Ethena：超越传统稳定币的金融创新

The author's preface to the observation of the launch of the currency security on March and has caused widespread concern in the cryptocurrency market. As an early investor, cheering for it on social media further highlights its potential influence in the market. For ordinary investors, they are concerned about the performance of the currency price. As an industry practitioner, I am more inclined to explore the value behind it and its actual impact on the industry. In many pairs of analysis, some articles have obvious subjective bias or have been translated. I lost my original accuracy in the process, so I tried to provide a more balanced and detailed perspective. Of course, because I am not a financial practitioner, please forgive me if I am not rigorous in some financial terms. At first, I had some reservations about the initial impression, especially when I saw the excess income, but with in-depth research, I found that it is a very interesting product. Although it is not perfect, the underlying logic is in line with the development trend of contemporary society. Intermediary is a kind of structured bill, which holds both long positions indirectly and short positions through perpetual contracts in major centralized exchanges. This hedging strategy makes the price relatively stable against the US dollar. For users, this means that they can get benefits from three aspects when the price rises, the income from pledge when the price rises and the rate income from shorting perpetual contracts. At the same time, it can be used to participate in other transactions, but when the price falls, the whole. The income may decrease or even become negative, so the team has bought insurance to cope with extreme situations. However, there are still risks when it falls sharply. The cost of shorting may increase sharply, or even there may be a situation where there are not enough opponents until it enters a spiral of death. The first reaction mentioned by many people is that the next underlying asset is the underlying asset, although some people claim that the two are fundamentally different. In fact, the main difference between the two is that the choice of the underlying asset depends on the wide range. Pan-consensus is much more stable than reliable. Whether a stable currency will be called a stable currency is more like a marketing strategy. In fact, it should be regarded as a financial engineering product, and its volatility is smaller than that of a simple dollar, but the debate on defining it as a stable currency is not of substantive significance. After all, all existing concepts of stability are relative to the dollar. The stability of the dollar is a relative concept. What are the main risks facing all financial products? In addition to the death spiral mentioned above, other risks mainly come from two aspects. First, the stability of the exchange is not as good as that of the centralized bank. Compared with banks, the virtual currency exchange is indeed a new thing, so it is reasonable to worry about their stability. However, there have been some bankruptcies in recent years, which show that banks are not foolproof. Second, the upper limit of the total supply is limited by the total amount of perpetual contracts airdropped by the centralized exchange. This is indeed true. There are only two ways to solve this problem. It is said that the team has started to design iterative versions around Bitcoin. It is worth mentioning that after the design of structured bills can be diversified, I believe that more similar products will appear. As long as some parameters in product design are adjusted, the values of risks and benefits will change. Why do I like it stems from its attempt to establish a transparent consensus stabilizer that is out of the dollar standard? First of all, the system is transparent, because the pledge and issuance are all carried out on the chain, and only the airdrops on the centralized exchange are not on the chain, so its issuance has been criticized by the industry for being more transparent than or even more transparent. Although it is more self-disciplined and audited twice a month by four major accounting firms, there is still a certain gap compared with the online data that is transparent all the time. More importantly, it shows you a possibility that in some scenarios, people do not necessarily need to use the US dollar as the anchor benchmark. Need a new relatively stable and easy-to-understand consensus foundation. The development of Bitcoin has proved that financial products seeking to get rid of the hegemony of the US dollar have its necessity and market demand. With the development of technology, there will be many application scenarios in the future that do not necessarily need to be completely anchored with the US dollar, such as natural anchoring with computing power. Looking forward to the future, as a financial product, although it is not perfect, it has opened a new path to establish relatively stable financial engineering products with the help of new underlying assets. This is a new perspective to explore the establishment of stability outside the US dollar. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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