Ethena USDe (USDE) là gì?

Ethena USDe (USDE) la mot loai tien ma hoa duoc goi la dong dollar tong hop (mot dong coin ky thuat so duoc thiet ke de luon co gia tri khoang mot dollar My). No duoc tao ra boi mot du an ten la Ethena, va thay vi giu dollar that trong ngan hang, no duy tri gia tri on dinh bang cach su dung mot chien luoc giao dich thong minh tren cac thi truong tien ma hoa. Muc tieu rat don gian: cung cap cho moi nguoi mot dong dollar ky thuat so ton tai hoan toan tren blockchain va khong phu thuoc vao ngan hang truyen thong.

Ethena USDe la gi theo ngon ngu don gian?

Hay tuong tuong ban muon co mot phien ban ky thuat so cua dollar co the gui cho bat ky ai tren the gioi, tuc thi, khong can ngan hang. Do chinh la dieu ma USDe co gang tro thanh. Mot USDe duoc thiet ke de luon tuong duong khoang mot dollar My.

Cac dong coin nhu the nay duoc goi la stablecoin (tien ma hoa co gang duy tri muc gia on dinh, co dinh thay vi tang giam that thuong). Hau het cac stablecoin duy tri gia on dinh bang cach giu tien that trong ngan hang cho moi dong coin phat hanh. Ethena USDe khac biet. No khong dua vao mot kho bac ngan hang day dollar. Thay vao do, no duy tri gan mot dollar bang mot thu thuat can bang dac biet tren cac san giao dich tien ma hoa. Do la ly do Ethena goi no la dollar tong hop thay vi mot stablecoin thong thuong.

Ethena USDe hoat dong nhu the nao?

Day la phan quan trong nhat can hieu, va no de hon nghe co ve. Ethena su dung mot chien luoc ma cac trader goi la vi the delta trung tinh (mot cau hinh duoc thiet ke de cac bien dong gia khong thay doi tong gia tri cua ban).

Day la y tuong voi mot hinh anh don gian. Gia su Ethena nam giu mot luong Ethereum (mot trong nhung loai tien ma hoa lon nhat, ticker ETH). Dong thoi, no mo mot ca cuoc nguoc chieu tren san giao dich de sinh loi khi gia ETH giam. Vi vay:

• Neu gia ETH tang, cac coin Ethena nam giu tang gia tri, nhung ca cuoc nguoc chieu mat cung mot luong.
• Neu gia ETH giam, cac coin Ethena nam giu mat gia tri, nhung ca cuoc nguoc chieu lai cung mot luong.

Vi mot phia luon bu tru phia kia, tong gia tri van on dinh bat ke thi truong di theo huong nao. No giong nhu cam mot qua bong bay o moi tay: neu mot cai bay len, ban day cai kia xuong cung mot khoang, sao cho hai canh tay van o muc bang nhau. Gia tri can bang do la thu bao dem cho moi USDe va giu no gan mot dollar.

Ca cuoc nguoc chieu duoc thuc hien bang thu goi la hop dong tuong lai vinh cuu (mot thoa thuan de ca cuoc gia tuong lai cua mot coin khong bao gio het han). Cac trader nam giu hop dong nay doi khi nhan duoc cac khoan thanh toan nho dinh ky goi la phi tai tro (funding). Khi cac khoan thanh toan do la duong, Ethena kiem duoc thu nhap tu chung, day la nguon goc phần thuong cua he thong.

Su khac biet giua USDe va sUSDe la gi?

Ethena co hai token lien quan chat che ma nguoi moi bat dau thuong nham lan:

• USDe la ban than dong dollar tong hop. Ban giu no, gui no, hoac su dung no nhu mot dong dollar ky thuat so.
• sUSDe la thu ban nhan duoc khi ban "stake" (khoa) USDe de kiem phan thuong. Thu nhap ma he thong thu thap se chay den cac chu so huu sUSDe, vi vay theo thoi gian sUSDe co the co gia tri cao hon mot chut so voi USDe ban da gui vao.

Hay nghi USDe la tien mat trong tui cua ban va sUSDe la so tien do duoc gui vao tai khoan tiet kiem co the tang truong. Cac phan thuong khong duoc dam bao va co the tang hoac giam tuy thuoc vao dieu kien thi truong.

Ethena USDe duoc dung de lam gi?

Moi nguoi su dung USDe cho nhieu muc dich tuong tu nhu ho su dung cac dong dollar ky thuat so khac:

• Noi on dinh de luu giu gia tri. Khi thi truong tien ma hoa bien dong, cac trader thuong chuyen tien sang stablecoin de tranh nhung bien dong tang giam.
• Kiem phan thuong. Bang cach stake USDe vao sUSDe, nguoi nam giu co the kiem duoc thu nhap do he thong tao ra.
• Giao dich va thanh toan. Vi co gang giu muc mot dollar, USDe tien loi cho viec mua cac coin khac hoac gui tien tren blockchain.
• Su dung trong DeFi. Cac ung dung DeFi (tai chinh phi tap trung, cac ung dung tai chinh chay tren blockchain khong can ngan hang) cho phep moi nguoi cho vay, di vay va giao dich bang USDe.

Ai da tao ra Ethena USDe va khi nao?

