Ondo Finance (ONDO) 與 Ethena (ENA)：哪種代幣比較值得購買？

Ondo Finance (ONDO) 和 Ethena (ENA) 已成為加密產業中成長最快的兩個區塊鏈，市值超過

With market caps exceeding $1.6 billion and $1.3 billion, respectively, Ondo Finance (ONDO) and Ethena (ENA) have emerged as two of the fastest-growing blockchains in the crypto industry. This has led many investors to wonder which of these two tokens is the better buy.

Ondo Finance (ONDO) 和 Ethena (ENA) 的市值分別超過 16 億美元和 13 億美元，已成為加密產業中成長最快的兩個區塊鏈。這導致許多投資者想知道這兩種代幣中哪一種更值得購買。

In this article, we will take a closer look at both projects and compare their key features, investment strategies, and risk profiles to help you make an informed decision.

在本文中，我們將仔細研究這兩個項目，並比較它們的主要特徵、投資策略和風險狀況，以幫助您做出明智的決定。

What is Ondo Finance?

什麼是昂多金融？

Backed by Founders Fund, Coinbase, and Pantera, Ondo Finance is a key player in the tokenization sector. The network operates two tokenized funds, the US Dollar Yield (USDY) and the US Treasuries (OUSG), which have amassed assets totaling over $250 million and $215 million, respectively. These funds offer an Annual Percentage Yield (APY) of 5.20% and 4.96%, respectively.

Ondo Finance 在 Founders Fund、Coinbase 和 Pantera 的支持下，是代幣化領域的關鍵參與者。該網絡經營兩種代幣化基金，即美元收益 (USDY) 和美國國債 (OUSG)，它們的資產總額分別超過 2.5 億美元和 2.15 億美元。這些基金的年收益率 (APY) 分別為 5.20% 和 4.96%。

One of the selling points of Ondo Finance is its strategic investment approach. The platform partners with fund managers like Blackrock and PIMCO and also utilizes regulated service providers like StoneX and Ankura to provide users with daily accounting services.

Ondo Finance的賣點之一是其策略性投資方式。該平台與 Blackrock 和 PIMCO 等基金管理公司合作，也利用 StoneX 和 Ankura 等受監管的服務提供者為用戶提供日常會計服務。

While the USDY and OUSD tokens offered by Ondo Finance are not categorized as stablecoins, investors view them as superior alternatives to popular stablecoins like Tether (USDT) and USD Coin (USDC). This is because holders of USDY and OUSD tokens are entitled to a share of the profits generated by the fund investments, unlike USDT and USDC holders who do not receive any additional returns on their investments.

雖然 Ondo Finance 提供的 USDY 和 OUSD 代幣不屬於穩定幣，但投資者認為它們是 Tether (USDT) 和 USD Coin (USDC) 等流行穩定幣的優質替代品。這是因為 USDY 和 OUSD 代幣的持有者有權分享基金投資產生的利潤，而 USDT 和 USDC 持有者則不會獲得任何額外的投資回報。

What is Ethena?

埃塞娜是什麼？

Ethena is a blockchain project that has drawn comparisons to Terra, a stablecoin platform that collapsed in 2022. Ethena's flagship product, USDe, is a stablecoin that is backed by assets worth over $2.8 billion and has nearly 200,000 users. The project is backed by DragonFly, Arthur Ayes, and Binance, among others.

Ethena 是一個區塊鏈項目，與 2022 年崩潰的穩定幣平台 Terra 相比較。該項目得到了 DragonFly、Arthur Ayes 和 Binance 等公司的支持。

USDe has gained popularity among investors because of its impressive yield of over 35.9%, which is significantly higher than the APY of Ondo Finance's USDY token. Ethena is able to generate these high returns by using a combination of strategies that include participation in Ethereum staking and short derivatives trading.

USDe 因其超過 35.9% 的令人印象深刻的收益率而受到投資者的歡迎，該收益率明顯高於 Ondo Finance 的 USDY 代幣的 APY。 Ethena 能夠透過使用包括參與以太坊質押和做空衍生性商品交易在內的策略組合來產生這些高回報。

However, analysts have noted that these tactics come with inherent risks, and Ethena's approach is considered to be somewhat precarious, especially in the event of unforeseen market volatility.

然而，分析師指出，這些策略具有固有的風險，Ethena 的做法被認為有些不穩定，尤其是在出現不可預見的市場波動的情況下。

Which is a Better Buy: Ondo or Ethena?

Ondo 和 Ethena 哪個比較值得購買？

When considering whether to invest in ONDO or ENA, several factors must be taken into account. Both projects have achieved significant growth and attracted a sizable user base, but the discrepancy in their risk profiles is a crucial factor for potential investors.

在考慮投資 ONDO 還是 ENA 時，必須考慮幾個因素。這兩個項目都取得了顯著的成長並吸引了相當大的用戶群，但風險狀況的差異對於潛在投資者來說是一個關鍵因素。

Ondo Finance's focus on conservative investment strategies and collaboration with established financial institutions makes it a relatively safer option compared to Ethena, which employs more complex and potentially riskier techniques to generate returns. The regulatory landscape also plays a role in assessing the investment viability of these tokens, with concerns about the possible banning of algorithmic stablecoins like USDe in certain jurisdictions.

與 Ethena 相比，Ondo Finance 專注於保守的投資策略以及與成熟金融機構的合作，這使其成為相對更安全的選擇，Ethena 採用更複雜且潛在風險更高的技術來產生回報。監管環境也在評估這些代幣的投資可行性方面發揮作用，人們擔心某些司法管轄區可能會禁止 USDe 等演算法穩定幣。

Ultimately, the decision between investing in Ondo Finance and Ethena depends on an investor's risk tolerance and investment objectives. While Ethena may offer higher returns in the short term, the potential risks involved in its strategies may deter risk-averse investors. Ondo Finance's more conservative approach and established partnerships may be more appealing to investors seeking a stable and secure investment option in the volatile crypto market.

最終，投資 Ondo Finance 和 Ethena 的決定取決於投資者的風險承受能力和投資目標。雖然 Ethena 可能在短期內提供更高的回報，但其策略中涉及的潛在風險可能會讓厭惡風險的投資者望而卻步。 Ondo Finance 更保守的做法和已建立的合作夥伴關係可能對在波動的加密貨幣市場中尋求穩定、安全的投資選擇的投資者更具吸引力。

As always, thorough research and consideration of the unique qualities and risks of each token are essential for making an informed decision on which crypto asset to buy.

像往常一樣，對每個代幣的獨特品質和風險進行徹底研究和考慮對於就購買哪種加密資產做出明智的決定至關重要。