Ethena 看到 10 億美元資金流入，加密貨幣反彈帶來兩位數的收益率

該協議的復興是由永久融資利率上升所推動的，未來還有更多的成長催化劑。

Ethena's yield-bearing token enjoyed a $1 billion capital inflow in November as crypto markets surged, bringing back double-digit yields.

隨著加密貨幣市場的飆升，Ethena 的收益代幣在 11 月獲得了 10 億美元的資本流入，收益率回到了兩位數。

The USDe token, which is marketed as a “synthetic dollar” with its price pegged at $1, saw new capital flock to the protocol in November, pushing its market capitalization up to $3.44 billion, as per DefiLlama data. This marks a 5% decrease from its record high of $3.6 billion in July.

根據 DefiLlama 的數據，USDe 代幣被定位為“合成美元”，價格為 1 美元，11 月份新的資本湧入該協議，使其市值達到 34.4 億美元。這比 7 月創下的 36 億美元的歷史新高下降了 5%。

Ethena's strategy involves using bitcoin (BTC) and ether (ETH) as backing assets for USDe, pairing them with an equal value of short perpetual futures positions on various exchanges. This strategy enables Ethena to generate revenue on its backing derivative assets when the perpetual funding rates are positive and pass on some of the income as yield to investors.

Ethena 的策略涉及使用比特幣 (BTC) 和以太幣 (ETH) 作為 USDe 的支援資產，將它們與各個交易所的等值永續期貨空頭部位配對。當永續資金利率為正時，這項策略使 Ethena 能夠透過其支持衍生性商品資產產生收入，並將部分收入作為收益轉嫁給投資者。

However, perpetual funding rates turned negative in August and September, making Ethena's strategy less favorable to investors with yields lower than the risk-free rate for the U.S. dollar. As a result, investors withdrew $1.2 billion from the protocol between July and October.

然而，永續資金利率在 8 月和 9 月轉為負值，使得 Ethena 的策略對於收益率低於美元無風險利率的投資者來說不太有利。結果，投資者在 7 月至 10 月期間從該協議中撤出了 12 億美元。

Now, with crypto markets surging again, Ethena offers a 29% annualized yield to holders who stake their tokens, as stated on the project's website.

現在，隨著加密貨幣市場再次飆升，Ethena 為質押代幣的持有者提供 29% 的年化收益率，正如該專案網站上所述。

More catalysts are in place that could fuel further growth for Ethena.

更多的催化劑已經到位，可以推動 Ethena 的進一步成長。

For instance, decentralized lending giant Aave has added staked USDe tokens among its available collateral assets, allowing users to borrow against the tokens while earning a yield.

例如，去中心化借貸巨頭 Aave 在其可用抵押資產中添加了質押的 USDe 代幣，允許用戶在賺取收益的同時以代幣為抵押進行借貸。

"Expect that the Aave integration […] will be a multi-billion supply sink for USDe within the next month, and two new CEX collateral listings are dropping within the next week," Guy Young, Ethena's co-founder and CEO, said in an X post on Friday.

Ethena 聯合創始人兼首席執行官 Guy Young 表示：「預計 Aave 整合將在下個月內為 USDe 提供數十億美元的供應，並且下週內將有兩個新的 CEX 抵押品上市。」週五的X 貼文。

Moreover, Ethena plans to start sharing protocol revenues with governance token (ENA) holders after the project's risk committee approved a governance initiative last week. This plan was proposed by crypto trading firm Wintermute on Nov. 6, following Donald Trump's election victory. Industry players anticipate more appeasing regulations for decentralized finance (DeFi) protocols under a Trump presidency.

此外，在該專案的風險委員會上週批准了一項治理計畫後，Ethena 計劃開始與治理代幣（ENA）持有者分享協議收入。該計劃是由加密貨幣交易公司 Wintermute 於 11 月 6 日在唐納德·特朗普贏得大選後提出的。業內人士預計，在川普擔任總統期間，對去中心化金融（DeFi）協議的監管將會更加寬鬆。