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USDe 特色在於其合成抵押機制，讓它成為一種自帶收益的穩定幣，質押 USDe 就能獲得收益分配，撰文當下年化收益率 11%，這收益率會根據市況浮動，市場好時高達 30-40% 以上。 能質押賺錢的穩定幣 USDe，安全嗎？ 有哪些風險？ 背後的發行機制是什麼？ USDe穩定幣設計問題： 由於USDe非實物儲備，是採取「delta中性」策略，即stETH（已質押的以太幣）+空倉永續合約，假設以太幣上升，利用stETH的價值增加，對沖ETH空倉價值的下跌，令delta值保持0，來維持兌美元1比1的錨定。 USDE是由Ethena發行的新型合成穩定幣，透過Delta中性策略達成價格穩定。本文將介紹USDE的機制、收益來源、購買方式與潛在風險，幫助新手理解其價值與風險。
在本文中，Delphi 解釋了為什麼 Ethena 的設計很巧妙，為什麼 USDe 不同於早前的演算法穩定幣，相較於之前類似的協議有何改進，以及最重要的 ——Ethena 的風險，USDe 究竟會不會遇到 UST（Terra 的穩定幣）時刻？ 律動全文翻譯如下。 USDe 是 Ethena Labs 推出的「合成美元」。不同於傳統法幣穩定幣，其核心機制是Delta 中性對沖：協議將加密資產（如ETH）作為抵押品作多，並在衍生品市場上建立等額空頭，確保總淨值穩定在 $1 美元。 想深入了解什麼是Ethena (ENA)？本文為您全面解析其核心產品USDe合成美元的運作機制、sUSDe高達19%的收益來源，以及創新的Delta對沖策略。一文掌握ENA的投資潛力與未來展望。
USDe 是由 Ethena Labs 在以太坊區塊鏈上推出的穩定幣，目標是與美元 1 : 1 掛鉤，其機制是讓使用者質押 ETH，以此資金來對沖價格風險，利用永續合約做空來維持其對美元的掛鉤，在此過程中保持 Delta 中性（delta neutral），而使用者能從該部位的兩條邊獲得收益。
USDe 是由 Ethena Labs 發行的合成美元穩定幣，它摒棄了傳統法幣穩定幣依賴銀行儲備或國債的模型，轉而採用一種完全鏈上化、加密原生的機制來維持 1：1 美元錨定。
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