Ethena 空投大禮包：5 億美元贈品推動 USDe 供應激增

Ethena Labs 在為期六週的空投活動中向活躍用戶分發了價值超過 5 億美元的 ENA 代幣。該活動的成功導致第二次空投的宣布，計劃持續到9 月2 日。用戶透過各種活動賺取積分，稱為“分片”，包括持有和使用穩定幣USDe，其總供應量有所增加自周一以來已增至 19 億美元。

Ethena's Airdrop Success: A $500 Million Giveaway and a Surge in USDe Supply

Ethena 空投成功：5 億美元贈品和 USDe 供應激增

In a remarkable display of generosity, Ethena Labs has distributed over $500 million worth of ENA tokens to active users through an airdrop campaign that spanned six weeks. This unprecedented airdrop has not only rewarded loyal users but has also catalyzed a surge in the circulating supply of USDe, Ethena's innovative stablecoin.

Ethena Labs 透過為期六週的空投活動向活躍用戶分發了價值超過 5 億美元的 ENA 代幣，展現了非凡的慷慨。這次前所未有的空投不僅獎勵了忠實用戶，還促進了 Ethena 創新穩定幣 USDe 流通量的激增。

The Genesis Airdrop: A Windfall for Participants

創世空投：參與者的意外收穫

Launched on February 19, Ethena's initial airdrop attracted over 90,000 enthusiastic participants who eagerly embraced the opportunity to earn free ENA tokens. To qualify, users simply needed to participate in Ethena's ecosystem by holding USDe, utilizing it in lending protocols, or providing liquidity on decentralized exchanges.

Ethena 於 2 月 19 日啟動，首次空投吸引了超過 90,000 名熱情的參與者，他們熱切地接受了賺取免費 ENA 代幣的機會。為了獲得資格，用戶只需要透過持有 USDe、在藉貸協議中使用它或在去中心化交易所提供流動性來參與 Ethena 的生態系統。

The rewards were substantial, with some users amassing upwards of $9,000 worth of ENA tokens. This windfall has significantly boosted the financial standing of these early adopters and has created a loyal base of supporters for Ethena.

獎勵非常豐厚，一些用戶累積了價值超過 9,000 美元的 ENA 代幣。這筆意外之財顯著提高了這些早期採用者的財務狀況，並為 Ethena 建立了忠實的支持者基礎。

Leveraged Returns and ENA Token's Debut

槓桿回報和 ENA 代幣首次亮相

Beyond the airdrop, Ethena's ecosystem offered additional opportunities for lucrative returns. Yield-generating strategies, such as those employed on the Pendle DeFi protocol, yielded impressive returns of up to 800%.

除了空投之外，Ethena 的生態系統還提供了額外的豐厚回報機會。 Pendle DeFi 協議中採用的收益產生策略產生了高達 800% 的令人印象深刻的回報。

The airdrop tokens, known as ENA, serve as Ethena's governance token, granting holders the power to shape the future of the platform, including voting on key aspects of its operations, integrations, and community initiatives. Since its launch on Tuesday, the ENA token value has surged by 72%, reaching $1.02 and implying a market capitalization of $1.4 billion.

空投代幣，稱為 ENA，作為 Ethena 的治理代幣，賦予持有者塑造平台未來的權力，包括對其運營、整合和社區倡議的關鍵方面進行投票。自周二推出以來，ENA 代幣價值已飆升 72%，達到 1.02 美元，意味著市值達到 14 億美元。

Surge in USDe Supply: A Testament to USDe's Allure

USDe 供應激增：USDe 魅力的證明

The success of the Genesis Airdrop has had a tangible impact on the circulating supply of USDe, which now exceeds $1.9 billion, a remarkable ascent of $361 million since Monday. This surge in supply is a testament to the rapidly growing popularity of USDe, a stablecoin that stands out from traditional offerings due to its unique trading strategy that utilizes liquid Ether staking tokens and short Ether perpetual futures to maintain its peg to the dollar.

Genesis 空投的成功對 USDe 的流通供應量產生了切實的影響，目前 USDe 的流通供應量已超過 19 億美元，自周一以來顯著增加了 3.61 億美元。供應量的激增證明了 USDe 的迅速普及，這種穩定幣因其獨特的交易策略而從傳統產品中脫穎而出，該策略利用流動以太幣質押代幣和空頭以太永續期貨來維持與美元掛鉤。

Second Airdrop on the Horizon: Another Opportunity for Rewards

第二次空投即將到來：另一個獲得獎勵的機會

Capitalizing on the momentum generated by the first airdrop, Ethena has swiftly announced plans for a second airdrop campaign that will run until September 2. Eager users are flocking back to the platform, eager to seize another opportunity to earn ENA tokens.

借助第一次空投產生的勢頭，Ethena 迅速宣布了第二次空投活動的計劃，該活動將持續到9 月2 日。熱切的用戶紛紛湧回該平台，渴望抓住另一個賺取ENA 代幣的機會。

In this second campaign, Ethena introduces a novel reward system centered around "sats," a clever homage to Bitcoin's smallest unit of account, satoshis. Users can accumulate sats by engaging in various activities within the USDe ecosystem, such as holding, depositing, lending, or borrowing USDe.

在第二次活動中，Ethena 引入了以「sats」為中心的新穎獎勵系統，這是對比特幣最小帳戶單位「聰」的巧妙致敬。使用者可以透過在USDe生態系統中參與各種活動來累積SAT，例如持有、存款、借貸或借入USDe。

USDe's Sustainability: A Matter of Debate

USDe 的可持續性：一個有爭議的問題

The rapid growth of USDe has sparked discussions about its sustainability and potential risks. The stablecoin's high yield relies on positive funding rates in perpetual trading markets. While this has been the case during Ethena's launch period in a bull market, the stability of USDe in a bear market with consistently negative funding rates remains untested. Additionally, Ethena's reliance on centralized exchanges for its trading strategy introduces counterparty risk.

USDe 的快速成長引發了對其可持續性和潛在風險的討論。穩定幣的高收益依賴永續交易市場的正融資利率。雖然 Ethena 在牛市推出期間就是這種情況，但 USDe 在資金利率持續為負的熊市中的穩定性仍未得到檢驗。此外，Ethena 交易策略對中心化交易所的依賴會帶來交易對手風險。

Conclusion: Ethena's Bold Vision and the Future of USDe

結論：Ethena 的大膽願景和 USDe 的未來

Ethena's ambitious airdrop campaign has catapulted the platform into the limelight, attracting a large and enthusiastic user base. The soaring value of ENA tokens and the rapid expansion of USDe's circulating supply are testaments to Ethena's innovative approach to stablecoin design. While questions remain about USDe's sustainability, Ethena's unwavering commitment to innovation and its focus on the long-term success of its ecosystem suggest that the future holds exciting possibilities for this groundbreaking platform.

Ethena 雄心勃勃的空投活動使該平台成為眾人矚目的焦點，吸引了大量熱情的用戶群。 ENA 代幣價值的飆升和 USDe 流通供應量的迅速擴大證明了 Ethena 穩定幣設計的創新方法。儘管 USDe 的可持續性仍存在疑問，但 Ethena 對創新堅定不移的承諾及其對其生態系統長期成功的關注表明，這個突破性平台的未來充滿了令人興奮的可能性。