手續費、鑄幣費、清算費，用於購買現貨資產、建立空頭頭寸，增強錨定美元的穩定性。

2024年11月5日，川普成功贏得美國大選。這一結果標誌著美國即將迎來以傳統工業和去中心化金融為主導的經濟轉型。

exchange rebates, derivatives funding rates, and lending interest rates, are used to compensate for the losses caused by the hedging strategy in extreme market conditions, ensuring the stability of USDe.

匯率回扣、衍生性商品融資利率、借貸利率等，用於補償極端市場條件下避險策略造成的損失，確保USDe的穩定性。

World Liberty Financial Leads DeFi Integration

World Liberty Financial 引領 DeFi 整合

As a member of the Trump family, Donald Trump Jr. leads World Liberty Financial (abbreviated as WLFI) to actively promote DeFi integration into the mainstream financial market in the United States, showing his grand vision in the field of DeFi. In the field of DeFi, among the many market segments and infrastructure projects, those that can generate sustainable income are particularly concerned, such as the lending platform AAVE, the oracle network LINK, ONDO supported by RWA, and ENA, which promotes the crypto-native stablecoin solution. It is reported that WLFI has invested a total of US$750,000 in Ethena tokens through on-chain transactions, and announced a cooperation plan to use Ethena's income token sUSDe as a collateral asset for the WLFI lending platformoutput: ArkStream Capital, a leading investment firm in the cryptocurrency industry, recently announced a strategic investment of US$5 million in Ethena (ENA), an innovator in the decentralized finance (DeFi) field. This investment is part of ArkStream's broader initiative to identify and support promising projects at the forefront of the next wave of financial innovation.

身為川普家族的一員，小唐納川普帶領World Liberty Financial（簡稱WLFI）積極推動DeFi融入美國主流金融市場，展現了他在DeFi領域的宏偉願景。在 DeFi 領域，在眾多細分市場和基礎設施項目中，能夠產生可持續收入的項目尤其受到關注，例如藉貸平台 AAVE、預言機網絡 LINK、RWA 支持的 ONDO 以及推動加密貨幣發展的 ENA。解決方案。據悉，WLFI已透過鏈上交易總計投資了Ethena代幣75萬美元，並宣布了一項合作計劃，以Ethena的收益代幣sUSDe作為WLFI借貸平台輸出的抵押資產：ArkStream Capital，一家領先的投資公司加密貨幣產業近期宣布對去中心化金融（DeFi）領域的創新者Ethena（ENA）進行500 萬美元的策略性投資。這項投資是 ArkStream 更廣泛計畫的一部分，旨在識別和支持下一波金融創新前沿的有前景的計畫。

Founded in 2021, Ethena is dedicated to providing a range of stable and scalable crypto-native currency solutions. Its first stablecoin, USDe, is a synthetic dollar that maintains a 1:1 peg to the US dollar through the use of advanced Delta hedging strategies. Unlike traditional stablecoins that rely on fiat currency reserves, USDe is fully backed by various mainstream crypto assets, making it impervious to the constraints of the centralized financial system.

Ethena 成立於 2021 年，致力於提供一系列穩定且可擴展的加密原生貨幣解決方案。其第一個穩定幣 USDe 是一種合成美元，透過使用先進的 Delta 對沖策略與美元保持 1:1 的掛鉤。與依賴法幣儲備的傳統穩定幣不同，USDe 完全由各種主流加密資產支持，使其不受中心化金融體系的約束。

As a key player in the DeFi ecosystem, Ethena's stablecoins are deeply integrated into several crucial domains, including money markets, derivatives markets, stablecoin infrastructure, interest rate swap agreements, and spot AMM DEX. Moreover, Ethena's liquidity pool not only caters to existing centralized and decentralized trading platforms but also aids emerging exchanges in resolving liquidity challenges during their early launch phases, establishing Ethena as the market leader in depth and over-the-counter liquidity provision.

作為 DeFi 生態系統的關鍵參與者，Ethena 的穩定幣深度融入多個關鍵領域，包括貨幣市場、衍生性商品市場、穩定幣基礎設施、利率互換協議和現貨 AMM DEX。此外，Ethena的流動性池不僅滿足現有中心化和去中心化交易平台的需求，還幫助新興交易所解決上線初期的流動性挑戰，使Ethena成為深度和場外流動性提供的市場領導者。

In addition to its stablecoin offerings, Ethena is also actively engaged in reshaping the cryptocurrency system to foster the next generation of Internet finance. This endeavor spans DeFi, CeFi, and TradFi, ultimately aiming to integrate crypto assets into the mainstream financial landscape. Notably, Ethena's stablecoins combine the local real returns of two billion-dollar cryptocurrencies, boasting returns that are weakly negatively correlated with traditional financial interest rates. The underlying assets are held by TradFi-approved custodians, enabling large investors to effortlessly access excess returns in the cryptocurrency market through a single asset. As real interest rates decline and market speculation on cryptocurrencies intensifies, demand for leverage will rise further, driving up yields on Ethena's USDe and serving as a crucial factor in attracting trillion-dollar TradFi entities to the Ethena ecosystem.

除了穩定幣產品外，Ethena 還積極致力於重塑加密貨幣系統，以培養下一代網路金融。這項努力涵蓋了 DeFi、CeFi 和 TradFi，最終目標是將加密資產融入主流金融格局。值得注意的是，Ethena 的穩定幣結合了 20 億美元加密貨幣的本地實際回報，其回報與傳統金融利率呈現弱負相關。基礎資產由TradFi批准的託管人持有，使大型投資者能夠透過單一資產輕鬆獲得加密貨幣市場的超額回報。隨著實際利率下降和市場對加密貨幣投機的加劇，對槓桿的需求將進一步上升，從而推高 Ethena 的 USDe 收益率，並成為吸引萬億美元 TradFi 實體進入 Ethena 生態系統的關鍵因素。