However, Ethena uses OES to host accounts without relying on complex intelligent contract logic to reduce the latter’s risks.
交易员策略失误：交易员策略失误在CEX开永续合约头寸的损失风险，以及判断错误稳定币供应量需求趋势，做多赚钱但是稳定币供应量业务却停滞不前的风险等。
Trader tactics fail: the risk of trader tactics failing in the CEX permanent contract position, and the risk of miscalculation of demand trends in currency supply, making more money, but stabilizing money supply, etc.
加密大V Haotian发推认为：Ethena以合约市场反向对冲头寸为锚的切入点需要持续观察，因为平台要扩大稳定币增发量注定了更大程度其会成为市场的“大空头”。这在一个持续走牛的市场趋势下，若以发行稳定币为主要动因固然向好，但若平台更趋向于利益导向，想在本就捉襟见肘的以太坊DeFi协议上刮油水，同时又要靠交易策略利益最大化，这在当下不那么稳定的交易市场挑战性会很大。
The encryption giant V. Haotian argues that Ethena’s entry point, anchored in the reverse hedge position of the contract market, requires continuous observation, as the platform’s expansion of the steady currency growth is destined to become a larger “big void” of the market. In a consistent trend towards a stable market, it would be very challenging for a less stable trading market if the platform were to become more benefit-oriented, while maximizing the benefits of the trading strategy.
总结
加密市场对于算法稳定币有一种原生需求，每一轮牛市总会兴起一阵热潮；但是算法稳定币在一段热炒之后，总是引来一次大的崩盘，特别是Luna暴雷之后，市场对此产生过非常大的惊恐。Ethena从设计机制上有其创新性，但其潜在风险也非常大。牛市期间，Ethena在资金推动下或许仍然能蓬勃发展；但是Ethena 极高的收益率在熊市间实质上很难维持，最终或仍然难逃螺旋下跌的循环。返回搜狐，查看更多
The encrypt market has a raw demand for the algorithm to stabilize the currency, and each of them has a hot tide; but the algorithm stabilizes the currency after a boom, it always causes a big crash, especially after the Luna thunderstorm, and the market has been very appalled. Ethena has an innovative design mechanism, but its potential risks are also very high. Ethena may still thrive under the influence of money; but Ethena has a very high rate of return between bears that is physically difficult to sustain, eventually or still difficult to escape the spiral cycle. > >
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