Ethena duoc thanh lap boi Guy Young va ra mat dollar tong hop USDe cong khai vao dau nam 2024. Du an duoc inspired mot phan boi mot bai viet noi tieng cua cu quan ly quy dau tu Arthur Hayes, nguoi mo ta cach mot "dong dollar tong hop" duoc bao dam bang tien ma hoa co the hoat dong. Ethena da bien y tuong do thanh mot san pham thuc te.

He thong Ethena rong hon duoc dinh huong boi cong dong va mot token quan tri lien quan goi la ENA, cho phep nguoi nam giu bo phieu vao cac quyet dinh. Ban than USDe chu yeu chay tren blockchain Ethereum (mot may tinh dung chung toan cau ghi lai cac giao dich va chay cac ung dung).

Dieu gi lam cho Ethena USDe khac biet?

Hau het cac stablecoin pho bien duoc bao dam bang tien phap dinh, co nghia la mot cong ty giu dollar that hoac tai san an toan trong ngan hang cho moi dong coin. USDe di theo mot con duong khac. Gia tri cua no den tu cac nam giu tien ma hoa cong voi cac giao dich can bang do, khong phai tu tai khoan ngan hang. Dieu nay mang lai cho no mot so dac diem noi bat:

• No duoc thiet ke de hoat dong hoan toan on-chain (duoc ghi lai va chay tren blockchain) ma khong phu thuoc vao he thong ngan hang truyen thong.
• No co the chuyen phan thuong cho nguoi nam giu thong qua sUSDe, thay vi giu lai toan bo thu nhap.
• No tang truong bat thuong nhanh doi voi mot stablecoin moi, tro thanh mot trong nhung dong dollar ky thuat so lon nhat theo tong gia tri.

Hom nay USDe xep hang khoang #22 theo gia tri thi truong trong so tat ca cac tien ma hoa, la con so lon doi voi mot du an ra mat gan day.

Cach mua va luu tru Ethena USDe

Ban co the co duoc USDe theo mot so cach pho bien:

• Tren san giao dich tien ma hoa. Nhieu san giao dich niem yet USDE, vi vay ban co the doi dollar binh thuong hoac cac coin khac lay no.
• Thong qua cac ung dung DeFi. Cac san giao dich phi tap trung cho phep ban giao dich cac token khac lay USDe truc tiep tu vi tien ma hoa.

De luu tru no, ban su dung vi tien ma hoa (mot ung dung hoac thiet bi giu cac coin cua ban va cac khoa bi mat kiem soat chung). Vi USDe chu yeu ton tai tren Ethereum, bat ky vi nao ho tro cac token Ethereum thuong co the giu no. Khong bao gio chia se cum tu khoi phuc bi mat cua vi voi bat ky ai.

Ethena USDe co an toan khong? Nhung rui ro can biet

Khong co loai tien ma hoa nao khong co rui ro, va USDe mang theo mot so rui ro dac biet dang hieu truoc khi ban su dung:

• Phi tai tro co the tro thanh am. Phan thuong phu thuoc vao cac khoan thanh toan phi tai tro do. Trong cac thi truong binh lang hoac giam gia, cac khoan thanh toan co the dao chieu thanh am, co nghia la he thong kiem duoc it hon hoac tham chi co the phai chi tra, dieu nay co the thu nho dem dem bao dam USDe.
• Rui ro san giao dich. Cac giao dich can bang xay ra tren cac san giao dich tien ma hoa, vi vay neu mot trong so nhung nen tang do gap su co, no co the anh huong den viec bao dam.
• Mat peg. Nhu bat ky stablecoin nao, USDe co the tam thoi truot xuong duoi mot dollar trong thoi ky cang thang, duoc goi la de-pegging.
• Rui ro hop dong thong minh. He thong chay bang code, va loi trong code do co the bi khai thac.

USDe la loai dollar moi hon va mang tinh thu nghiem hon so voi cac stablecoin duoc ngan hang bao dam, vi vay nen khon ngoan la hoc cach hoat dong truoc. Bai viet nay chi danh cho viec hoc tap va khong phai la loi khuyen tai chinh. Luon tu nghien cuu truoc khi su dung bat ky loai tien ma hoa nao.

USDe co phai la stablecoin khong?

No duoc xay dung de hoat dong nhu mot stablecoin, giu gan mot dollar My, nhung Ethena goi no la dollar tong hop vi no duoc bao dam bang tien ma hoa va cac giao dich can bang thay vi dollar that trong ngan hang.

Ethena USDe kiem tien cho nguoi nam giu nhu the nao?

Khi ban stake USDe vao sUSDe, ban co the kiem phan thuong duoc tao ra chu yeu tu cac khoan phi tai tro tren hop dong tuong lai vinh cuu va tu tien ma hoa ma Ethena nam giu. Nhung phan thuong nay thay doi va khong duoc dam bao.

USDe o tren blockchain nao?

USDe chu yeu chay tren blockchain Ethereum, vi vay no co the duoc luu tru trong cac vi tieu chuan tuong thich Ethereum va su dung tren nhieu ung dung DeFi.

Ethena USDe co phai la ENA khong?

Khong. USDe la dong dollar tong hop ban chi tieu va tiet kiem. ENA la mot token quan tri rieng biet duoc su dung de bo phieu ve cach du an Ethena duoc dieu hanh.