Ethena Labs 的比特幣整合釋放了 USDe 的指數級上升

Ethena Labs 將比特幣作為抵押品整合到 USDe 中，旨在將其與美元掛鉤的合成資產規模擴大到超過 20 億美元。這項策略性舉措利用了比特幣蓬勃發展的衍生性商品市場，提供了更高的可擴展性和流動性。 Ethena 的目標是在比特幣強大的生態系統的推動下，USDe 實現 2.5 倍的成長。

Ethena Labs' Seismic Shift: Bitcoin Integration Unleashes USDe's Exponential Expansion

Ethena Labs 的巨大轉變：比特幣整合釋放了 USDe 的指數級擴張

Ethena Labs has sent shockwaves through the cryptocurrency industry with its audacious move to integrate Bitcoin as collateral for its USDe synthetic dollar. This strategic masterstroke is not merely an update but a transformative pivot poised to propel USDe into new frontiers of possibility, leveraging the burgeoning Bitcoin craze to achieve exponential growth.

Ethena Labs 大膽地將比特幣作為其 USDe 合成美元的抵押品，此舉在加密貨幣行業引起了軒然大波。這條戰略主線不僅是一次更新，而且是一個變革性的支點，將推動 USDe 進入新的可能性領域，利用蓬勃發展的比特幣熱潮實現指數級增長。

Bitcoin's Allure: A Catalyst for USDe's Ascension

比特幣的魅力：USDe崛起的催化劑

Ethena's decision to embrace Bitcoin is not a random act. It is a calculated move that capitalizes on the remarkable surge in Bitcoin's open interest, which has skyrocketed from $10 billion to an astonishing $25 million over the past year. This exponential growth has attracted Ethena's attention, recognizing it as an opportunity to amplify USDe's scalability by a remarkable factor of 2.5.

Ethena 接受比特幣的決定並不是偶然的。這是一個經過深思熟慮的舉措，利用了比特幣未平倉頭寸的顯著飆升，比特幣未平倉頭寸在過去一年中從 100 億美元飆升至驚人的 2500 萬美元。這種指數級增長引起了 Ethena 的注意，她認為這是將 USDe 的可擴展性放大 2.5 倍的機會。

The integration of Bitcoin as collateral will enable USDe to tap into the vast liquidity and scalability advantages of Bitcoin's derivative markets. This strategic alliance will bolster USDe's ability to maintain its peg to the US dollar, making it an even more attractive option for investors seeking stability in the volatile cryptocurrency landscape.

將比特幣作為抵押品的整合將使 USDe 能夠利用比特幣衍生性商品市場的巨大流動性和可擴展性優勢。這個策略聯盟將增強 USDe 維持與美元掛鉤的能力，使其成為在動盪的加密貨幣環境中尋求穩定的投資者更具吸引力的選擇。

USDe's Genesis and Evolving Journey

USDe 的起源和演變之旅

USDe's genesis occurred on February 19 on the Ethereum blockchain, accompanied by an enticing annual percentage yield (APY) of 27.6% on staked USDe. This bold move generated both excitement and skepticism within the community, with the APY peaking at an eye-catching 113% on March 5. Subsequently, it has stabilized at a more subdued 7.15%.

USDe 於 2 月 19 日在以太坊區塊鏈上誕生，抵押的 USDe 的年收益率 (APY) 高達 27.6%。這一大膽的舉動在社區內引起了興奮和懷疑，APY 在 3 月 5 日達到了引人注目的 113% 的峰值。隨後，它穩定在較為溫和的 7.15%。

Prior to the integration of Bitcoin, USDe's collateral composition comprised a combination of ETH, Tether (USDT), and Ethereum-based liquid staking tokens, with respective allocations of 45%, 38%, and 17%. Ethena's collateral sources are transparent, with Binance, Bybit, and OKX contributing the lion's share at 59%, 15%, and 20%.

