aave、usdtb 推出，對ethena 的興趣日益濃厚

隨著新法規的生效以及 Tether 等大型企業公佈了可觀的收入，穩定幣成為 2024 年的頭條新聞。

Amidst rising interest in ethena following the launch of staked USDe on Aave, a deeper analysis of the inflows reveals that a majority of the funds were deposited by a small group of users.

在 Aave 上推出質押 USDe 後，人們對 ethena 的興趣日益濃厚，對資金流入的更深入分析顯示，大部分資金是由一小部分用戶存入的。

As sUSDe began trading on Aave in Q4, it quickly attracted over $1 billion in inflows within the first few weeks of its launch. This integration marked a significant step in boosting the adoption of Ethena's stablecoin.

隨著 sUSDe 在第四季度開始在 Aave 上進行交易，它在推出後的最初幾週內迅速吸引了超過 10 億美元的資金流入。此次整合標誌著 Ethena 穩定幣的採用邁出了重要一步。

However, a closer examination of the inflows using our lending and borrowing events data solution shows that most of the funds wereارية deposited by a few users.

然而，使用我們的借貸事件數據解決方案對資金流入進行仔細檢查後發現，大部分的資金是由少數用戶存入。

To illustrate, the five addresses highlighted below collectively contributed over half a billion dollars to the total inflows. These addresses employed varying strategies when depositing funds.

為了說明這一點，下面突出顯示的五個地址總共為總流入貢獻了超過 5 億美元。這些地址在存入資金時採用了不同的策略。

For instance, 0xb99 (light blue) made two separate deposits, with the first installment amounting to $67 million, followed by an additional $30 million. In contrast, 0x9e (orange) made over 133 smaller deposits between November and December.

例如，0xb99（淺藍色）進行了兩次單獨的存款，第一期金額為 6,700 萬美元，隨後又追加了 3,000 萬美元。相比之下，0x9e（橙色）在 11 月至 12 月期間進行了超過 133 個較小的存款。

This behavior is not entirely uncommon on Aave. For example, one address deposited $13 billion USDC across 200 transactions between November and December. Another split a $200 million deposit over five transactions.

這種行為在 Aave 上並不完全罕見。例如，一個地址在 11 月至 12 月期間透過 200 筆交易存入了 130 億美元的 USDC。另一位則將 2 億美元的存款分給了五筆交易。

As the sUSDe inflows soared and crypto prices rose across the board, the price of Ethena's governance token, ENA, also climbed high. ENA approached its near-airdrop levels for the first time last month as BTC traded above $100k.

隨著sUSDe流入量飆升，加密貨幣價格全線上漲，Ethena的治理代幣ENA的價格也一路攀升。上個月，隨著 BTC 交易價格突破 10 萬美元，ENA 首次接近空投水準。

More recently, the Ethena team also launched the USDtb stablecoin, which complements its USDe product.

最近，Ethena 團隊也推出了 USDtb 穩定幣，作為其 USDe 產品的補充。

Before delving into the dynamics of USDtb, it's essential to recap the mechanics of USDe, which differ from conventional stablecoins.

在深入研究 USDtb 的動態之前，有必要回顧一下 USDe 的機制，它與傳統穩定幣不同。

The token maintains its peg by carrying out delta-neutral hedging strategies. This approach aims to keep the price relatively stable and aligned with its dollar peg.

該代幣透過執行 Delta 中性對沖策略來維持其掛鉤。這種方法的目的是保持價格相對穩定並與美元掛鉤。

In contrast, USDtb offers a more conventional option for investors. The stablecoin is essentially backed by US government bonds through Ethena's investment in BlackRock's BUI.

相比之下，USDtb 為投資者提供了更傳統的選擇。該穩定幣本質上是透過 Ethena 對貝萊德 BUI 的投資獲得美國政府債券的支持。

The ability, and willingness, to innovate is one of the key drivers behind Ethena’s success in 2024. While the soaring inflows on Aave look great, they largely come from just a few holders and sUSDe is still some way off challenging USDC and USDT in reality.

創新的能力和意願是Ethena 在2024 年成功的關鍵驅動力之一。有一段距離。

However, the protocol can innovate more quickly than its older rivals and has chosen to do so. While Circle and Tether leadership grapple with MiCA compliance, Ethena’s on-chain first approach with integrations to some large centralized platforms, has contributed to its success so far. Furthermore, Maker’s decision to rebrand its platform which fragmented liquidity between DAI and the newly launched USDS benefited Ethena in claiming the third spot by market cap.

然而，該協議可以比其老競爭對手更快地創新，並且選擇這樣做。雖然 Circle 和 Tether 的領導層正在努力解決 MiCA 合規問題，但 Ethena 的鏈上優先方法與一些大型中心化平台的集成為其迄今為止的成功做出了貢獻。此外，Maker 決定重塑其平台，分散了 DAI 和新推出的 USDS 之間的流動性，這有利於 Ethena 獲得市值第三的位置。

Going forward to regulatory outlook is set to change, which could further shake up the space and add renewed competition for the budding protocol in 2025.

未來的監管前景將會發生變化，這可能會進一步撼動這一領域，並在 2025 年為這項新興協議帶來新的競爭。