Etena（ENA）還持有USDC之類的穩定幣作為安全性。所以有了美元霸權。它增加了美國領導的經濟秩序的力量。

埃娜（Etena）是自Terra以來最引人注目的加密本地資產。它提供了基於虛擬資產的貨幣解決方案，而無需依賴傳統的銀行系統基礎架構。

Etena (CRYPTO: AAVE) is the most high-profile crypto-native asset since Terra. It provides virtual asset-based money solutions without relying on traditional banking system infrastructure.

Etena（加密：AAVE）是Terra以來最引人注目的加密本地資產。它提供了基於虛擬資產的貨幣解決方案，而無需依賴傳統的銀行系統基礎架構。

However, such a system is likely to be suspected of violating the dollar issuance power monopolized by the U.S. Federal Reserve (Fed). This is because it's like a private company printing dollars.

但是，這種制度可能涉嫌違反美國美聯儲（美聯儲）壟斷的美元發行權。這是因為這就像一家私人公司打印美元。

"Ethena undoubtedly contributes to broadening the reach of the U.S. dollar and strengthening its dominance," said Guy Young, founder of Etena, who was recently interviewed in Mail Business.

埃特納（Etena）的創始人蓋伊·揚（Guy Young）表示：“埃塞納無疑有助於擴大美元的影響力並加強其優勢。”

'Cryptographic proof instead of trust'

“加密證明而不是信任”

Satoshi Nakamoto, the founder of Bitcoin, cited it as a necessary element to implement decentralized finance in the introduction of the Bitcoin white paper.

比特幣的創始人Satoshi Nakamoto認為它是在引入比特幣白皮書中實施分散融資的必要元素。

It wanted to implement reliable and unreliable finance through mathematical logic recognized by everyone, not financial institutions such as banks and securities companies, and codes based on it.

它希望通過每個人所認可的數學邏輯，而不是金融機構（例如銀行和證券公司）來實施可靠和不可靠的財務，以及基於它的代碼。

In that sense, stablecoins, which have recently grown rapidly, are heretical. It doesn't match Satoshi's philosophy at all.

從這個意義上講，最近迅速發展的Stablecoins是異端的。它完全不符合Satoshi的哲學。

Take Tether (USDT) as an example and we should believe Tether is on British Virgin Island issuing USDT. If Tether goes bankrupt, Tether's value will also collapse.

以Tether（USDT）為例，我們應該相信Tether在英屬維爾京島上發行USDT。如果繫繩破產，繫繩的價值也將崩潰。

Therefore, it is a dream of all participants in the virtual asset market to create stablecoins that move entirely based on cryptocurrency rather than based on real dollars like Tether and USDC.

因此，這是虛擬資產市場中所有參與者的夢想，可以創建完全基於加密貨幣而不是基於Tether和USDC（例如Tether and USDC）移動的穩定幣。

Of course, Terra, the most famous in this field, collapsed through the Terra/Luna incident, leaving a big wound. However, various projects are still trying to create crypto-native stablecoins.

當然，這是該領域最著名的Terra，在Terra/Luna事件中倒塌，留下了很大的傷口。但是，各種項目仍在嘗試創建加密本地的穩定劑。

Etena is a project that has attracted the most attention in recent years in this field.

埃娜（Etena）是一個近年來在該領域吸引最大關注的項目。

Etena's stablecoin USDe ranks third behind Tether and USDC with a market capitalization of $5.45 billion.

Etena的Stablecoin USDE以54.5億美元的市值落後於Tether和USDC。

According to Depyramar, Etana's deposit asset (TVL) was $5.673 billion as of the 10th, more than 10 times higher than $851 million a year earlier.

根據Depyramar的數據，截至10截至第10名，Etana的存款資產（TVL）為56.73億美元，一年前高於8.51億美元。

Etena accounted for more than 85% of the on-chain dollar asset growth last year as decentralized finance (DeFi) became the pillar of growth, founder Young said. "More than 50% of Pendle's TVL is due to Etena, and about 25% or more than $100 million of Sky's revenue is due to Etena."

