Ethena Labs 透過比特幣整合增強 USDe 的穩定性和可擴展性

Ethena Labs 已將比特幣作為其 USDe 穩定幣的支援資產。此舉使 USDe 的抵押品基礎多樣化，並利用了比特幣的市場價值和信任。透過做空加密貨幣期貨來產生收益，Ethena 為用戶實現了 37% 的年化收益。將比特幣與其更大的未平倉合約相結合，增強了 USDe 的可擴展性和流動性。

Ethena Labs Enhances USDe Stability and Scalability with Bitcoin Integration

Ethena Labs 透過比特幣整合增強 USDe 的穩定性和可擴展性

San Francisco, April 4, 2024 - Ethena Labs, the pioneer in synthetic asset technology, has announced the strategic integration of Bitcoin (BTC) as a backing asset for its US dollar-pegged stablecoin, USDe. This move not only diversifies the collateral base of USDe but also leverages the robust market value and widespread trust associated with Bitcoin within the cryptocurrency community.

舊金山，2024 年 4 月 4 日 - 合成資產技術先驅 Ethena Labs 宣布策略整合比特幣 (BTC) 作為其與美元掛鉤的穩定幣 USDe 的支援資產。此舉不僅使 USDe 的抵押品基礎多樣化，而且還利用了加密貨幣社群內與比特幣相關的強勁市場價值和廣泛信任。

Strategic Rationale and Market Impact

策略原理和市場影響

The incorporation of Bitcoin into Ethena's strategy is driven by a multifaceted rationale. Firstly, it enhances the stability of USDe by reducing its reliance on a single collateral asset. By diversifying the collateral base, Ethena can mitigate the volatility inherent in cryptocurrency markets and ensure the value of USDe remains stable even during periods of market turbulence.

將比特幣納入 Ethena 的策略是由多方面的理由所驅動的。首先，它透過減少對單一抵押資產的依賴來增強 USDe 的穩定性。透過使抵押品基礎多樣化，Ethena 可以減輕加密貨幣市場固有的波動性，並確保 USDe 的價值即使在市場動盪時期也能保持穩定。

Secondly, the integration of Bitcoin taps into the significant market value and liquidity associated with the world's largest cryptocurrency. With an open interest of over $25 billion, Bitcoin provides Ethena with a robust source of collateral to support the issuance and redemption of USDe. This move is expected to significantly increase the scalability and liquidity of USDe, potentially allowing it to achieve an issuance capacity that is more than 2.5 times its current $2 billion supply.

其次，比特幣的整合利用了與世界上最大的加密貨幣相關的巨大市場價值和流動性。比特幣的未平倉合約超過 250 億美元，為 Ethena 提供了強大的抵押品來源，以支持 USDe 的發行和贖回。此舉預計將顯著提高 USDe 的可擴展性和流動性，使其發行能力可能是目前 20 億美元供應量的 2.5 倍以上。

Cash-and-Carry Trade Mechanism

現購自運貿易機制

Ethena's unique approach to generating yield involves a cash-and-carry trade mechanism. Users deposit cryptocurrencies, including Ethereum (ETH) and now Bitcoin (BTC), on the platform, which are then used to mint USDe. This USDe can be staked directly on Ethena's platform or supplied to other decentralized finance (DeFi) platforms to earn additional yield.

Ethena 產生收益的獨特方法涉及現金套利交易機制。用戶在平台上存入加密貨幣，包括以太幣 (ETH) 和現在的比特幣 (BTC)，然後用於鑄造 USDe。該 USDe 可以直接質押在 Ethena 的平台上，也可以提供給其他去中心化金融（DeFi）平台以獲得額外收益。

Balancing Volatility and Yield Generation

平衡波動性和收益率

The inclusion of Bitcoin in this strategy enables Ethena to strike a balance between managing volatility and generating yield. By holding BTC and simultaneously shorting BTC perpetual futures contracts, Ethena aims to neutralize any losses resulting from BTC's price fluctuations with gains from the short positions. This hedging mechanism helps ensure that the value of USDe remains stable, while still allowing Ethena to generate yield from the funding rates of its short positions.

