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Ethena Labs 提议在二级市场价格脱锚时使用储备资产购回 USDe
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比推消息，据Ethena Labs Research报道， Ethena Labs 近期提出一项新的机制，旨在通过在二级市场价格严重低于锚定价值时购回并销毁 USDe，以支持市场的有序流动性和稳定。该提议是针对 10 月 10 日 Binance 交易所发生极端市场波动期间 USDe 价格短暂严重脱锚至 0.65 美元的事件而做出的风险管理应对。
核心机制
购回条件： 仅在发生“严重市场脱锚”（severe market dislocations）时启用，初始价格门槛设定为 USDe 价格交易在 0.99 美元或更低时。
资金来源： 使用 USDe 现有储备中可用的稳定币（如 USDT）进行购回。
资金额度： 拟定动用 USDe 总储备资产的 1.2%，以目前 USDe 供应量计约为 9500 万美元。
操作方式： 购回将通过在中心化交易所（CEX）订单簿上下达买单执行，采用链下解决方案，不将储备资产直接存入交易所。
即时销毁： 购回的 USDe 将被立即销毁（Burn）。
协议效益
该机制的净影响将是：
提高抵押率： 低于 $1 购入 USDe 能够捕捉价差，增加协议储备，从而提高 USDe 的抵押率。
减少供应量： 销毁 USDe，减少其流通供应量。
支持价格： 在市场承压时，直接在二级市场提供买盘支持，稳定 USDe 价格。
应对 Gas 费： Ethena 可利用捕获的价差来承担高昂的 Gas 费用，确保在网络拥堵时也能进行套利操作，而这正是市场做市商在 10 月 10 日受限的原因之一。
背景回顾
在 10 月 10 日的市场波动期间，尽管 Ethena 的核心铸造/赎回功能运行正常，并在 24 小时内处理了超过 20 亿美元的即时赎回，但由于 Binance 缺乏直接的 USDe 铸造/赎回集成以及交易商在 CEX 遇到存提问题，导致 Binance 上的 USDe/USDT 现货价格严重脱锚。此提案旨在通过主动干预二级市场，避免类似事件造成的“循环清算”（cyclical loop of USDe liquidations）效应，并为协议带来净收益。
风险委员会成员已收到此提案并将在后续提供建议。
风险提示： 本新闻涉及的内容仅供参考，不构成投资建议。依据发布的信息以及所表达的意见行事所造成的一切后果由行事者自负。文章链接 |
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