ENA 價值大幅飆升，推動 Ethena Labs 躋身加密精英行列

Ethena Labs 的治理代幣（ENA）自發布以來已飆升 60%，使其市值達到 13.4 億美元。該代幣的成長源於透過空投向 USDe 持有者分發 7.5 億個 ENA 代幣。 ENA 促進數位美元平台的發展，透過其「網路債券」提供銀行機制的替代方案，該平台利用衍生性商品市場和抵押以太坊。

Exponential Surge in ENA's Value Propels Ethena Labs to Crypto Elite

ENA 價值指數級飆升推動 Ethena Labs 躋身加密精英行列

London, United Kingdom - [Date] - Ethena Labs, a pioneering fintech company, has witnessed an extraordinary 60% surge in the value of its governance token, ENA, within a short span of its market debut. This remarkable surge has catapulted ENA's market capitalization to an impressive $1.34 billion, propelling it to the esteemed position of the 80th largest cryptocurrency by market capitalization.

英國倫敦 - [日期] - Ethena Labs 是一家領先的金融科技公司，其治理代幣 ENA 的價值在上市後的短時間內就大幅上漲了 60%。這一顯著的飆升使 ENA 的市值躍升至令人印象深刻的 13.4 億美元，使其躋身市值第 80 位的加密貨幣。

Strategic Airdrop Fuels ENA's Meteoric Rise

戰略空投助推ENA迅速崛起

The exponential growth in ENA's value can be attributed to Ethena's strategic distribution of 750 million ENA tokens, representing a significant 5% of its total supply, through an airdrop to holders of its USDe token. USDe, a synthetic dollar, is pivotal to Ethena's innovative proposition, utilizing a combination of ether liquid staking tokens and short Ether (ETH) perpetual futures positions to maintain a target value close to $1.

ENA 價值的指數級增長可歸因於 Ethena 透過向 USDe 代幣持有者空投的方式策略性分配了 7.5 億個 ENA 代幣，佔其總供應量的 5%。 USDe 是一種合成美元，對於 Ethena 的創新主張至關重要，它利用以太液體質押代幣和空頭以太坊 (ETH) 永續期貨頭寸的組合來維持接近 1 美元的目標價值。

ENA: The Cornerstone of a Digital Dollar Platform

ENA：數位美元平台的基石

ENA stands as the cornerstone of Ethena's ambitious vision to establish a digital dollar platform on the Ethereum blockchain. This platform aspires to provide a viable alternative to conventional banking systems through its groundbreaking 'Internet Bond.' By harnessing the power of derivative markets and staked Ethereum, the Internet Bond offers a dollar-denominated savings instrument accessible globally, transcending the limitations of traditional banking infrastructure.

ENA 是 Ethena 在以太坊區塊鏈上建立數位美元平台這一宏偉願景的基石。該平台致力於透過其突破性的「網路債券」為傳統銀行系統提供可行的替代方案。透過利用衍生性商品市場和質押以太坊的力量，網路債券提供了一種可在全球範圍內使用的以美元計價的儲蓄工具，超越了傳統銀行基礎設施的限制。

Holistic Tokenomics Plan Ensures Sustainable Growth

整體代幣經濟計劃確保可持續增長

The total supply of ENA tokens is capped at 15 billion, with an initial issuance of 1.425 billion tokens. Ethena's tokenomics plan adopts a holistic approach, prioritizing ecosystem development (30%), core contributor rewards (30%), investor engagement (25%), and foundation support (15%). This comprehensive strategy ensures the equitable distribution and sustainable growth of the ENA ecosystem.

ENA代幣總發行量上限為150億枚，首次發行14.25億枚。 Ethena 的代幣經濟計畫採用整體方法，優先考慮生態系統開發（30%）、核心貢獻者獎勵（30%）、投資者參與（25%）和基金會支持（15%）。這項全面的策略確保了 ENA 生態系統的公平分配和永續發展。

Binance's Endorsement Bolsters ENA's Credibility

幣安的背書增強了 ENA 的可信度

Notably, Binance, the world's leading cryptocurrency exchange, has endorsed ENA as the 50th project on its Binance Launchpool. This endorsement enables users to farm ENA tokens by staking BNB and FDUSD, further solidifying the token's appeal and reinforcing its legitimacy.

