UCharles Edwards, umsunguli weCapriole Investments, uye wavusa isasasa nenkulumompikiswano phakathi komphakathi we-cryptocurrency. Umemezele i-Ethena (ENA) ngokuthi “iLuna yalo mjikelezo,” kodwa ngomehluko obalulekile: izisekelo zayo zezomnotho zithathwa njengeziqinile.

U-Edward uchaze kabanzi, “Ibambisene ngo-100% futhi isivuno siyashintshashintsha ngokuya ngamandla emakethe. Izinto ezimbili uLuna ayengenazo.” Uphinde waphawula ukuthi ngesikhathi sokuphakama kwayo, ukulinganisa kukaLuna kweqa imakethe yamanje ye-ENA ngokuphindwe izikhathi ezingaphezu kwamashumi amabili, nokho waxwayisa, “I-ENA ayinabo ubungozi, ukugcinwa nokugcinwa kobungozi bukhona.”

I-Ethena iyiLuna yalo mjikelezo, ngaphandle kokuthi umnotho oyisisekelo uzinzile. Ibambisene ngo-100% futhi isivuno siyahlukahluka ngokusekelwe kumandla emakethe. Izinto ezimbili uLuna wayengenazo. Esiqongweni sayo i-LUNA yayingaphezu kuka-20X enkulu kunalokho i-ENA eyikho manje. I-ENA ayiyona ingozi, ukugcinwa...

- UCharles Edward (@caprioleio) April 10, 2024

Kusukela yethulwa ngo-Ephreli 2, i-ENA ibone a ukukhuphuka kwe-meteoric kusuka ngaphansi kuka-$0.30 kuya kokuphezulu okungu-$1.45. Lo mhlangano wenziwa ikakhulukazi ngenxa yokuthuthukiswa kwamasu kwe-Ethena Labs yohlelo lwayo lwemiklomelo, manje “EkuSizini 2” sayo, esinikeza ukuthuthukiswa komvuzo okungu-50% kubasebenzisi abavala amathokheni abo e-ENA okungenani izinsuku eziyisikhombisa. Lesi sinyathelo sihlose ukuqinisa ukusebenzelana kwabasebenzisi kanye nokwethembeka, ukukhuthaza i-ecosystem esimeme yesikhulumi se-Ethena.

Isici esimangalisayo salesi simiso sezinto eziphilayo ukukhula ngokushesha kwe-stablecoin yayo, i-USDE, eye yadlula ukukhula kokuhlinzekwa kwabalingani abasunguliwe njenge. USDT, USDC, kanye ne-DAI, ifinyelela ukunikezwa kuka-$2 wezigidigidi ezinsukwini ezingaphezudlwana nje kweziyi-100.

I-USDE iyimpahla ye-USD ekhula ngokushesha kakhulu emlandweni we-crypto pic.twitter.com/xgiRJjf96t

-G | Ethena (@leptokurtic_) April 8, 2024

Kodwa-ke, isivuno esikhulu sale phrojekthi esikhiqizwa ngokusebenzisa izimakethe eziphuma kwamanye amazwe kanye ne-Ethereum ethintekayo kubangele ukungabaza phakathi kochwepheshe bezimboni. Umsunguli we-Fantom u-Andre Cronje, phakathi kwabanye, uye waphakamisa ukukhathazeka mayelana nokusimama kwalezi zivuno, eziphakeme kakhulu kuyo yonke imboni ye-crypto.

Izingozi Ezihilela U-Ethena

Kuyaphawuleka ukuthi i-ENA ivame ukuqhathaniswa neTerra Luna (LUNA), kodwa umehluko awukwazanga ukuba mkhulu kakhulu, njengoba u-Edward naye ephawulile. Nakuba i-ENA ingenayo ingozi, ukushona okufana ne-LUNA mancane kakhulu amathuba okuba. Naphezu kwalokho, abatshalizimali kudingeka baqaphele ezinye izingozi ezihilelekile ku-ENA.

