Ethena Labs 透過比特幣抵押品擴展 USDe，瞄準巨大的市場成長

USDe 背後的推動者 Ethena Labs 已將比特幣 (BTC) 作為其與美元掛鉤的人工產品的抵押品，旨在大幅擴大其 20 億美元的供應量。隨著主要交易所的比特幣需求激增，USDe 有潛力擴大 2.5 倍，使其成為代幣持有者的強大且可擴展的產品。

Ethena Labs Integrates Bitcoin as Collateral for USDe, Targeting Significant Expansion

Ethena Labs 將比特幣作為 USDe 的抵押品，目標是大幅擴張

Ethena Labs, the driving force behind the US dollar-pegged artificial asset USDe, has strategically incorporated Bitcoin (BTC) as collateral to fuel its growth trajectory. The move aims to bolster the project's scalability and enhance its stability, targeting a substantial increase from its current supply of $2 billion.

Ethena Labs 是與美元掛鉤的人工資產 USDe 背後的推動力量，該公司策略性地將比特幣 (BTC) 作為抵押品，以推動其成長軌跡。此舉旨在增強該項目的可擴展性並增強其穩定性，目標是在當前 20 億美元的供應量基礎上大幅增加。

With Bitcoin's open interest surging from $10 billion to $25 million over the past calendar year on major cryptocurrency exchanges, Ethena recognizes the immense potential to scale USDe by a factor of 2.5. This integration marks a pivotal moment in the project's evolution, poised to unlock significant growth opportunities.

隨著過去一年中主要加密貨幣交易所的比特幣未平倉部位從 100 億美元飆升至 2,500 萬美元，Ethena 意識到將 USDe 擴大 2.5 倍的巨大潛力。此次整合標誌著該項目發展的關鍵時刻，並有望釋放重大成長機會。

USDe went live on the Ethereum network on February 19, 2024. At its inception, Ethena promised an attractive 27.6% annual percentage yield (APY) on staked USDe, raising eyebrows within the crypto community. The APY peaked at an impressive 113% on March 5 but has since stabilized at a more sustainable 7.15%.

USDe 於 2024 年 2 月 19 日在以太坊網路上上線。在成立之初，Ethena 承諾質押 USDe 的年收益率 (APY) 具有吸引力，達到 27.6%，這引起了加密社群的關注。 APY 在 3 月 5 日達到令人印象深刻的 113% 峰值，但此後穩定在更永續的 7.15%。

"This is a game-changing development that will enable USDe to scale substantially from its current $2 billion supply," exclaimed Ethena Labs in an April 4 announcement.

Ethena Labs 在 4 月 4 日的聲明中感嘆道：“這是一項改變遊戲規則的開發，將使 USDe 能夠在當前 20 億美元的供應量基礎上大幅擴大規模。”

Ethena meticulously selected Bitcoin as collateral due to its superior liquidity and inherent stability, offering USDe token holders a more secure and robust product. The company explained, "BTC spinoff markets are growing at a faster pace than ETH and offer significantly better scalability and liquidity for delta hedging."

Ethena 精心挑選比特幣作為抵押品，因為它具有卓越的流動性和固有的穩定性，為 USDe 代幣持有者提供更安全、更穩健的產品。該公司解釋說：“BTC 衍生市場的增長速度快於 ETH，並為 Delta 對沖提供了明顯更好的可擴展性和流動性。”

Ethena employs a sophisticated delta hedging strategy in the derivatives market to maintain USDe's peg with the US dollar. When Ether's price falls, Ethena's positions in Ether derivatives generate profits, offsetting any downward volatility in USDe's collateral.

Ethena 在衍生性商品市場採用複雜的 Delta 對沖策略，以維持 USDe 與美元的掛鉤。當以太幣價格下跌時，Ethena 持有的以太幣衍生性商品部位會產生利潤，抵消 USDe 抵押品的任何下行波動。

Prior to the Bitcoin addition, USDe was backed by a combination of Ether (ETH), Tether (USDT), and Ether-based liquid staking tokens in proportions of 45%, 38%, and 17%, respectively. The company sources the majority of its collateral from industry-leading exchanges, including Binance (59%), ByBit (15%), and OKX (20%). Deribit, Bitget, and BitMEX contribute the remaining 6%.

在添加比特幣之前，USDe 由以太坊 (ETH)、Tether (USDT) 和基於以太坊的流動質押代幣組合支持，比例分別為 45%、38% 和 17%。該公司的大部分抵押品來自業界領先的交易所，包括幣安 (59%)、ByBit (15%) 和 OKX (20%)。 Deribit、Bitget 和 BitMEX 貢獻了剩餘的 6%。

Ethena acknowledges that Bitcoin lacks a native staking yield like staked Ether, but the reported staking yields of 3-4% are considered "less significant" in bullish market environments where funding fees can exceed 30%.

Ethena 承認，比特幣缺乏像質押以太幣那樣的原生質押收益率，但在融資費用可能超過 30% 的牛市環境中，報告的 3-4% 的質押收益率被認為「不太重要」。

Ethena is actively expanding its team, onboarding experienced professionals in quantitative finance, banking, and blockchain technology. The company is determined to distinguish USDe from traditional stablecoins by reducing or eliminating reliance on the conventional banking system.

Ethena 正在積極擴大其團隊，招募量化金融、銀行和區塊鏈技術方面經驗豐富的專業人士。該公司決心透過減少或消除對傳統銀行系統的依賴，將 USDe 與傳統穩定幣區分開來。

Currently, USDe ranks as the fifth-largest US dollar-denominated cryptocurrency by market capitalization, according to CoinGecko. Its $2 billion market cap trails only USDT, USD Coin (USDC), Dai (DAI), and First Digital USD (FDUSD).

據 CoinGecko 稱，目前，按市值計算，USDe 是第五大美元計價的加密貨幣。其 20 億美元的市值僅落後於 USDT、美元幣 (USDC)、Dai (DAI) 和 First Digital USD (FDUSD)。

The addition of Bitcoin as collateral underscores Ethena's commitment to innovation and stability. With the crypto market poised for a new growth cycle, Ethena is well-positioned to leverage its enhanced product offering to capture a significant market share. The project's ambitious expansion plans and robust technical capabilities position it as a formidable player in the rapidly evolving world of synthetic assets.

添加比特幣作為抵押品強調了 Ethena 對創新和穩定性的承諾。隨著加密貨幣市場準備進入新的成長週期，Ethena 已做好充分準備，利用其增強的產品供應來佔領重要的市場份額。該計畫雄心勃勃的擴張計劃和強大的技術能力使其成為快速發展的合成資產世界中的強大參與者。