將比特幣納入此策略使 Ethena 能夠在管理波動性和產生收益之間取得平衡。透過持有 BTC 並同時做空 BTC 永續期貨合約，Ethena 的目標是用空頭部位的收益來抵銷 BTC 價格波動造成的任何損失。這種對沖機制有助於確保 USDe 的價值保持穩定，同時仍允許 Ethena 從其空頭部位的融資利率中產生收益。

Market Response and Future Outlook

市場反應及未來展望

Initial market reaction to Ethena's strategic pivot has been mixed. While the price of ENA, Ethena's native token, experienced an initial 8% drop following the announcement, the broader sentiment towards the move has been cautiously optimistic. Market analysts highlight the potential for this move to bolster USDe's position as a safer alternative to conventional stablecoins and to significantly expand its market presence.

市場對 Ethena 策略支點的最初反應好壞參半。儘管 Ethena 的原生代幣 ENA 的價格在公告發布後最初下跌了 8%，但人們對這項舉措的整體情緒一直持謹慎樂觀的態度。市場分析師強調，此舉有可能鞏固 USDe 作為傳統穩定幣更安全替代品的地位，並大幅擴大其市場份額。

Ethena's innovative approach, which now includes Bitcoin as collateral, distinguishes its synthetic dollar product from conventional stablecoins by reducing reliance on the traditional banking system. With a $2 billion market capitalization, USDe ranks among the top five US dollar-denominated stablecoins, trailing only behind giants like USDT, USDC, DAI, and FDUSD.

Ethena 的創新方法現在將比特幣作為抵押品，透過減少對傳統銀行系統的依賴，將其合成美元產品與傳統穩定幣區分開來。 USDe 憑藉 20 億美元的市值，躋身美元計價穩定幣前五名，僅次於 USDT、USDC、DAI 和 FDUSD 等巨頭。

Technical Analysis of ENA/USDT

ENA/USDT技術分析

The price of ENA/USDT is currently consolidating around the $1.00 mark, with Fibonacci retracement levels drawn to indicate potential support/resistance areas. As of the latest candlestick, the price is slightly below the $1.00 level. The relative strength index (RSI) is hovering around 40.79, suggesting that the asset is neither overbought nor oversold.

ENA/USDT 的價格目前在 1.00 美元大關附近盤整，斐波那契回撤水準表明潛在的支撐/阻力區域。截至最新燭台，價格略低於 1.00 美元水準。相對強弱指數（RSI）徘徊在40.79附近，顯示該資產既沒有超買也沒有超賣。

The directional movement index (DMI) shows the average directional index (ADX) above 20, indicating a moderate strength, with the negative directional indicator (-DI) potentially crossing above the positive directional indicator (+DI), suggesting that the downtrend may be stronger than the uptrend in the near term. However, the consolidation around the $1.00 level indicates a balance between buyers and sellers, suggesting indecision in the market.

方向運動指數（DMI）顯示平均方向指數（ADX）高於 20，顯示強度適中，負方向指標（-DI）可能穿越正方向指標（+DI），顯示下降趨勢可能會持續。強於近期的上升趨勢。然而，圍繞 1.00 美元水平的盤整表明買家和賣家之間存在平衡，表明市場猶豫不決。

Conclusion and Implications

結論和啟示

Ethena Labs' integration of Bitcoin as a backing asset for USDe is a pivotal step towards achieving a more resilient and scalable synthetic dollar. This move not only enhances the safety and stability of USDe for token holders but also sets a precedent for integrating crypto assets in maintaining the peg and integrity of synthetic financial products.

Ethena Labs 將比特幣整合為 USDe 的支援資產，是實現更具彈性和可擴展性的合成美元的關鍵一步。此舉不僅增強了USDe對代幣持有者的安全性和穩定性，也為整合加密資產以維護合成金融產品的掛鉤和完整性開創了先例。

As Ethena Labs continues to refine its strategies and expand its collateral options, the broader DeFi community is eagerly watching how this strategic decision unfolds. The integration of Bitcoin into Ethena's platform is a testament to the growing maturity and sophistication of the DeFi ecosystem, and it has the potential to reshape the landscape of synthetic assets and stablecoins.

隨著 Ethena Labs 不斷完善其策略並擴大抵押品選擇，更廣泛的 DeFi 社群正在熱切關注這項策略決策的進展。比特幣融入 Ethena 平台證明了 DeFi 生態系統的日益成熟和完善，並且有可能重塑合成資產和穩定幣的格局。