在整合比特幣之前，USDe 的抵押品構成包括 ETH、Tether (USDT) 和基於以太坊的流動質押代幣的組合，比例分別為 45%、38% 和 17%。 Ethena 的抵押品來源透明，幣安、Bybit 和 OKX 貢獻了最大份額，分別為 59%、15% 和 20%。

Delta Hedging: Ethena's Strategic Weapon

Delta 對沖：Ethena 的戰略武器

Ethena employs delta hedging, a sophisticated strategy, to maintain USDe's value peg. This approach involves taking short positions in Ethereum or its derivatives, which yield profits when Ether's price falls. Such maneuvers enable Ethena to protect USDe's collateral from market volatility.

Ethena 採用 Delta 對沖（一種複雜的策略）來維持 USDe 的價值掛鉤。這種方法涉及在以太坊或其衍生品中建立空頭頭寸，當以太坊價格下跌時，這會產生利潤。此類策略使 Ethena 能夠保護 USDe 的抵押品免受市場波動的影響。

Bitcoin's Staking Conundrum: A Non-Issue for Ethena

比特幣的質押難題：對 Ethena 來說不是問題

One may question Bitcoin's lack of native staking yield compared to staked Ether. However, Ethena dismisses this concern, emphasizing that staking yields of 3%–4% become less significant during bull markets when funding rates can exceed 30%.

有人可能會質疑，與質押的以太幣相比，比特幣缺乏原生質押收益率。然而，Ethena 駁斥了這種擔憂，強調在牛市期間，當融資利率可能超過 30% 時，3%–4% 的質押收益率變得不那麼重要。

A Bold Vision for the Future of Synthetic Dollars

合成美元未來的大膽願景

Ethena's decision to integrate Bitcoin into USDe is not just an update; it is a bold, strategic move that reshapes the future of synthetic dollars. It harnesses the potential of Bitcoin's thriving derivative markets to establish a robust and scalable foundation for USDe. Ethena's vision extends beyond mere expansion; it seeks to revolutionize the way synthetic dollars operate in the cryptocurrency ecosystem.

Ethena 將比特幣整合到 USDe 中的決定不僅僅是一個更新；更是一個更新。這是重塑合成美元未來的大膽策略舉措。它利用比特幣蓬勃發展的衍生性商品市場的潛力，為 USDe 建立強大且可擴展的基礎。 Ethena 的願景不僅僅是擴張；它尋求徹底改變合成美元在加密貨幣生態系統中的運作方式。

Implications for Investors and the Broader Market

對投資者和更廣泛市場的影響

The ramifications of this integration are profound. With Bitcoin's unparalleled liquidity and scalability at its disposal, Ethena is positioning USDe as a highly appealing investment option for those seeking stability amidst market volatility.

這種整合的影響是深遠的。憑藉比特幣無與倫比的流動性和可擴展性，Ethena 將 USDe 定位為對於那些在市場波動中尋求穩定的人來說極具吸引力的投資選擇。

Furthermore, this integration underscores Ethena's commitment to innovation and adaptability. By embracing Bitcoin, Ethena acknowledges the cryptocurrency's potential to contribute to the growth and stability of other digital assets, paving the way for a more interconnected and symbiotic crypto ecosystem.

此外，這種整合強調了 Ethena 對創新和適應性的承諾。透過擁抱比特幣，Ethena 承認加密貨幣有促進其他數位資產的成長和穩定性的潛力，為更互聯和共生的加密生態系統鋪平了道路。

Conclusion: A Game-Changer in the Synthetic Dollar Landscape

結論：合成美元格局的遊戲規則改變者

Ethena Labs' integration of Bitcoin into USDe is a game-changer in the synthetic dollar landscape. It is a testament to Ethena's foresight and strategic acumen, harnessing the power of Bitcoin to unlock new possibilities for USDe and the broader cryptocurrency market. This bold move sets the stage for USDe to become a leading force in the synthetic dollar space, offering investors unparalleled stability, scalability, and growth potential.

Ethena Labs 將比特幣整合到 USDe 中，改變了合成美元格局。這證明了 Ethena 的遠見和戰略敏銳度，利用比特幣的力量為 USDe 和更廣泛的加密貨幣市場釋放新的可能性。這一大膽舉措為 USDe 成為合成美元領域的主導力量奠定了基礎，為投資者提供了無與倫比的穩定性、可擴展性和成長潛力。