#美众议院通过FIT21法案 #美联储货币纪要 ENA and USDe may become the most successful algorithmic stablecoins in the future
Algorithmic stablecoins are cryptocurrencies that attempt to maintain the stability of their value through algorithms and smart contracts. Unlike traditional stablecoins (such as USDT or USDC), algorithmic stablecoins do not rely on collateral of fiat currencies or other assets. Instead, they use various mechanisms to adjust supply in response to market demand and price fluctuations.
1. **Overview of Ethena (ENA)**:
- Ethena is a synthetic dollars protocol built on Ethereum.
- It aims to provide a crypto-native solution for currencies that do not rely on the infrastructure of the traditional banking system.
2. **Operation mechanism**:
- Ethena converts value assets (such as BTC and its mapped assets, Ethereum and its LSD assets, USDT, etc.) into BTC or ETH short positions through futures contracts.
- Stablecoin USDe equivalent to 1:1 with the US dollar is issued according to the position value.
3. **Mint and Redeem Process**:
- Ethena adopts a whitelist system, and ordinary users mint and redeem USDe through intermediaries.
- The user sends a minting application to the intermediary. After the intermediary receives the user's valuable assets, it sends a minting application to the protocol. The Ethena protocol opens an ETH or BTC short position of equal value based on the value of the received assets, and then sends the USDe of the short position to the intermediary, and the intermediary sends it to the user to complete the minting process.
- The redemption process is the opposite of the minting process. The user sends a redemption application to the intermediary. After the intermediary receives the user's USDe, it sends a redemption application to the protocol. The Ethena protocol closes the short position of the corresponding value based on the amount of USDe received, and then sends the corresponding collateral assets to the intermediary, and the intermediary sends it to the user.
4. **Risk Considerations**:
- The design and implementation of algorithmic stablecoins require a high degree of precision and a deep understanding of market dynamics.
- They may face a variety of risks, including smart contract vulnerabilities, extreme market volatility, and defects in algorithm design.