最近的一次分散金融世界（DEFI）的重大活動導致了USDE（Defi Stablecoin）的巨額資金

這顯然會導致分析師的某些市場驚喜，因為USDE Stakers的年度百分比（APY）在同一時間急劇上升。

A major recent event in the world of decentralized finance (DeFi) has led to a huge sum of USDe- the DeFi stablecoin- being unstaked, in turn bringing about a surprise shift in USDe staking dynamics.

最近的一次分散金融世界（DEFI）的重大活動導致了USDE-Defi Stablecoin-未固定，從而導致USDE Stateking Dynamics發生了驚人的變化。

Analyst @tomwanhh reports that 880 million USDe were unstaked over the last four days. This has evidently led to some market surprises with analysts, because the annual percentage yield (APY) for USDe stakers has risen sharply during the same time. From MyToken, the report was shared that the APY now appears to be around 9.2%, where it had previously been around 3.5% just a few days prior.

分析師@TomwanHH報告說，過去四天中，有8.8億美元的美國人未固定。這顯然導致了分析師的某些市場驚喜，因為USDE Stakers的年度百分比（APY）在同一時間急劇上升。從MyToken中分享了該報告，即APY現在似乎約為9.2％，此前幾天前大約3.5％。

In the last few days, the most remarkable change has been the rapid decrease in the amount of USDe that was staked on the protocol. In only four days, there were 880 million USDe unstaked, and the staking ratio fell from 58% to 43%. This signifies a considerable drop in the amount of USDe that is being used to secure network operations and earn staking rewards, thereby raising some eyebrows and causing some sea plus over potential liquidity issues and the long-term sustainability of the staking model.

在過去的幾天中，最引人注目的變化是在協議上放置的USDE量的迅速減少。在短短四天之內，未固定的8.8億美元不固定，佔有率從58％下降到43％。這表明用來確保網絡運營並贏得積分獎勵的USDE的數量大幅下降，從而引起了一些眉毛，並引起了一些海上以及在潛在的流動性問題上以及Statiking Model的長期可持續性。

It is interesting to note that even though the amount of USDe that is staked has gone down, the daily APY that is paid to stakers has shot up from 3.5% to 9.2%. This is, of course, a good development for those who are still holding USDe in staking positions, as the rewards are now more than twice as attractive as they were just days ago. But could this rise in APY also mean that something is amiss with the market? Generally speaking, higher yields are a sign that a lot of assets are leaving staking, which could imply reduced confidence in the platform.

有趣的是，即使被固定的USDE數量下降了，但支付給Stakers的每日APY也從3.5％上升至9.2％。當然，對於那些仍在持有的職位的人來說，這是一個很好的發展，因為現在的獎勵是幾天前的兩倍以上。但是，APY的這種興起也意味著市場有些不對勁嗎？一般而言，較高的收益率表明許多資產都在佔有，這可能意味著降低了對平台的信心。

However, the bulk of these unstaking activities appear to be linked to large institutional redemptions, with Abraxas Capital taking the center stage in these events. According to data collected by Arkham and shared by a crypto analyst, Abraxas Capital has redeemed a total of 330 million USDe thus far.

但是，大部分這些不建立的活動似乎與大型機構贖回有關，阿布拉薩斯資本在這些事件中佔據了中心地位。根據Arkham收集的數據並由加密分析師共享的數據，到目前為止，Abraxas Capital總共贖回了3.3億美元。

These redemptions are part of a broader liquidity event that is unfolding as a consequence of the maturity of Pendle’s sUSDe pool. This pool has been a key instrument in incentivizing users to lock up their USDe in exchange for yields. But with the maturity of these pools comes a period of liquidity events, with large players like Abraxas Capital cashing out significant portions of their positions.

這些贖回是更廣泛的流動性事件的一部分，由於Pendle的Susde Pool的成熟，該事件正在展開。該池一直是激勵用戶鎖定其USD以換取收益的關鍵工具。但是，隨著這些池的成熟度，有一段時間的流動性事件，例如Abraxas Capital（例如Abraxas Capital）兌現了其大部分位置。

The timing of these massive redemptions seems to be the catalyst for the sudden shift in staking behavior and the subsequent drop in the staking ratio. Moreover, the implications of these extensive liquidations are serious. They might lead to a decrease in the amount of USDe available for use.

這些巨大的贖回的時機似乎是催化行為突然轉移和隨後放電比的下降的催化劑。此外，這些廣泛清算的含義是嚴重的。它們可能導致可用使用的USDE量減少。

If Abraxas Capital continues cashing out its USDe, we’re close to a situation where there might only be 3.something billion USDe usable in the world. That’s less than 4 billion, which some experts see as the floor for how many USDe should be in circulation for the market to work kind of okay and not be super volatile.

如果Abraxas Capital繼續兌現其USDE，那麼我們接近可能只有30億美元的USDE在世界上可用的情況。這不到40億，一些專家認為這是USD應該流通的地板，以使市場可以運作有點好，而不是超級波動。

While the USDe stablecoin adjusts to these changes, many are left to wonder what they mean for the token’s future. Now that a significant portion of the USDe token is unstaked, will other large players follow suit and start redeeming their held tokens? If this trend continues, the token’s supply could be further reduced, which would impact its price and its overall stability within the DeFi market.

儘管USDE Stablecoin適應了這些變化，但許多人仍然想知道它們對代幣的未來意味著什麼。現在，USDE代幣的很大一部分是未固定的，其他大型玩家會效仿並開始兌換其持有令牌嗎？如果這種趨勢持續下去，則可以進一步降低令牌的供應，這將影響其價格及其在Defi市場內的整體穩定性。

Additionally, the instantaneous spike in APY could draw in new folks wanting to benefit from the higher rewards, yet it might also be a sign of some deep-rooted issues with the protocol’s staking model. A sharp spike in APY is almost always because there’s been a dip in participation, and while it could seem a positive development for those USDe-staking, it might be an indicator that the protocol is having a tough time balancing all the necessary elements to maintain the long-term growth we should be able to expect.

此外，APY中的瞬時尖峰可能會吸引想要從更高獎勵中受益的新人，但這也可能是該協議的放置模型中一些根深蒂固的問題的跡象。 APY的急劇峰值幾乎總是因為參與的傾向，雖然對於那些使用USDE的人來說似乎是積極的發展，但這可能表明該協議很難平衡所有必要的元素，以維持我們應該能夠期望的長期增長。

The future of the USDe also may depend on how rapidly Abraxas Capital and other large players decide to redeem their holdings. If these institutional players continue to redeem large amounts, it could lead to a further drop in the staking ratio and an even more pronounced tightening of liquidity in the

USDE的未來也可能取決於Abraxas Capital和其他大型參與者決定贖回其持股的速度。如果這些機構參與者繼續贖回大量，則可能會進一步下降，並使流動性更加明顯地收緊。