Ethena 將在 2024 年成為穩定幣的主要參與者，超越 DAI 並將 USDe 確立為市值第三大穩定幣

穩定幣市場在 2024 年將繼續發展，雖然 Tether 和 Circle 等巨頭適應更嚴格的監管，但 Ethena 憑藉其創新方法、快速執行、可擴展性以及適應新市場條件和需求的能力，成為關鍵參與者。

The stablecoin market saw significant shifts in 2024. As Tether and Circle adjusted to stricter regulations, Ethena stood out with its fast execution, scalability, and ability to adapt to market demand.

2024 年，穩定幣市場發生了重大轉變。

Launched in February, Ethena's USDe stablecoin quickly attained a market capitalization of $6 billion, becoming the third-largest stablecoin after USDT and USDC. Its user base and institutional interest also surged.

Ethena 的 USDe 穩定幣於 2 月推出，市值迅速達到 60 億美元，成為繼 USDT 和 USDC 之後的第三大穩定幣。其用戶群和機構興趣也激增。

Integration of sUSDe into Aave in Q4 was a major milestone. Users could now use sUSDe as collateral, boosting adoption and attracting over $1 billion in inflows. Data showed that five main addresses accounted for more than half of these inflows, indicating strong interest from large investors.

第四季將 sUSDe 整合到 Aave 中是一個重要的里程碑。用戶現在可以使用 sUSDe 作為抵押品，從而提高採用率並吸引超過 10 億美元的資金流入。數據顯示，5個主要地址佔流入量的一半以上，顯示大投資者的濃厚興趣。

USDe's success also fueled a rally in Ethena's governance token, ENA, which returned to levels close to its initial launch, especially as Bitcoin's price surpassed $100,000.

USDe 的成功也推動了 Ethena 的治理代幣 ENA 的上漲，該代幣回到了接近其首次發行時的水平，尤其是在比特幣價格超過 10 萬美元的情況下。

Ethena continued to innovate, launching USDtb, a stablecoin backed by U.S. government bonds through investments in BlackRock's BUIDL. This offered a more conventional and low-risk option compared to USDe, which uses delta-neutral hedging strategies to maintain its dollar peg. USDtb was backed primarily by traditional assets, with a small portion in stablecoins for quick redemptions and minimal volatility.

Ethena 繼續創新，透過投資貝萊德的 BUIDL 推出了 USDtb，這是一種由美國政府債券支持的穩定幣。與 USDe 相比，這提供了更傳統且低風險的選擇，USDe 使用 Delta 中性對沖策略來維持與美元掛鉤。 USDtb 主要由傳統資產支持，其中一小部分是穩定幣，以實現快速贖回和最小化波動性。

Ethena's rapid innovation and adaptability were key to its rise. As Maker fragmented its liquidity with USDS and Circle and Tether faced challenges complying with MiCA regulation, Ethena focused on an "on-chain" approach combined with integrations into large centralized platforms.

Ethena 的快速創新和適應性是其崛起的關鍵。由於 Maker 透過 USDS 分散其流動性，Circle 和 Tether 面臨著遵守 MiCA 監管的挑戰，Ethena 專注於「鏈上」方法以及與大型中心化平台的整合。

While challenging giants like USDT and USDC remained an uphill battle, Ethena demonstrated how innovation could create new opportunities in the stablecoin space, especially in a year of changing regulatory landscapes and evolving industry dynamics.

雖然像USDT 和USDC 這樣具有挑戰性的巨頭仍然是一場艱苦的戰鬥，但Ethena 展示了創新如何在穩定幣領域創造新的機會，特別是在監管環境不斷變化和行業動態不斷變化的一年裡。