Ethena 整合比特幣以增強 USDe 穩定性並推動成長

Ethena Labs 將比特幣作為其穩定幣 USDe 的支援資產，增強了其可擴展性和流動性。這項策略性舉措透過使其抵押品池多樣化並利用比特幣不斷增長的衍生性商品市場來提高 USDe 的穩定性。透過添加比特幣作為抵押品，Ethena 的目標是利用其卓越的流動性狀況和超過 250 億美元的市值。此舉是 Ethena 加強 USDe 穩定性並解決對其長期可持續性擔憂的努力的一部分。

Ethena Labs Integrates Bitcoin to Bolster USDe Stability and Propel Growth

Ethena Labs 整合比特幣以增強 USDe 穩定性並推動成長

April 5, 2024 - Ethena Labs, the blockchain company behind the DeFi protocol Ethena and its synthetic dollar stablecoin USDe, has taken a significant step towards enhancing the stability and scalability of its ecosystem by integrating Bitcoin (BTC) as a supporting asset.

2024 年4 月5 日- Ethena Labs 是DeFi 協議Ethena 及其合成美元穩定幣USDe 背後的區塊鏈公司，透過整合比特幣(BTC) 作為支援資產，在增強其生態系統的穩定性和可擴展性方面邁出了重要一步。

Ethena USDe: A Rising Star in DeFi

Ethena USDe：DeFi 的後起之秀

Ethena USDe, a highly anticipated stablecoin launched in February 2024, has rapidly gained traction and currently boasts a market capitalization exceeding $2 billion. The stablecoin is designed to maintain a stable value pegged to the US dollar through the use of hedging positions on derivatives and collateral held by the protocol.

Ethena USDe 是一款備受期待的穩定幣，於 2024 年 2 月推出，迅速獲得關注，目前市值超過 20 億美元。該穩定幣旨在透過使用協議持有的衍生性商品和抵押品的對沖頭寸來維持與美元掛鉤的穩定價值。

Bitcoin as a Vital Support Asset

比特幣作為重要的支援資產

Ethena Labs has outlined the rationale for integrating BTC as a backing asset for USDe. With an open interest of $25 billion, significantly exceeding that of ETH ($10 billion), BTC offers enhanced scalability capacity for USDe. This is particularly relevant considering the recent surge in the Bitcoin derivatives market, which has grown from $10 billion to $25 billion in the past year.

Ethena Labs 概述了將 BTC 整合為 USDe 支持資產的理由。 BTC 的未平倉合約為 250 億美元，遠超 ETH（100 億美元），為 USDe 提供了增強的可擴展性。考慮到最近比特幣衍生性商品市場的激增（去年比特幣衍生性商品市場從 100 億美元成長到 250 億美元），這一點尤其重要。

Moreover, BTC provides a stronger liquidity profile and duration compared to liquid staking tokens. As Ethena approaches $10 billion in value, BTC serves as a robust support mechanism, despite the absence of a native staking yield compared to ETH.

此外，與流動性質押代幣相比，BTC 提供了更強的流動性和持續性。隨著 Ethena 的價值接近 100 億美元，儘管與 ETH 相比，BTC 缺乏原生質押收益，但它仍然是一種強大的支持機制。

A Step Towards Addressing Community Concerns

解決社區問題的一步

The integration of BTC as a support asset is part of Ethena Labs' strategy to address concerns raised by the crypto community regarding the long-term sustainability of USDe's stability mechanism. Previously, the stablecoin generated a 37% annualized return through short-selling ETH futures and collecting financing rates. While this approach has been effective in the short term, questions have been raised about its long-term viability.

將 BTC 整合為支援資產是 Ethena Labs 策略的一部分，旨在解決加密社群對 USDe 穩定機制的長期可持續性所提出的擔憂。此前，該穩定幣透過賣空 ETH 期貨並收取融資利率，獲得了 37% 的年化回報。雖然這種方法在短期內有效，但人們對其長期可行性提出了質疑。

Diversification and Risk Mitigation

多元化和風險緩解

By incorporating BTC, Ethena diversifies its collateral base and reduces the risk associated with a single asset's volatility. Short-selling on BTC futures complements the existing short-selling on ETH futures, further enhancing the stability of the system.

透過納入 BTC，Ethena 使其抵押品基礎多樣化，並降低了與單一資產波動性相關的風險。 BTC期貨的賣空是對現有ETH期貨賣空的補充，進一步增強了系統的穩定性。

The ENA Governance Token: A Mixed Reception

ENA 治理代幣：褒貶不一

The launch of ENA, the governance token for Ethena, has met with mixed reactions. After a strong debut on Binance with a 300% surge, its price has since retraced. However, it still remains significantly above its initial listing price, indicating a positive market sentiment towards the protocol.

Ethena 的治理代幣 ENA 的推出引起了不同的反應。在幣安首次亮相並飆升 300% 後，其價格隨後回落。然而，它仍然遠高於其最初的上市價格，表明市場對該協議的積極情緒。

Conclusion

結論

Ethena Labs' decision to integrate BTC as a support asset for USDe is a significant development that aims to enhance the stability, scalability, and liquidity of the ecosystem. While the integration of BTC is unlikely to completely dispel all doubts raised by the crypto community, it is a positive step that demonstrates Ethena's commitment to addressing concerns and building a more robust and resilient platform.

Ethena Labs 決定將 BTC 作為 USDe 的支援資產，這是一項重大進展，旨在增強生態系統的穩定性、可擴展性和流動性。雖然 BTC 的整合不太可能完全消除加密社群提出的所有疑慮，但這是一個積極的一步，表明 Ethena 致力於解決問題並建立一個更強大、更有彈性的平台。

As the DeFi space continues to evolve, the integration of multiple assets as collateral for stablecoins is expected to become increasingly prevalent. Ethena Labs' move towards diversifying its collateral base serves as a testament to this trend and positions USDe as a promising contender in the ever-competitive stablecoin market.

隨著 DeFi 領域的不斷發展，多種資產作為穩定幣抵押品的整合預計將變得越來越普遍。 Ethena Labs 實現抵押品基礎多元化的舉措證明了這一趨勢，並使 USDe 成為競爭日益激烈的穩定幣市場中一個有前途的競爭者。