Ukungena ujule engxoxweni yezingozi, i-CL (@CL207) evela ku-eGirl Capital inikezela ngombono othakazelisayo ngokuziphatha kwabahwebi bokuphuma kokunye. Yena Ucacisa, “Kubonakala sengathi u-Ethena wenza abantu abaningi abangahwebi ngokuphuma kokunye babe nesikhathi esinzima ngempela sokuvala amakhanda abo eqinisweni lokuthi abadayisi bezinto eziphuma kokunye babambezeleke ngokweqiniso kangangokuthi sizimisele ukukhokha njengo-50%+ APR ukuze singene esikhundleni. ”

Ngokuphawulekayo, abahwebi bomjikelezo wokugcina we-crypto babenekusasa eliphakeme kangangokuthi amakota e-Bitcoin athola “i-locked-in> 50% apr. Ubuye wengeza wathi, "ezinsukwini ezingama-50 nje kufike u-2021, sihlangene sakhokha ama- $ 2,400,000,000 emalini yokuxhasa ekupheleni kuka-2021, imakethe isikhokhe imali elingana ne-GDP yezwe elisezingeni elifanele."

I-Monetsupply.eth (@MonetSupply) evela ku-Block Analitica inikeza ukuhlaziya okuyimbudumbudu kwezingozi eziqokonyiswe u-Andre Cronje. Ngeyakhe ukuhlolwa, izindawo ezimbalwa ezibalulekile ezikhathazayo zibaluliwe:

• Ingozi ye-Oracle: Umthelela ongaba khona ezikhundleni zokushintshana ngenxa ye-Ethena ehlinzeka ngezingcaphuno ezingalungile mayelana nemisebenzi yokulungisa noma yokuhlenga. Kodwa-ke, i-MonetSupply iyaphawula, "kunemikhawulo yezilinganiso kulokhu ngakho-ke ukulahlekelwa okukhulu kuvinjelwe futhi abalingani bonke bagunyaziwe (akukwazi nje ukubalekela imali)."
• Ingozi Yokuqedwa: Akubhekwa njengento ebalulekile njengoba iphothifoliyo ithola amandla ngaphansi kuka-1x, okuphakamisa indlela elandelanayo yokuboleka nokusebenzisa amandla.
• Spread Risk: Amathuba okukhula kwesisekelo okuholela emalini engenayo ephezulu yoxhaso, okufanele ngokwembono ihehe ukungena. Ngokuphambene, isisekelo esibi singase sibangele ukuphuma, kodwa u-Ethena angazuza ngokuvala izikhundla ezibiyelwe ngenzuzo.
• I-Collateral Ratio Risk: Ngisho noma amathokheni e-liquid staking (LSTs) anikezwa isisindo esingaphansi kuka-100% ekuhwebeni okumaphakathi (CEX), isilinganiso esiphansi sisonke sinciphisa le ngozi. Ingxenye ye-LST esibambiso sendawo incane uma kuqhathaniswa.
• Ingozi Yokugcinwa: Kugqanyiswe njengokunye kokukhathazeka okubaluleke kakhulu, uma kubhekwa ukuthembela kubanakekeli abanerekhodi elihle kanye nokusatshalaliswa kwezimpahla kumabhizinisi amaningi.
• Exchange Solvency Risk: Le ngozi ingase iholele ekulahlekelweni kwenzuzo nokulahlekelwa okungakalungiswa (PnL) kanye nezinye izindleko zokuhweba ukuze kuqiniswe kabusha kwezinye izimakethe. Kodwa-ke, i-MonetSupply iyanezela, "i-Binance/ceffu nexus ingase iguqule lokhu kuhlola, ingabe izimele ngempela?"
• I-Ethena Entity Risk: Ubungozi bangaphakathi obuhlobene nokhiye be-Ethena noma amathokheni okuqinisekisa ukuthi wonakaliswa, noma ilungu leqembu elenza kabi.

I-MonetSupply iphetha ngokuthi naphezu kwalezi zingozi, uhlaka lokubambisana ngokweqile ezinkundleni ezifana ne-Morpho, i-Maker surplus buffer, kanye ne-backstop ye-MKR, esekelwe Ubufakazi Obuqinile Bokungabi Namali (POL), isebenza njengesici esinamandla sokunciphisa.

Ngesikhathi sokushicilela, i-ENA ihwebe ngo-$1.329.

Isithombe esifakiwe esivela ku-Bitget, ishadi elivela ku-TradingView.com

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• Source: https://www.newsbtc.com/news/ethena-ena-luna-of-this-cycle/