值得注意的是，全球領先的加密貨幣交易所幣安已認可 ENA 為其幣安 Launchpool 上的第 50 個項目。這一背書使用戶能夠透過質押 BNB 和 FDUSD 來種植 ENA 代幣，進一步鞏固了該代幣的吸引力並增強了其合法性。

Fantom Co-Founder Raises Cautionary Concerns

Fantom 聯合創辦人提出警告

Amidst the euphoria surrounding ENA's surge, Andre Cronje, co-founder of the Fantom Foundation, has issued a note of caution, drawing attention to potential structural vulnerabilities reminiscent of the disastrous collapse of Terra Luna. Cronje's concerns center around the reliance on perpetual contracts (perps), a derivative product commonly used in speculative trading.

在圍繞 ENA 激增的歡欣鼓舞中，Fantom 基金會聯合創始人安德烈·克羅涅 (Andre Cronje) 發出了一份警告，提請人們注意潛在的結構漏洞，讓人想起 Terra Luna 災難性的崩潰。克羅涅的擔憂集中在對永續合約 (perps) 的依賴上，永續合約是一種常用於投機交易的衍生性商品。

Cronje emphasizes the precarious nature of perpetual contracts, which rely on yield-generating assets like staked Ethereum (stETH) as collateral. While theoretically offering a 'neutral' position where yield gains offset losses from short positions, this equilibrium can be disrupted by adverse shifts in funding rates, leading to collateral erosion and subsequent liquidation.

Cronje 強調了永續合約的不穩定性質，永續合約依賴抵押以太坊（stETH）等產生收益的資產作為抵押品。雖然理論上提供了「中性」頭寸，其中收益率收益抵消了空頭頭寸的損失，但這種平衡可能會因融資利率的不利變化而被破壞，導致抵押品侵蝕和隨後的清算。

ENA Labs Responds to Critique, Acknowledges Concerns

ENA 實驗室回應批評並承認擔憂

In response to Cronje's critique, Guy Young aka Leptokurtic, founder of Ethena Labs, acknowledged the validity of the concerns raised. Young emphasized the team's commitment to addressing these risks and promised a more comprehensive response by the end of the week, outlining their risk mitigation strategies and addressing the concerns highlighted by Cronje.

為了回應 Cronje 的批評，Ethena Labs 的創始人 Guy Young 又名 Leptokurtic 承認所提出的擔憂是正確的。 Young 強調了團隊對解決這些風險的承諾，並承諾在本週末之前做出更全面的應對措施，概述他們的風險緩解策略並解決 Cronje 強調的問題。

Conclusion

結論

The meteoric rise of Ethena Labs' ENA token signals the growing adoption of innovative financial solutions that challenge traditional banking paradigms. While concerns have been raised about potential structural vulnerabilities, Ethena Labs' commitment to addressing these concerns and its strategic tokenomics plan provide a solid foundation for the long-term success of its digital dollar platform. As ENA continues to gain traction, it will be intriguing to observe how the project navigates the complexities of decentralized finance and delivers on its promise of a more inclusive and accessible financial ecosystem.

Ethena Labs 的 ENA 代幣的迅速崛起標誌著挑戰傳統銀行範式的創新金融解決方案的日益普及。儘管人們對潛在的結構性漏洞提出了擔憂，但 Ethena Labs 對解決這些擔憂的承諾及其戰略代幣經濟計劃為其數位美元平台的長期成功奠定了堅實的基礎。隨著 ENA 繼續受到關注，觀察該計畫如何應對去中心化金融的複雜性並兌現其對更具包容性和可訪問性的金融生態系統的承諾將是一件有趣的事情。