Ethena 是一個快速發展的加密項目，其「合成美元」代幣被定位為Tether 的USDT 等領先穩定幣的替代品，在創始人Guy Young 詳細介紹了面向傳統金融的新產品計劃後，週五，其代幣在數位資產市場上大幅上漲。

還計劃與訊息平台 Telegram 集成，並預計建立專用 Ethena 網路。

Fast-growing crypto project Ethena, whose “synthetic dollar” token serves as an alternative to leading stablecoins like Tether’s USDT, saw its token rally Friday in digital-asset markets after founder Guy Young outlined plans for a new offering targeting traditional financial institutions.

快速增長的加密項目Ethena 的「合成美元」代幣可作為Tether 的USDT 等領先穩定幣的替代品，在創始人Guy Young 概述了針對傳統金融機構的新產品計劃後，該項目週五在數位資產市場上出現了代幣上漲。

There’s also a planned integration with the messaging platform Telegram and the expected buildout of a dedicated Ethena network.

還計劃與訊息平台 Telegram 集成，並預計建立專用 Ethena 網路。

After Young shared a detailed blog post on the protocol's 2025 roadmap, the governance token ENA rose 16% to trade at $1.23, giving the cryptocurrency a market capitalization of $3.6 billion, data from CoinGecko showed.

CoinGecko 的數據顯示，在 Young 分享了有關該協議 2025 年路線圖的詳細部落格文章後，治理代幣 ENA 上漲 16%，交易價格為 1.23 美元，使該加密貨幣的市值達到 36 億美元。

The roadmap calls for Ethena’s entry into the traditional finance industry with a new product offering dubbed iUSDe, which is slated to roll out next month. The new product will be a variation of Ethena’s staked stablecoin sUSDe, except that iUSDe will come with a wrapper contract which enforces transfer restrictions at the token level. The additional mechanism will purportedly allow tradfi entities to use iUSDe.

該路線圖要求 Ethena 進入傳統金融業，推出名為 iUSDe 的新產品，該產品定於下個月推出。新產品將是 Ethena 質押穩定幣 sUSDe 的變體，不同之處在於 iUSDe 將附帶一個包裝合約，該合約在代幣層面強制執行轉移限制。據稱，附加機制將允許 tradfi 實體使用 iUSDe。

“In this context Ethena will perform the role of an interest rate arbitrage vehicle which forces the convergence between capital flows and interest rate markets across DeFi, CeFi and TradFi,” wrote Young. DeFi is the industry shorthand for decentralized finance, CeFi stands for centralized crypto finance and TradFi represents traditional finance.

Young 寫道：“在這種背景下，Ethena 將扮演利率套利工具的角色，迫使 DeFi、CeFi 和 TradFi 之間的資本流動和利率市場趨同。” DeFi是去中心化金融的行業簡寫，CeFi代表中心化加密金融，TradFi代表傳統金融。

Plans for 2025 include integrating sUSDe within popular messaging platform Telegram, which has over 900 million users around the world. Having sUSDe within Telegram could serve as a mobile neobank for users to transfer, spend, and save, according to Young. Through Apple Pay, users on Telegram will be able to move from sUSDe to direct mobile tap payments on their phones. Neobanks provide online banking services without physical branches.

2025 年的計畫包括將 sUSDe 整合到流行的訊息平台 Telegram 中，該平台在全球擁有超過 9 億用戶。 Young 表示，Telegram 中的 sUSDe 可以充當行動新銀行，供用戶轉移、消費和儲蓄。透過 Apple Pay，Telegram 用戶將能夠從 sUSDe 轉移到手機上直接進行行動​​支付。新銀行提供網路銀行服務，沒有實體分行。

Ethena is also looking to evolve from a protocol that issues a single asset – namely, its flagship stablecoin – to an operational network in the new year.

Ethena 還希望在新的一年從發行單一資產（即其旗艦穩定幣）的協議發展為可運營的網路。

The network will feature a token model similar to Binance’s BNB token where ecosystem applications set aside portions of their token supply to be airdropped to those who have staked their ENA tokens.

該網路將採用類似於幣安 BNB 代幣的代幣模型，其中生態系統應用程式將其代幣供應的一部分空投給那些已經質押 ENA 代幣的人。

Two applications are already building on the Ethena network, Young noted. The first is Ethereal, a decentralized trading platform that runs its orderbook with sUSDe and relies on Ethena for liquidity. The second is Derive, an onchain options protocol building financial derivatives where sUSDe is the core collateral asset for the system. Ethereal is expected to launch its testnet next month and Derive is set to roll out its token in the next two weeks, per Young.

Young 指出，兩個應用程式已經在 Ethena 網路上建置。第一個是 Ethereal，這是一個去中心化交易平台，透過 sUSDe 運行訂單簿，並依賴 Ethena 提供流動性。第二個是 Derive，這是一種建立金融衍生品的鏈上選擇權協議，其中 sUSDe 是系統的核心抵押資產。 Young 表示，Ethereal 預計將在下個月推出測試網，Derive 將在未來兩週內推出代幣。

Ethena’s USDe stablecoin has garnered a market capitalization of over $5.8 billion, enough to rank it as the third largest stablecoin after Circle’s USDC and Tether’s USDT.

Ethena 的 USDe 穩定幣市值超過 58 億美元，足以成為繼 Circle 的 USDC 和 Tether 的 USDT 之後的第三大穩定幣。

Wallet addresses that are identified as belonging to BlockTower Capital, Delphi Venture, CMT Digital, and Galaxy Digital are among the top holders of ENA, according to data from blockchain analytics firm Nansen.

根據區塊鏈分析公司 Nansen 的數據，被確定屬於 BlockTower Capital、Delphi Venture、CMT Digital 和 Galaxy Digital 的錢包位址是 ENA 的最大持有者。