Ethena Labs 透過比特幣整合為 USDe 擴張鋪平道路

USDe 的創建者 Ethena Labs 已添加比特幣 (BTC) 作為其與美元掛鉤的合成穩定幣的抵押品，其目標是在當前 20 億美元的流通量基礎上大幅擴張。 Ethena 認為，引入比特幣將增強流動性，並為 USDe 持有者創造更安全、更穩定的環境，因為 BTC 衍生性商品市場的成長率更快，可擴展性更好。

Ethena Labs Forges Path to Expand USDe with Bitcoin Integration

Ethena Labs 開闢了透過比特幣整合擴展 USDe 的道路

In a bold move to bolster its synthetic dollar-pegged offering, Ethena Labs, the driving force behind USDe, has strategically integrated Bitcoin (BTC) as collateral, setting the stage for a significant expansion from its current $2 billion circulation.

USDe 背後的推動力Ethena Labs 採取了一項大膽舉措，策略性地將比特幣(BTC) 整合為抵押品，以支持其與美元掛鉤的合成產品，為當前20 億美元流通量的大幅擴張奠定了基礎。

Scaling Potential Catalyzed by Surging Bitcoin Open Interest

比特幣未平倉合約激增推動擴大潛力

Ethena's astute decision coincides with a surge in Bitcoin open interest, which has witnessed a remarkable growth of 2.5 times from $10 billion to $25 billion in the past year alone. This trend suggests a substantial scaling opportunity for USDe, potentially increasing its circulation manifold.

Ethena 的精明決定恰逢比特幣未平倉合約激增，僅在過去一年，比特幣未平倉合約就從 100 億美元增長了 2.5 倍，達到 250 億美元。這一趨勢顯示 USDe 存在巨大的擴容機會，並有可能增加其流通流形。

Enhancing Liquidity and Fortifying Security

增強流動性並強化安全性

The integration of Bitcoin into USDe's collateral framework is expected to unleash a wealth of benefits, including enhanced liquidity and a more secure and resilient environment for holders. Bitcoin's vast derivative markets, which surpass those of Ethereum in growth rate, provide greater scalability and liquidity for delta hedging.

將比特幣整合到 USDe 的抵押品框架中預計將帶來大量好處，包括增強流動性以及為持有者提供更安全、更有彈性的環境。比特幣龐大的衍生性商品市場，其成長率超過了以太坊，為 Delta 對沖提供了更大的可擴展性和流動性。

Delta Hedging Strategy Underpins USDe Stability

Delta 對沖策略支撐美元穩定

To maintain USDe's peg, Ethena employs a delta hedging strategy, utilizing short positions in Ether or Ether-based derivatives. This approach effectively mitigates downward volatility by offsetting price declines in Ether, the primary collateral asset for USDe.

為了維持 USDe 的掛鉤，Ethena 採用了 Delta 對沖策略，利用以太坊或基於以太坊的衍生品的空頭部位。這種方法透過抵消 USDe 的主要抵押資產 ETH 的價格下跌，有效地緩解了下行波動。

Diversification Beyond Ether

超越以太坊的多元化

Prior to the integration of Bitcoin, USDe relied solely on Ether (ETH), Tether (USDT), and Ether-based liquid staking tokens as collateral. The addition of Bitcoin diversifies the collateral pool, reducing concentration risk and enhancing overall stability.

在整合比特幣之前，USDe 僅依賴以太坊 (ETH)、Tether (USDT) 和基於以太坊的流動質押代幣作為抵押品。比特幣的加入使抵押品池多樣化，降低了集中風險並增強了整體穩定性。

Strategic Sourcing and Deployment of Collateral

抵押品的策略採購與部署

Ethena strategically sources its collateral from leading crypto exchanges, with Binance, ByBit, and OKX accounting for a combined 94%. This optimized deployment ensures efficient access to liquidity and minimizes counterparty risk.

Ethena 策略性地從領先的加密貨幣交易所採購抵押品，其中 Binance、ByBit 和 OKX 合計佔 94%。這種優化的部署可確保有效獲得流動性並最大限度地降低交易對手風險。

Staking Yield Considerations

質押收益考量

While Bitcoin lacks native staking yield compared to staked Ether, Ethena highlights that during bullish periods, the impact of staking yields is less significant due to elevated funding rates that can exceed 30%.

雖然與質押的以太幣相比，比特幣缺乏原生質押收益率，但 Ethena 強調，在看漲時期，由於融資利率可能超過 30%，質押收益率的影響並不那麼顯著。

Distinguishing USDe from Stablecoins

區分 USDe 和穩定幣

Ethena positions USDe as a unique alternative to traditional stablecoins by reducing reliance on the traditional banking system and providing greater flexibility for users. This distinction has contributed to USDe's ranking among the top five USD-denominated products by market capitalization, trailing only established stablecoins like USDT, USDC, DAI, and FDUSD.

Ethena 透過減少對傳統銀行系統的依賴並為用戶提供更大的靈活性，將 USDe 定位為傳統穩定幣的獨特替代品。這一差異使得 USDe 躋身市值排名前五名的美元計價產品之列，僅落後於 USDT、USDC、DAI 和 FDUSD 等成熟穩定幣。

Conclusion

結論

Ethena Labs' strategic integration of Bitcoin into USDe's collateral framework represents a transformative leap forward. By harnessing the growing Bitcoin derivative markets and leveraging sophisticated hedging techniques, Ethena sets the stage for substantial expansion, enhanced security, and broader market acceptance for its synthetic dollar offering. As the demand for digital assets continues to soar, USDe is poised to capture a significant market share and solidify its position as a leading innovator in the rapidly evolving world of cryptocurrencies.

Ethena Labs 將比特幣策略性整合到 USDe 的抵押品框架中，代表著一次變革性的飛躍。透過利用不斷增長的比特幣衍生性商品市場並利用複雜的對沖技術，Ethena 為其合成美元產品的大幅擴張、增強的安全性和更廣泛的市場接受度奠定了基礎。隨著對數位資產的需求持續飆升，USDe 預計將佔據重要的市場份額，並鞏固其作為快速發展的加密貨幣世界中領先創新者的地位。