創始人Young說，去年，由於分散融資（DEFI）成為增長的支柱，埃娜（Etena）佔鏈貨幣資產增長的85％以上。 “ Pendle的TVL超過50％是由於Etena造成的，大約25％或超過1億美元的Sky收入是由於埃娜（Etena）造成的。”

This is due to high interest rates. As of last year, the average annual rate of sUSDe was 18%. In other words, if you deposit USDe, a stable coin, you will get an annual rate of 18% without risk.

這是由於高利率。截至去年，SUSDE的平均年率為18％。換句話說，如果您存入USDE（穩定的硬幣），則將獲得18％的年率，而不會風險。

"Etena provided the highest annual rate in the DeFi industry," said founder Young. "Both ordinary investors and various DeFi projects chose Etena to increase capital efficiency."

創始人Young說：“ Etena在Defi行業中提供了最高的年率。” “普通投資者和各種Defi項目都選擇了埃特納來提高資本效率。”

Etena's stablecoin USDe works in a unique way. If Ethena receives one Ethereum deposit, it will take a position to bet on the Ethereum's decline as much as one Ethereum.

Etena的Stablecoin USDE以獨特的方式工作。如果埃塞納（Ethena）獲得一個以太坊押金，那麼將要押注以太坊的衰落和一個以太坊的衰落。

This increases the price of the deposited spot Ethereum and loses the short position. Since both are 1 Ethereum, the gain or loss is +-0.

這增加了存入現貨以太坊的價格，並失去了短職位。由於兩者都是1個以太坊，因此增益或損失為 +-0。

Existing stablecoins have been troubled by the decline in the nominal value of collateral unless they entrust dollars and obtain dollar stablecoins.

除非託付美元並獲得美元穩定股，否則對抵押品的名義價值的下降使現有的Stablecoins陷入困境。

In other words, Etena has hedged this risk. A strategy that minimizes the change in the value of a position due to changes in the price of an underlying asset is called delta neutrality.

換句話說，埃娜（Etena）避開了這種風險。一種策略可以最大程度地減少由於基礎資產價格變化而導致的位置價值變化稱為Delta中立性。

Etena can also earn income in this way. The virtual asset market is dominated by unique derivatives called indefinite futures.

埃娜（Etena）也可以通過這種方式賺取收入。虛擬資產市場以名為無限期期貨的獨特衍生物為主。

Futures options on the stock market are basically in contrast to those that are due. Futures options in the existing stock market match the prices of spot and futures because they buy in-kind at maturity and perform futures contracts.

股票市場上的期貨期權基本上與應到期的期貨相反。現有股票市場中的期貨期權與現貨和期貨的價格相匹配，因為它們在成熟時購買並簽訂了期貨合約。

However, it does not do indefinite gifts, and to solve this, there is a concept of funding costs.

但是，它沒有無限期的禮物，並且要解決這一點，就有一個資金成本的概念。

In general, when a position is focused on either a long or a short, investors in high-ratio positions periodically pay the opposite position.

通常，當一個職位集中在長期或短暫的職位上時，處於高比率職位的投資者會定期支付相反的立場。

The virtual asset market is generally paid for funding when it is in a short position unless it is a long-term downtrend, which also earns funding through the position USDe took for delta-neutrality.

除非是長期下降趨勢，否則虛擬資產市場通常在短期職位上的資金時支付，這也可以通過USDE的Delta-Neutrality獲得資金。

Of course, Etena recently launched "USDtb" in case such a strategy becomes impossible due to a long-term downtrend. USDtb is based on the BlackRock Tokenized Government Bond Fund BUIDL (BlackRock USD Institutional Digital Liquidity Fund).

當然，埃娜（Etena）最近推出了“ USDTB”，以防這種策略由於長期下降而變得不可能。 USDTB基於BlackRock代幣政府債券基金Buidl（BlackRock USD機構數字流動性基金）。

"The introduction of stablecoins as a supportive asset for USDe relieves pressure on protocols when markets fall, while also improving financing," Young said.

Young說：“引入Stablecoins作為USDE的支持資產，在市場下跌時減輕了對協議的壓力，同時也改善了融資。”

The problem is that such a structure is sitting at an inevitable risk.

問題在於，這種結構正處於不可避免的風險。

Etena should use the Centralized Exchange (CEX),

Etena應該使用集中式交易（CEX），