Ethena，建立在以太坊區塊鏈上的著名合成美元協議，結束了出色的 2024 年，現在正在思考新的一年的目標。

根據專案團隊的報告，隨著 Telegram 支援的支付平台的推出，預計 2025 年將發生巨大變化。

Ethena, a well-known synthetic dollar protocol built on the Ethereum blockchain, had a great 2024 and is now thinking about the goals for the new year.

Ethena 是一個建立在以太坊區塊鏈上的著名合成美元協議，它在 2024 年度過了美好的一年，現在正在考慮新的一年的目標。

According to what was reported by the project team, in 2025 great changes are expected, with the introduction of a payment platform supported by Telegram.

根據專案團隊的報告，隨著 Telegram 支援的支付平台的推出，預計 2025 年將發生巨大變化。

The roadmap also includes the launch of a new stablecoin, iUSDe, which will play a crucial role in the expansion and establishment within the TradFi ecosystem.

該路線圖還包括推出新的穩定幣 iUSDe，它將在 TradFi 生態系統的擴展和建立中發揮至關重要的作用。

Let’s delve deeper into the discussion below.

讓我們更深入地討論下面的內容。

Ethena aims at TradFi: it wants to become a neo-bank with support on Telegram

Ethena瞄準TradFi：希望成為一家在Telegram支持下的新銀行

According to what is reported in its own blog post, the decentralized protocol Ethena has planned to become a “neobank” during 2025.

根據其部落格文章報道，去中心化協議 Ethena 計劃在 2025 年成為「新銀行」。

The project, which last year attracted great interest from investors, now wants to become a traditional financial institution in all respects. The plan involves introducing a product focused on cryptographic payments, developed within the well-known social media Telegram.

該項目去年引起了投資者的極大興趣，現在希望從各個方面成為一個傳統的金融機構。該計劃涉及推出一款專注於加密支付的產品，該產品是在知名社交媒體 Telegram 內開發的。

In this regard, Ethena has come up with a Telegram app that, leveraging the TON blockchain and Apple Pay, allows “direct payments via mobile tap” for one billion users.

在這方面，Ethena 推出了一款 Telegram 應用程序，利用 TON 區塊鏈和 Apple Pay，允許 10 億用戶「透過手機直接付款」。

This move reflects the company’s desire to enter the fintech world with its own resources typical of the web3, revolutionizing the way in which one accesses virtual finance.

此舉反映了該公司希望利用自己的 web3 典型資源進入金融科技世界，徹底改變人們存取虛擬金融的方式。

The founder of Ethena, known on X with the nickname “@leptokurtic_“, expressed his enthusiasm for the ambitious roadmap, citing the following:

Ethena 的創始人在 X 上以暱稱“@leptokurtic_”而聞名，他表達了他對雄心勃勃的路線圖的熱情，並引用了以下內容：

“The next step in Ethena’s growth will be driven primarily by the export of the product into traditional finance. The infrastructure is now in place, the regulatory path for the product in TradFi is clear, and the size of the opportunity eclipses anything we have seen so far in the crypto sector”.

「Ethena 的下一步成長將主要由產品向傳統金融領域的出口推動。基礎設施現已到位，TradFi 產品的監管路徑很明確，機會的規模超過了我們迄今為止在加密貨幣領域看到的任何東西」。

iUSDe: the new synthetic savings stablecoin dedicated to financial operators

iUSDe：專用於金融業者的新型合成儲蓄穩定幣

In the first quarter of 2025, Ethena plans to introduce a new synthetic savings stablecoin, called iUSDe.

Ethena 計劃在 2025 年第一季推出新的合成儲蓄穩定幣，名為 iUSDe。

This is a cryptocurrency created to “export sUSDe” to the world of traditional financial operators, including asset managers, ETFs, prime brokers, and investment funds.

這是一種加密貨幣，旨在向傳統金融業者（包括資產管理公司、ETF、主經紀商和投資基金）「輸出 sUSDe」。

Technically, iUSDe represents a reward token, very similar to sUSDe, which users receive when they stake their USDe on Ethena.

