Ethena Labs 推出比特幣作為 USDe 支援資產以增強可擴展性

Ethena Labs 宣布添加比特幣作為其合成美元 USDe 的支援資產。這項策略性措施旨在將可擴展性提高多達 2.5 倍。比特幣的流動性、最近的價值復甦和久期概況使其成為此目的的理想選擇。這項決定是在 USDe 經歷了前所未有的增長時期之後做出的，並取代了以太坊流動質押代幣作為主要支持資產。

Ethena Labs Introduces Bitcoin as USDe Backing Asset for Enhanced Scalability

Ethena Labs 推出比特幣作為 USDe 支援資產以增強可擴展性

Ethena Labs, a leading provider of synthetic asset solutions, has announced the addition of Bitcoin (BTC) as a backing asset for its synthetic dollar (USDe), significantly bolstering its scalability by up to 2.5 times. This strategic move aligns with Ethena Labs' commitment to providing innovative and robust financial products to the market.

Ethena Labs 是一家領先的合成資產解決方案提供商，宣布添加比特幣 (BTC) 作為其合成美元 (USDe) 的支援資產，從而將其可擴展性顯著增強高達 2.5 倍。這項策略性舉措符合 Ethena Labs 向市場提供創新且強大的金融產品的承諾。

Rationale for Selecting Bitcoin

選擇比特幣的理由

The selection of Bitcoin as a backing asset was driven by several key considerations. Firstly, Bitcoin's substantial liquidity provides a solid foundation for the USDe's stability. Secondly, Bitcoin has experienced a resurgence in value, indicating strong market demand. Lastly, Bitcoin possesses a long-term value proposition, with its duration profile aligning with Ethena Labs' goals.

選擇比特幣作為支援資產是出於幾個關鍵考慮因素。首先，比特幣充沛的流動性為USDe的穩定提供了堅實的基礎。其次，比特幣價值回升，顯示市場需求強勁。最後，比特幣擁有長期價值主張，其久期概況與 Ethena Labs 的目標一致。

Replacement of Ether Liquid Staking Tokens

以太坊流動性質押代幣的更換

This move effectively replaces Ether liquid staking tokens, which were previously used to back the USDe. Ethena Labs has emphasized that the integration of Bitcoin has the potential to dramatically expand the current supply of USDe, which currently stands at $2 billion.

此舉有效地取代了先前用於支援 USDe 的以太流動質押代幣。 Ethena Labs 強調，比特幣的整合有可能大幅擴大 USDe 目前的供應量，目前 USDe 的供應量為 20 億美元。

Scalability Potential

可擴展性潛力

The 2.5-fold scalability opportunity stems from the availability of $25 billion in BTC open interest, which Ethena Labs can utilize for delta hedging. This approach enables Ethena Labs to leverage Bitcoin's price volatility while maintaining the stable value of the USDe.

2.5 倍的可擴展性機會源自於 250 億美元的 BTC 未平倉合約，Ethena Labs 可以利用這些未平倉合約進行 Delta 對沖。這種方法使 Ethena Labs 能夠利用比特幣的價格波動，同時保持 USDe 的穩定價值。

Unprecedented USDe Growth

USDe 前所未有的成長

The addition of Bitcoin as a backing asset follows an unprecedented period of growth for USDe. Ethena Labs has highlighted the substantial demand for its synthetic dollar, driven by its stability and ease of use.

在 USDe 經歷了前所未有的增長時期之後，比特幣被添加為支援資產。 Ethena Labs 強調，由於其穩定性和易用性，對其合成美元的巨大需求。

Yield Advantage and Bear Market Performance

殖利率優勢與熊市表現

Bitcoin's ability to generate a yield of nearly 2% during the 2022 bear market was another compelling factor in its selection. This contrasts with the 0% yield generated by ETH during the same period, demonstrating Bitcoin's resilience and potential for return.

比特幣在 2022 年熊市期間產生近 2% 收益率的能力是其選擇的另一個令人信服的因素。這與同期 ETH 的 0% 收益率形成鮮明對比，顯示了比特幣的彈性和回報潛力。

Upcoming Developments

未來發展

Ethena Labs is actively working to make BTC backing positions available on its dashboards, providing users with greater transparency and control over their assets.

Ethena Labs 正在積極努力在其儀表板上提供 BTC 支援頭寸，為用戶提供更大的透明度和對其資產的控制。

Market Performance and Outlook

市場表現與展望

At the time of writing, Bitcoin has surged by 1.34% in the last 24 hours, trading at $67,187.77. While this represents a 3.94% decline over the past week, it reflects a slight gain of 0.25% over the past month. The addition of Bitcoin as a USDe backing asset comes at a crucial time as the community anticipates the upcoming Halving event, scheduled for April 20, 2024.

截至撰寫本文時，比特幣在過去 24 小時內飆升 1.34%，交易價格為 67,187.77 美元。雖然這代表過去一周下降了 3.94%，但也反映出過去一個月小幅上漲 0.25%。比特幣作為 USDe 支持資產的加入正值關鍵時刻，因為社區預計定於 2024 年 4 月 20 日舉行的減半活動即將到來。

Ethena Labs' Ecosystem Expansions

Ethena Labs 的生態系擴展

Ethena Labs' latest move aligns with its ongoing efforts to expand its ecosystem and enhance its offerings. Recent developments include a partnership with Immunefi to launch a bug bounty program, offering rewards of up to 10% of funds affected for the discovery of vulnerabilities in Ethena's smart contracts.

Ethena Labs 的最新舉措與其不斷擴大生態系統和增強產品的努力相一致。最近的進展包括與 Immunefi 合作推出錯誤賞金計劃，為發現 Ethena 智能合約漏洞的受影響資金提供高達 10% 的獎勵。

Additionally, Ethena Labs collaborated with Binance Futures on a campaign that rewarded participants with ENA tokens for engaging in futures trading.

此外，Ethena Labs 還與幣安期貨合作開展了一項活動，為參與期貨交易的參與者獎勵 ENA 代幣。

Market Response and ENA Performance

市場反應和 ENA 表現

Despite the broader market downturn, ENA has experienced some gains in recent days. In the last seven days, ENA has risen by 33.17%, although it has declined by 16.41% in the last 24 hours. Its market cap and 24-hour volume have also witnessed significant declines.

儘管大盤低迷，ENA 最近幾天仍取得了一些上漲。在過去 7 天裡，ENA 上漲了 33.17%，儘管在過去 24 小時內下跌了 16.41%。其市值和24小時交易量也出現了大幅下滑。

Conclusion

結論

Ethena Labs' introduction of Bitcoin as a USDe backing asset is a significant step forward in the evolution of synthetic assets. By leveraging Bitcoin's liquidity, duration profile, and yield potential, Ethena Labs is empowering its users with a more robust and scalable synthetic dollar that meets their evolving needs in the digital financial realm.

Ethena Labs 引入比特幣作為 USDe 支援資產，這是合成資產發展過程中向前邁出的重要一步。透過利用比特幣的流動性、久期特徵和收益潛力，Ethena Labs 為其用戶提供了更強大、更可擴展的合成美元，以滿足他們在數位金融領域不斷變化的需求。