Ethena 的 sUSDe 收益率接近 30%，比特幣融資利率表明“槓桿率顯著增加”

持續的牛市正在提振幾乎所有與加密貨幣相關的投資，但它尤其有助於合成美元提供者 Ethena。

Rising funding rates on exchanges are boosting the yield on Ethena’s synthetic dollar USDe to nearly 30%, with the stablecoin’s market cap crossing $3 billion.

交易所融資利率的上升將 Ethena 的合成美元 USDe 的收益率提高至近 30%，穩定幣的市值突破 30 億美元。

Bitcoin’s funding rates across major exchanges including Binance, BitMEX, Bybit, Deribit, HTX Global, and OKX are currently converging at nearly 0.02%. The rates, which reached a seven-month high of just under 0.04% on Monday, indicate that traders who are betting on an increase in BTC’s price are paying a premium to those betting on a decrease, according to data from blockchain analytics firm CryptoQuant.

包括 Binance、BitMEX、Bybit、Deribit、HTX Global 和 OKX 在內的主要交易所的比特幣融資利率目前趨於接近 0.02%。根據區塊鏈分析公司CryptoQuant 的數據，這些價格週一達到了7 個月來的高點，略低於0.04%，這表明押注BTC 價格上漲的交易者正在為押注BTC 價格下跌的交易者支付溢價。

These funding rates, which are used to calculate the annual percentage yield on Ethena’s staked synthetic dollar USDe, are largely influenced by the traders’ sentiment in the market, ParSec growth lead Charlie Booth noted in a research note on Friday. A rise in funding rates “points to a significant increase in leverage,” Booth wrote.

ParSec 成長負責人 Charlie Booth 在周五的一份研究報告中指出，這些融資利率用於計算 Ethena 質押的合成美元 USDe 的年收益率，很大程度上受到市場交易者情緒的影響。布斯寫道，融資利率的上升「顯示槓桿率顯著增加」。

As a result, the activity by traders on centralized exchanges “is having some 2nd order effects onchain and is presenting particularly strong tailwinds for Ethena with the sUSDe yield approaching 30%,” Booth added.

Booth 補充道，因此，中心化交易所上交易者的活動「對鏈產生了一些二階效應，並為 Ethena 帶來了特別強勁的推動力，sUSDe 收益率接近 30%」。

The annual percentage yield to stake USDe currently sits at 29%, after jumping as high as almost 90% on Monday—a threshold that hasn’t been crossed since March. For USDe, the yield comes from the revenue generated by Ethena from staking ETH, as well as the funding rate earned by Ethena for opening short derivative positions.

質押 USDe 的年收益率目前為 29%，週一躍升至近 90%，這一門檻自 3 月以來從未突破過。對 USDe 來說，收益率來自 Ethena 質押 ETH 所產生的收入，以及 Ethena 開立衍生性商品空頭部位所賺取的資金費率。

With BTC climbing to an all-time high of $93,477 two days ago and pro-crypto president-elect Donald Trump preparing for his inauguration, traders have opened up substantial leverage on their long positions, boosting Ethena’s yield.

隨著比特幣兩天前攀升至93,477 美元的歷史新高，以及支持加密貨幣的當選總統唐納德·特朗普正在為就職典禮做準備，交易員們已經在其多頭頭寸上開啟了大量槓桿，從而提高了Ethena 的收益率。

Coinciding with traders increasing their leveraged positions, Ethena’s USDe has returned to a market cap of $3 billion this week, making it the fourth largest US dollar-pegged stablecoin.

與交易者增加槓桿頭寸同時，Ethena 的 USDe 本週已回到 30 億美元的市值，使其成為第四大與美元掛鉤的穩定幣。

The synthetic dollar protocol benefiting from the current crypto bull market comes as the Ethena Foundation, the nonprofit dedicated to the synthetic dollar provider, announced on Friday that the protocol’s risk committee approved a fee switch to redirect Ethena revenue to token holders of ENA, which was initially proposed nine days ago by crypto market maker Wintermute.

合成美元協議受益於當前的加密貨幣牛市，與此同時，致力於合成美元提供商的非營利組織Ethena 基金會於週五宣布，該協議的風險委員會批准了一項費用轉換，將Ethena 收入重新定向給ENA 代幣持有者。

“The Foundation will be working with the Risk Committee to crystallize parameters for fee switch activation by 30th November, with precise implementation mechanics to follow,” the Ethena Foundation said in a statement on X.

Ethena 基金會在 X 的聲明中表示：“基金會將與風險委員會合作，在 11 月 30 日之前明確費用轉換激活的參數，並遵循精確的實施機制。”

Aave governance members are also voting to enable users to borrow larger amounts of alternative stablecoins against their staked USDe (sUSDe) collateral, potentially attracting more liquidity as well as increasing the lending protocol’s utilization and revenue. One motivation behind the vote to improve capital efficiency for these borrowers stems from the token’s high utilization, the governance portal stated.

Aave 治理成員也進行投票，讓用戶能夠以其質押的 USDe (sUSDe) 抵押品借入更多的替代穩定幣，這可能會吸引更多的流動性，並提高借貸協議的利用率和收入。該治理門戶網站表示，投票提高這些借款人的資本效率背後的動機之一源於代幣的高利用率。

The price of Ethena’s governance token ENA has increased 12% in the last seven days and 52% in the past 14 days, giving the cryptocurrency a market cap of $1.6 billion, per CoinGecko.

根據 CoinGecko 的數據，Ethena 的治理代幣 ENA 的價格在過去 7 天內上漲了 12%，在過去 14 天內上漲了 52%，使該加密貨幣的市值達到 16 億美元。