Ethena 憑藉治理代幣 ENA 成為加密貨幣遊戲規則改變者

第 428 集採訪了 Ethena Labs 的創始人 Guy Young，該公司是合成美元 (USDe) 背後的公司，該公司在不到兩個月的時間裡市值增加了 20 億美元。在本集中，Young 討論了與 Ethena 相關的風險，包括託管和交易對手風險，以及 Ethena 治理代幣 ENA 的用例，以及 Ethena 與 DeFi 和 CeFi 整合的潛力。

Ethena's Emergence and Governance Token's Role in Shaping the Crypto Landscape

Ethena 的出現與治理代幣在塑造加密貨幣格局中的作用

Introduction

介紹

Ethena Labs has garnered significant attention in the cryptocurrency industry following the recent airdrop of its governance token, ENA. Ethena's flagship product, the "synthetic dollar" USDe, has rapidly gained traction, amassing a market capitalization of $2 billion in less than two months.

Ethena Labs 在最近空投其治理代幣 ENA 後，在加密貨幣行業引起了廣泛關注。 Ethena 的旗艦產品「合成美元」USDe 迅速獲得關注，不到兩個月的時間就累積了 20 億美元的市值。

ENA Governance Token and Ethena's Governance

ENA治理代幣與Ethena的治理

ENA serves as the governance token for Ethena Labs, empowering holders to participate in the decision-making process that shapes the future of Ethena. Guy Young, founder of Ethena Labs, emphasizes the importance of ENA in enabling decentralized governance and aligning incentives between the company and its community.

ENA 作為 Ethena Labs 的治理代幣，使持有者能夠參與塑造 Ethena 未來的決策過程。 Ethena Labs 創辦人 Guy Young 強調 ENA 在實現去中心化治理以及協調公司與其社群之間的激勵方面的重要性。

Risks Associated with Ethena

與 Ethena 相關的風險

Young acknowledges potential risks associated with Ethena, including custodial risks, counterparty risks related to exchanges, and smart contract vulnerabilities. Ethena actively addresses these risks through rigorous security audits and partnerships with reputable custodians and exchanges.

Young 承認與 Ethena 相關的潛在風險，包括託管風險、與交易所相關的交易對手風險以及智慧合約漏洞。 Ethena 透過嚴格的安全審計以及與信譽良好的託管機構和交易所的合作，積極應對這些風險。

USDe: A Synthetic Dollar, Not a Stablecoin

USDe：合成美元，不是穩定幣

Ethena's USDe is distinguished from traditional stablecoins by its underlying mechanism. Unlike stablecoins backed by fiat currencies or other stable assets, USDe is an over-collateralized digital asset backed by a diversified portfolio of cryptocurrencies. This design aims to provide greater stability and resilience during market fluctuations.

Ethena 的 USDe 與傳統穩定幣的區別在於其底層機制。與法定貨幣或其他穩定資產支持的穩定幣不同，USDe 是一種由多元化加密貨幣投資組合支持的超額抵押數位資產。這種設計旨在在市場波動期間提供更大的穩定性和彈性。

Use Cases for ENA and Ethena's Potential

ENA 和 Ethena 潛力的用例

ENA's utility extends beyond governance, as it can be utilized to earn rewards, participate in staking, and access exclusive features within the Ethena ecosystem. Young envisions Ethena integrating with both decentralized finance (DeFi) and centralized finance (CeFi) platforms, expanding its reach and impact.

ENA 的實用性超出了治理範圍，因為它可以用來賺取獎勵、參與質押以及訪問 Ethena 生態系統中的專有功能。 Young 設想 Ethena 與去中心化金融（DeFi）和中心化金融（CeFi）平台整合，擴大其覆蓋範圍和影響力。

Key Discussion Points

關鍵討論點

• A comprehensive introduction to Ethena and the仕組み of USDe
• The rationale behind Ethena's aversion to labeling USDe as a stablecoin, opting instead for "synthetic dollar"
• In-depth analysis of risks associated with USDe, including custody, counterparties, and smart contracts
• Young's assessment of the ENA airdrop and its reception within the community
• The role of ENA in Ethena's governance and the value it provides to token holders
• The rationale behind Ethena's onboarding of Bitcoin as collateral
• Young's perspective on the exaggerated concerns surrounding Maker and Aave
• Ethena's response to comparisons with Terra/Luna and its distinct approach
• The viability of USDe in both bull and bear markets
• Details of Ethena's insurance fund and its role in safeguarding the ecosystem
• Ethena's future plans, including potential onboarding of Solana as collateral

Conclusion

全面介紹 Ethena 和 USDe 仕組み Ethena 不願給 USDe 貼上穩定幣標籤、選擇「合成美元」的理由 深入分析 USDe 相關風險，包括託管、交易對手、智能合約 Young 對 ENA 的評估空投及其在社區中的接受ENA 在Ethena 治理中的作用及其為代幣持有者提供的價值Ethena 使用比特幣作為抵押品背後的理由Young 對圍繞Maker 和Aave 的誇大擔憂的看法Ethena 對與Terra/Luna 的比較及其獨特方法的回應可行性USDe 在牛市和熊市中的詳細信息 Ethena 保險基金及其在保護生態系統中的作用Ethena 的未來計劃，包括可能加入 Solana 作為抵押品結論

Ethena's emergence and the introduction of its governance token, ENA, mark a significant development in the cryptocurrency industry. Ethena's innovative approach to stable assets and its commitment to decentralized governance have positioned it as a potential leader in the evolving crypto landscape. While risks remain inherent in any cryptocurrency endeavor, Ethena's dedication to security and transparency, coupled with the utility and potential of ENA, bode well for its continued growth and impact on the broader cryptocurrency market.

Ethena 的出現及其治理代幣 ENA 的推出，標誌著加密貨幣行業的重大發展。 Ethena 對穩定資產的創新方法及其對去中心化治理的承諾使其成為不斷發展的加密貨幣領域的潛在領導者。儘管任何加密貨幣的努力仍然存在固有的風險，但 Ethena 對安全性和透明度的奉獻精神，加上 ENA 的實用性和潛力，預示著其持續增長和對更廣泛的加密貨幣市場的影響。