從技術上講，iUSDe 代表一種獎勵代幣，與 sUSDe 非常相似，用戶在 Ethena 上抵押 USDe 時會收到獎勵代幣。

Its value reflects parity with the US dollar, with the peg maintained through a crypto carry trade strategy. In practice, Ethena uses an arbitrage strategy between the spot and future prices of ETH based on the theory that prices generally converge as the future contracts approach.

其價值反映了與美元的平價，並透過加密貨幣套利交易策略維持掛鉤。在實踐中，Ethena 在 ETH 的現貨價格和期貨價格之間使用套利策略，其理論基礎是隨著未來合約的臨近，價格通常會趨同。

The “wrapper” mechanism ensures that the resource can be used by TradFi entities, seizing greater opportunities from a more liquid and regulated sector.

「包裝」機制確保 TradFi 實體可以使用資源，從更具流動性和監管的部門中抓住更多機會。

With iUSDe, financial institutions will have the opportunity to be exposed to the yield logic of Ethena without having to come into close contact with cryptocurrencies.

借助 iUSDe，金融機構將有機會接觸 Ethena 的收益率邏輯，而無需密切接觸加密貨幣。

Furthermore, the strict regulatory supervision to which these operators are subject implies that they will be able to invest in the protocol only through these parallel paths.

此外，這些業者受到的嚴格監管意味著他們只能透過這些平行路徑投資該協議。

These companies can trade iUSDe as a financial instrument similar to bonds or other fixed-income securities with specific yields for cryptocurrencies.

這些公司可以將 iUSDe 作為類似於債券或其他具有特定加密貨幣收益率的固定收益證券的金融工具進行交易。

As reported by the founder of Ethena: 

據 Ethena 創始人報導：

“financial companies can evaluate the iUSDe as a spread on risk-free rates”.

「金融公司可以將 iUSDe 評估為無風險利率的利差」。

Ethena expands its presence in DeFi

Ethena 擴大在 DeFi 領域的影響力

The decision of Ethena to target TradFi adds to the previously announced USDe products, Ethereal and Derive, which are expected to debut next month. The first is an app chain for spot and perpetual crypto trading, with an order book based on USDe. The second, on the other hand, is a protocol that offers on-chain options and structured products using stablecoin collateral.

Ethena 決定瞄準 TradFi，是對先前宣布的 USDe 產品 Ethereal 和 Derive 的補充，這些產品預計將於下個月首次亮相。第一個是用於現貨和永續加密貨幣交易的應用程式鏈，具有基於 USDe 的訂單簿。另一方面，第二個是使用穩定幣抵押品提供鏈上選擇權和結構化產品的協議。

As if that weren’t enough, just 3 weeks ago the project launched a new stable called USDtb, supported by US Treasury securities through the BUIDL fund by BlackRock.

似乎這還不夠，就在三週前，該計畫推出了一個名為 USDtb 的新穩定幣，並透過貝萊德的 BUIDL 基金獲得了美國國債的支持。

This latest one presents itself as a 100% guaranteed stablecoin, with a collateralization approach that utilizes real assets and high-quality derivative instruments.

這個最新的穩定幣是一種 100% 保證的穩定幣，其抵押方法利用了實體資產和高品質的衍生工具。

It doesn’t end here, in the last year Ethena has become a cornerstone of the entire DeFi sector, finding application even in the suburbs of CeFi.

事情並沒有就此結束，去年 Ethena 已經成為整個 DeFi 領域的基石，甚至在 CeFi 的郊區也得到了應用。

As reported by its own founder, several issuers of algorithmic stablecoins, such as Frax, Sky, and Usual, have integrated USDe into their offerings.

根據其創始人報道，Frax、Sky 和 ​​Usual 等多家演算法穩定幣發行商已將 USDe 納入其產品中。

This strengthens the presence of USDe with centralized exchanges, where it is held for 60% of the supply, finding a role as a collateral asset for trading derivatives.

這加強了 USDe 在中心化交易所的存在，其中 USDe 佔供應量的 60%，成為衍生性商品交易抵押資產的角色。

The next step of the protocol is to enter larger and regulated capital markets, leveraging the popularity of Telegram.

該協議的下一步是利用 Telegram 的受歡迎程度進入更大且受監管的資本市場。

Here is what was written about by @leptokurtic_”, regarding the success of Ethena marked in 2024;

以下是 @leptokurtic_ 所寫的有關 Ethena 在 2024 年取得成功的內容；