Ethena Labs 添加比特幣作為 USDe 抵押品，增強代幣穩定性和市場影響力

Ethena Labs 宣布將比特幣 (BTC) 作為其與美元掛鉤的合成產品 USDe 的抵押品。此舉旨在利用比特幣在主要加密貨幣交易所不斷增長的未平倉合約及其高流動性衍生性商品市場來增強流動性和穩健性，從而大幅擴大其當前 20 億美元的供應量。

Ethena Labs Expands USDe's Collateral to Include Bitcoin, Bolstering Stability and Liquidity

Ethena Labs 擴大 USDe 的抵押品範圍，納入比特幣，增強穩定性和流動性

Ethena Labs, the innovative team behind the synthetic dollar-pegged product USDe, has taken a bold step towards enhancing the stability and liquidity of its token. In a groundbreaking move, the company has announced the addition of Bitcoin (BTC) as collateral for USDe, unlocking the potential for significant scaling beyond its current $2 billion supply.

Ethena Labs 是合成美元掛鉤產品 USDe 背後的創新團隊，在增強其代幣的穩定性和流動性方面邁出了大膽的一步。該公司宣布添加比特幣 (BTC) 作為 USDe 的抵押品，這是一項突破性舉措，釋放了其當前 20 億美元供應量之外大幅擴容的潛力。

This strategic decision is driven by the surge in Bitcoin's open interest on major cryptocurrency exchanges, which has skyrocketed from $10 billion to $25 million in the past year. This remarkable growth presents a compelling opportunity for USDe to expand its reach and become a more prominent player in the stablecoin market.

這項戰略決策是由主要加密貨幣交易所的比特幣未平倉合約激增推動的，在過去的一年裡，比特幣未平倉合約從 100 億美元飆升至 2,500 萬美元。這一顯著的成長為 USDe 提供了一個絕佳的機會，可以擴大其影響力並成為穩定幣市場中更重要的參與者。

Ethena's decision to incorporate Bitcoin as collateral is not only a testament to its commitment to innovation but also reflects the company's deep understanding of the market dynamics. The team has meticulously analyzed the Bitcoin derivative markets and concluded that they offer superior scalability and liquidity for delta hedging compared to Ether-based instruments.

Ethena 決定將比特幣作為抵押品，不僅證明了其對創新的承諾，也反映了該公司對市場動態的深刻理解。該團隊仔細分析了比特幣衍生性商品市場，得出的結論是，與基於以太坊的工具相比，它們為 Delta 對沖提供了卓越的可擴展性和流動性。

Moreover, by adding Bitcoin to its collateral portfolio, Ethena aims to provide a safer and more robust product for USDe token holders. Unlike Ether, Bitcoin does not offer a native staking yield. However, Ethena argues that this factor is less significant during bull markets, when funding rates can exceed 30%.

此外，透過將比特幣添加到其抵押品組合中，Ethena 旨在為 USDe 代幣持有者提供更安全、更穩健的產品。與以太幣不同，比特幣不提供原生質押收益。然而，Ethena 認為，這個因素在牛市期間較不重要，因為此時融資利率可能超過 30%。

Prior to the inclusion of Bitcoin, USDe was primarily backed by Ethereum (ETH), Tether (USDT), and Ether-based liquid staking tokens. Ethena sources a significant portion of its collateral from reputable centralized exchanges such as Binance, ByBit, and OKX.

在納入比特幣之前，USDe 主要由以太坊 (ETH)、Tether (USDT) 和基於以太坊的流動質押代幣支持。 Ethena 的抵押品很大一部分來自 Binance、ByBit 和 OKX 等信譽良好的中心化交易所。

The addition of Bitcoin to USDe's collateral lineup has been met with cautious optimism by industry experts. Some, like Andre Cronje, a renowned DeFi developer, have raised concerns about the sustainability of the Ethena Labs model. However, the company remains confident in its ability to navigate the challenges and deliver a stable and reliable product for its users.

行業專家對將比特幣添加到 USDe 抵押品陣容中表示謹慎樂觀。有些人，例如著名 DeFi 開發者 Andre Cronje，對 Ethena Labs 模式的可持續性表示擔憂。然而，該公司對其應對挑戰並為用戶提供穩定可靠的產品的能力仍然充滿信心。

Currently, USDe ranks fifth in market capitalization among stablecoins, trailing behind USDT, USD Coin (USDC), Dai (DAI), and First Digital USD (FDUSD). With the addition of Bitcoin as collateral, Ethena anticipates a significant increase in adoption and a potential surge in its market share.

目前，USDe 的市值在穩定幣中排名第五，落後於 USDT、美元幣（USDC）、Dai（DAI）和 First Digital USD（FDUSD）。 Ethena 預計，隨著比特幣作為抵押品的加入，比特幣的採用率將顯著增加，其市場份額可能會大幅增加。

As the cryptocurrency market continues to evolve and mature, stablecoins like USDe play a crucial role in fostering stability and facilitating the growth of decentralized finance. Ethena Labs' bold move to include Bitcoin as collateral demonstrates its unwavering commitment to innovation and its dedication to providing a superior product for its users.

隨著加密貨幣市場的不斷發展和成熟，像 USDe 這樣的穩定幣在促進穩定性和促進去中心化金融的成長方面發揮著至關重要的作用。 Ethena Labs 將比特幣作為抵押品的大膽舉措表明了其對創新的堅定承諾以及致力於為用戶提供優質產品的決心。