Ethena Labs 擴大 USDe 抵押品規模，整合比特幣

Ethena Labs 是與美元掛鉤的合成加密貨幣 USDe 背後的團隊，宣布與比特幣 (BTC) 整合作為抵押品。此舉利用了比特幣不斷增加的未平倉合約，旨在大幅擴大 USDe 的供應量。 Ethena 相信，透過結合比特幣的流動性和穩定性，USDe 可以提供更穩健、更安全的產品，特別是在融資利率超過質押收益率的牛市中。

Ethena Labs Expands Collateral Base for USDe with Bitcoin Integration

Ethena Labs 透過比特幣整合擴大 USDe 的抵押品基礎

New York, April 4, 2024 - Ethena Labs, the innovative developer behind the synthetic dollar-pegged token USDe, has announced a significant enhancement to its product offering. The company has added Bitcoin (BTC) as an additional collateral asset, enabling USDe to scale its supply and liquidity by a factor of 2.5.

紐約，2024 年 4 月 4 日 - 與美元掛鉤的合成代幣 USDe 背後的創新開發商 Ethena Labs 宣布大幅增強其產品供應。該公司已添加比特幣 (BTC) 作為額外的抵押資產，使 USDe 能夠將其供應和流動性擴大 2.5 倍。

This move is a strategic response to the increasing interest in Bitcoin as a derivative instrument. Over the past year, open interest in Bitcoin futures has surged from $10 billion to $25 million on major cryptocurrency exchanges, presenting a substantial opportunity for Ethena to tap into this growing market.

此舉是對比特幣作為衍生工具日益增長的興趣的策略回應。過去一年，主要加密貨幣交易所的比特幣期貨未平倉合約從 100 億美元飆升至 2,500 萬美元，為 Ethena 進軍這個不斷增長的市場提供了巨大的機會。

Ethena's decision to incorporate Bitcoin as collateral stems from its desire to enhance the safety, robustness, and liquidity of USDe. Bitcoin's prominent market position and established derivative markets provide Ethena with greater flexibility in managing collateral and maintaining the token's peg.

Ethena 決定將比特幣作為抵押品，源自於其增強 USDe 安全性、穩健性和流動性的願望。比特幣突出的市場地位和成熟的衍生性商品市場為 Ethena 在管理抵押品和維持代幣掛鉤方面提供了更大的靈活性。

"BTC derivative markets are growing at a faster pace than ETH and offer better scalability and liquidity for delta hedging," Ethena explained in a post on X.

Ethena 在 X 上的一篇文章中解釋道：“BTC 衍生品市場的成長速度快於 ETH，並為 Delta 對沖提供了更好的可擴展性和流動性。”

Prior to the Bitcoin addition, USDe was predominantly backed by Ether (ETH), Tether (USDT), and Ether-based liquid staking tokens. With the inclusion of Bitcoin, the collateral composition now stands at 45% ETH, 38% USDT, 17% BTC, and 3% other assets.

在添加比特幣之前，USDe 主要由以太坊 (ETH)、Tether (USDT) 和基於以太坊的流動質押代幣支持。納入比特幣後，抵押品構成目前為 45% ETH、38% USDT、17% BTC 和 3% 其他資產。

Ethena's collateral strategy involves sourcing assets from reputable exchanges such as Binance, ByBit, OKX, Deribit, Bitget, and BitMEX. This diversified approach ensures access to ample liquidity and minimizes the risk of concentration.

Ethena 的抵押品策略涉及從 Binance、ByBit、OKX、Deribit、Bitget 和 BitMEX 等信譽良好的交易所採購資產。這種多元化的方式確保充足的流動性並最大限度地降低集中風險。

While Bitcoin does not offer a native staking yield like Ether, Ethena believes that staking yields become less significant during bull markets when funding rates can exceed 30%. The company emphasizes that the addition of Bitcoin provides a resilient and scalable collateral base that aligns with its long-term growth objectives.

雖然比特幣不像以太坊那樣提供原生質押收益率，但 Ethena 認為，在牛市期間，當融資利率可能超過 30% 時，質押收益率變得不那麼重要。該公司強調，比特幣的加入提供了一個有彈性且可擴展的抵押品基礎，符合其長期成長目標。

The expansion of USDe's collateral base is a testament to Ethena's commitment to differentiating its synthetic dollar product from traditional stablecoins. By minimizing reliance on the banking system and utilizing sophisticated trading strategies, Ethena aims to create a more stable and accessible alternative to conventional financial instruments.

USDe 抵押品基礎的擴大證明了 Ethena 致力於將其合成美元產品與傳統穩定幣區分開來。透過最大限度地減少對銀行系統的依賴並利用複雜的交易策略，Ethena 旨在創建一種比傳統金融工具更穩定、更容易使用的替代品。

Currently, USDe ranks within the top five largest United States dollar-denominated products by market capitalization, surpassed only by USDT, USDC, DAI, and FDUSD. This achievement reflects Ethena's success in establishing USDe as a viable and competitive option within the rapidly evolving digital asset landscape.

目前，USDe 躋身美元計價產品市值前五名，僅次於 USDT、USDC、DAI 和 FDUSD。這項成就反映了 Ethena 成功地將 USDe 打造成快速發展的數位資產領域中可行且具競爭力的選擇。

As Ethena continues to refine its product offerings, the company remains focused on delivering innovative solutions that address the challenges and opportunities presented by the cryptocurrency ecosystem. The addition of Bitcoin as collateral for USDe is a significant step forward in that direction, providing users with enhanced scalability, liquidity, and stability in their digital financial transactions.

隨著 Ethena 不斷完善其產品，該公司仍專注於提供創新解決方案，以應對加密貨幣生態系統帶來的挑戰和機會。添加比特幣作為 USDe 的抵押品是朝著這個方向邁出的重要一步，為用戶的數位金融交易提供了增強的可擴展性、流動性和穩定性。