Ethena Labs 整合比特幣以增強 USDe 穩定幣的穩定性

Ethena Labs 透過納入比特幣、加入 ETH、基於 ETH 的流動質押代幣和 USDT，擴大了其與美元掛鉤的合成穩定幣 USDe 的支持資產。這項策略性舉措旨在透過利用比特幣衍生性商品市場相對於 ETH 衍生性商品市場不斷增長的流動性和減少的波動性來增強 USDe 的可擴展性和穩定性。 Ethena 的 Delta 對沖策略，加上比特幣支持，為用戶提供了更安全、更有彈性的產品。

Ethena Labs Bolsters USDe Stability with Bitcoin Integration

Ethena Labs 透過比特幣整合增強 USDe 穩定性

Introduction

介紹

Ethena Labs, a trailblazing decentralized finance (DeFi) protocol, has unveiled a strategic decision to incorporate Bitcoin as a fundamental backing asset for its flagship synthetic dollar-pegged stablecoin, USDe. This move is poised to significantly enhance USDe's scalability and provide users with an unparalleled level of security.

Ethena Labs 是一個開創性的去中心化金融 (DeFi) 協議，它公佈了一項戰略決定，將比特幣作為其旗艦合成美元錨定穩定幣 USDe 的基本支援資產。此舉將顯著增強 USDe 的可擴展性，並為用戶提供無與倫比的安全性。

Bitcoin's Burgeoning Role

比特幣的新興角色

Ethena Labs' decision to embrace Bitcoin stems from the burgeoning growth of Bitcoin derivatives markets, which have outpaced their ETH-based counterparts. Over the past year, Bitcoin's open interest has skyrocketed by 150%, reaching an impressive $25 billion, while ETH open interest has witnessed a more modest 100% growth, reaching $10 billion. This surge in liquidity and the increased scaling potential of BTC derivatives markets have been instrumental in driving Ethena's strategic shift.

Ethena Labs 決定擁抱比特幣，源自於比特幣衍生性商品市場的蓬勃發展，該市場的發展速度已經超過了基於 ETH 的衍生性商品市場。在過去的一年裡，比特幣的未平倉合約飆升了150%，達到了令人印象深刻的250 億美元，而ETH 的未平倉合約則見證了較為溫和的100% 增長，達到了100億美元。流動性的激增和 BTC 衍生性商品市場擴大規模的潛力有助於推動 Ethena 的策略轉變。

Enhanced Liquidity and Hedging Capabilities

增強流動性和對沖能力

According to Ethena Labs, Bitcoin offers superior liquidity and duration profile compared to liquid staking tokens. As USDe scales towards a market cap of $10 billion, this enhanced liquidity and stability will provide a more robust foundation, ultimately resulting in a safer and more reliable product for users.

根據 Ethena Labs 的說法，與流動性質押代幣相比，比特幣提供了卓越的流動性和久期特徵。隨著 USDe 的市值向 100 億美元邁進，這種增強的流動性和穩定性將為用戶提供更堅實的基礎，最終為用戶帶來更安全、更可靠的產品。

Delta Hedging Strategy

Delta 對沖策略

To maintain the USDe peg, Ethena Labs employs a sophisticated delta hedging strategy in the derivatives market. This strategy involves maintaining short positions in ETH or ETH-based derivatives, which become profitable when the price of ETH declines. As a result, Ethena can effectively offset any downward volatility in USDe's collateral, ensuring the stability of the peg.

為了維持與美元掛鉤的匯率，Ethena Labs 在衍生性商品市場採用了複雜的 Delta 對沖策略。該策略涉及維持 ETH 或基於 ETH 的衍生品的空頭頭寸，當 ETH 價格下跌時，這些頭寸就會獲利。因此，Ethena 可以有效抵消 USDe 抵押品的任何下行波動，確保錨定匯率的穩定性。

Composition of Backing Assets

支持資產組成

Prior to the integration of Bitcoin, USDe was backed by a combination of Ether (ETH), Tether (USDT), and ETH-based liquid staking tokens in proportions of 45%, 38%, and 17%, respectively. With the addition of Bitcoin, the composition of USDe's backing assets will evolve to provide increased stability and diversification.

在比特幣整合之前，USDe 由以太坊 (ETH)、Tether (USDT) 和基於 ETH 的流動質押代幣組合支持，比例分別為 45%、38% 和 17%。隨著比特幣的加入，USDe 的支援資產的組成將不斷演變，以提供更高的穩定性和多樣化。

Differentiation from Traditional Finance

與傳統金融的區別

Ethena Labs is committed to differentiating its synthetic dollar product by reducing its reliance on the traditional banking system. By leveraging blockchain technology and decentralized protocols, Ethena aims to create a more accessible, transparent, and efficient financial ecosystem.

Ethena Labs 致力於透過減少對傳統銀行系統的依賴來使其合成美元產品脫穎而出。透過利用區塊鏈技術和去中心化協議，Ethena 旨在創建一個更易於存取、透明和高效的金融生態系統。

Market Position

市場地位

USDe has emerged as a formidable force in the US-dollar-denominated stablecoin landscape. According to CoinGecko, it currently ranks as the fifth largest among similar products, a testament to its growing popularity and acceptance within the crypto community.

USDe 已成為美元計價穩定幣領域的一股強大力量。據 CoinGecko 稱，它目前在同類產品中排名第五，證明了它在加密社群中越來越受歡迎和接受。

Conclusion

結論

Ethena Labs' decision to incorporate Bitcoin as a backing asset for USDe is a significant step forward in the evolution of decentralized stablecoins. This strategic move enhances USDe's scalability, liquidity, and hedging capabilities, providing users with a more robust and secure product. As the DeFi ecosystem continues to mature, Ethena Labs is well-positioned to lead the charge towards a more equitable and transparent financial system.

Ethena Labs 決定將比特幣作為 USDe 的支援資產，這是去中心化穩定幣發展的重要一步。這項策略性舉措增強了 USDe 的可擴展性、流動性和對沖能力，為用戶提供更穩健、更安全的產品。隨著 DeFi 生態系統的不斷成熟，Ethena Labs 完全有能力引領更公平和透明的金融體系的發展。