Ethena Synthetics 的繁榮在市場不確定性中推動協議擴展

對 Ethena 的合成資產 USDe 和 sUSDe 的需求正在激增，因為 Pendle、Mantle、MakerDAO 和 Gearbox 等協議將它們整合起來以促進點投機並產生高收益。這種整合顯著增加了這些平台上的總鎖定價值（TVL），並推動了其代幣的價格上漲。儘管人們對 Ethena 的長期穩定性感到擔憂，但採用其資產的協議正在實現顯著的成長和收入。

Ethena's Synthetic Dollar Surge: A Catalyst for Protocol Expansion

Ethena 的合成美元激增：協議擴展的催化劑

The cryptocurrency landscape is witnessing a meteoric rise in the adoption of Ethena's synthetic dollar assets, USDe and sUSDe. These assets have sparked an unprecedented demand for financial products that harness their unique properties, leading to a rapid surge in the total value locked (TVL) on platforms that integrate them.

加密貨幣領域見證了 Ethena 的合成美元資產 USDe 和 sUSDe 的採用率迅速上升。這些資產引發了對利用其獨特屬性的金融產品的前所未有的需求，導致整合這些資產的平台上的總鎖定價值（TVL）迅速飆升。

Pendle's Instrumental Role in Airdrop Speculation

Pendle 在空投投機中的重要作用

Pendle has emerged as a key player in facilitating airdrop speculation on Ethena. Its yield tokens (YTs) provide exposure to the substantial airdrop rewards generated by USDe. This has resulted in a substantial influx of funds into Pendle's vaults, with over 40% of the $800 million increase in TVL in the past week attributable to USDe.

Pendle 已成為促進 Ethena 空投猜測的關鍵人物。其收益代幣（YT）提供了 USDe 產生的大量空投獎勵。這導致大量資金湧入 Pendle 的金庫，過去一周 TVL 增加的 8 億美元中，超過 40% 來自 USDe。

The strategy of purchasing USDe YTs for airdrop speculation has proven highly lucrative, yielding approximately 135 Satoshis per dollar of capital deployed per day. The potential for further expansion is contingent on Pendle's willingness to raise deposit caps, indicating the strong demand for these products.

事實證明，購買 USDe YT 進行空投投機的策略非常有利可圖，每天每部署 1 美元資本可產生約 135 聰的收益。進一步擴張的潛力取決於 Pendle 提高存款上限的意願，這表明對這些產品的強勁需求。

Mantle's Entry and Aggressive Incentives

Mantle 的進入和積極的激勵措施

Mantle has quickly become a significant player in the USDe points speculation market. Following its recent deployment of Pendle, Mantle has attracted $130 million in TVL within its first day of operation and now holds over $160 million in deposits.

Mantle 很快就成為 USDe 積分投機市場的重要參與者。繼最近部署 Pendle 後，Mantle 在營運第一天就吸引了 1.3 億美元的 TVL，目前持有超過 1.6 億美元的存款。

To establish itself as the preferred destination for USDe points speculation, Mantle is offering generous incentives to users who trade or provide liquidity related to USDe YTs and PTs. The platform is awarding 0.0012 EigenLayer points per USDe per day and a massive 13.8 million points up for grabs.

為了將自己打造成 USDe 積分投機的首選目的地，Mantle 為交易或提供與 USDe YT 和 PT 相關的流動性的用戶提供慷慨的激勵。該平台每天每 USDe 獎勵 0.0012 EigenLayer 積分，還有 1380 萬個積分可供爭奪。

MakerDAO's Strategic Partnership with Ethena

MakerDAO 與 Ethena 的策略夥伴關係

MakerDAO, one of the most established stablecoin issuers, has also joined the Ethena bandwagon. Through its integration with Morpho, MakerDAO is now minting DAI against USDe and sUSDe collateral. While only a small portion (2%) of circulating DAI is currently backed by these Ethena assets, the loans are generating a hefty 66% annualized return and contributing significantly to Maker's expected revenues.

MakerDAO 是最成熟的穩定幣發行商之一，也加入了 Ethena 的行列。透過與 Morpho 的集成，MakerDAO 現在正在用 USDe 和 sUSDe 抵押品鑄造 DAI。雖然目前只有一小部分 (2%) 的流通 DAI 由這些 Ethena 資產支持，但這些貸款產生了高達 66% 的年化回報，並對 Maker 的預期收入做出了重大貢獻。

MakerDAO is looking to expand this facility to $600 million in the near future, with the potential to reach $1 billion. This move would allow Maker to further boost its revenues and strengthen its position in the stablecoin market.

MakerDAO 計劃在不久的將來將該設施擴大到 6 億美元，並有可能達到 10 億美元。此舉將使 Maker 進一步增加收入並鞏固其在穩定幣市場的地位。

Gearbox's Leverage Play on Ethena Assets

Gearbox 對 Ethena 資產的槓桿作用

Gearbox is another protocol that has tapped into the Ethena craze, offering users the ability to speculate on USDe and sUSDe using leveraged positions. The protocol recently doubled the borrow capacity against USDe from $50 million to $100 million, indicating the high demand for such products.

Gearbox 是另一個利用 Ethena 熱潮的協議，讓使用者能夠使用槓桿頭寸對 USDe 和 sUSDe 進行投機。該協議最近將 USDe 的借貸能力翻了一番，從 5,000 萬美元增加到 1 億美元，這表明對此類產品的需求很高。

Despite reaching this increased limit, Gearbox is still experiencing strong demand, suggesting that it could continue to grow deposits and revenues by raising caps even further.

儘管達到了這一增加的限制，Gearbox 仍然面臨著強勁的需求，這表明它可以透過進一步提高上限來繼續增加存款和收入。

A Formula for Success: Protocol Gains Amidst Market Uncertainty

成功的秘訣：協議在市場不確定性中獲益

Despite concerns about Ethena's long-term stability, the integration of its assets has proven to be a winning strategy for protocols in the short term. The tokens of protocols that have embraced Ethena's products are posting double-digit gains, outpacing the overall crypto market which has declined by 2.5% in the past week.

儘管人們擔心 Ethena 的長期穩定性，但其資產的整合已被證明是短期內協議的勝利策略。採用 Ethena 產品的協議代幣漲幅達到兩位數，超過了過去一周下降 2.5% 的整體加密貨幣市場。

The financialization of synthetic dollar stablecoins to facilitate point speculation undoubtedly carries risks. However, projects that embrace these assets are well-positioned to benefit from increased deposits and the surge in user demand for Ethena's products.

合成美元穩定幣的金融化以促進點投機無疑會帶來風險。然而，採用這些資產的項目處於有利地位，可以從存款增加和用戶對 Ethena 產品需求的激增中受益。