Etena（ENA）还持有USDC之类的稳定币作为安全性。所以有了美元霸权。它增加了美国领导的经济秩序的力量。

埃娜（Etena）是自Terra以来最引人注目的加密本地资产。它提供了基于虚拟资产的货币解决方案，而无需依赖传统的银行系统基础架构。

Etena (CRYPTO: AAVE) is the most high-profile crypto-native asset since Terra. It provides virtual asset-based money solutions without relying on traditional banking system infrastructure.

Etena（加密：AAVE）是Terra以来最引人注目的加密本地资产。它提供了基于虚拟资产的货币解决方案，而无需依赖传统的银行系统基础架构。

However, such a system is likely to be suspected of violating the dollar issuance power monopolized by the U.S. Federal Reserve (Fed). This is because it's like a private company printing dollars.

但是，这种制度可能涉嫌违反美国美联储（美联储）垄断的美元发行权。这是因为这就像一家私人公司打印美元。

"Ethena undoubtedly contributes to broadening the reach of the U.S. dollar and strengthening its dominance," said Guy Young, founder of Etena, who was recently interviewed in Mail Business.

埃特纳（Etena）的创始人盖伊·扬（Guy Young）表示：“埃塞纳无疑有助于扩大美元的影响力并加强其优势。”

'Cryptographic proof instead of trust'

“加密证明而不是信任”

Satoshi Nakamoto, the founder of Bitcoin, cited it as a necessary element to implement decentralized finance in the introduction of the Bitcoin white paper.

比特币的创始人Satoshi Nakamoto认为它是在引入比特币白皮书中实施分散融资的必要元素。

It wanted to implement reliable and unreliable finance through mathematical logic recognized by everyone, not financial institutions such as banks and securities companies, and codes based on it.

它希望通过每个人所认可的数学逻辑，而不是金融机构（例如银行和证券公司）来实施可靠和不可靠的财务，以及基于它的代码。

In that sense, stablecoins, which have recently grown rapidly, are heretical. It doesn't match Satoshi's philosophy at all.

从这个意义上讲，最近迅速发展的Stablecoins是异端的。它完全不符合Satoshi的哲学。

Take Tether (USDT) as an example and we should believe Tether is on British Virgin Island issuing USDT. If Tether goes bankrupt, Tether's value will also collapse.

以Tether（USDT）为例，我们应该相信Tether在英属维尔京岛上发行USDT。如果系绳破产，系绳的价值也将崩溃。

Therefore, it is a dream of all participants in the virtual asset market to create stablecoins that move entirely based on cryptocurrency rather than based on real dollars like Tether and USDC.

因此，这是虚拟资产市场中所有参与者的梦想，可以创建完全基于加密货币而不是基于Tether和USDC（例如Tether and USDC）移动的稳定币。

Of course, Terra, the most famous in this field, collapsed through the Terra/Luna incident, leaving a big wound. However, various projects are still trying to create crypto-native stablecoins.

当然，这是该领域最著名的Terra，在Terra/Luna事件中倒塌，留下了很大的伤口。但是，各种项目仍在尝试创建加密本地的稳定剂。

Etena is a project that has attracted the most attention in recent years in this field.

埃娜（Etena）是一个近年来在该领域吸引最大关注的项目。

Etena's stablecoin USDe ranks third behind Tether and USDC with a market capitalization of $5.45 billion.

Etena的Stablecoin USDE以54.5亿美元的市值落后于Tether和USDC。

According to Depyramar, Etana's deposit asset (TVL) was $5.673 billion as of the 10th, more than 10 times higher than $851 million a year earlier.

根据Depyramar的数据，截至10截至第10名，Etana的存款资产（TVL）为56.73亿美元，一年前高于8.51亿美元。

Etena accounted for more than 85% of the on-chain dollar asset growth last year as decentralized finance (DeFi) became the pillar of growth, founder Young said. "More than 50% of Pendle's TVL is due to Etena, and about 25% or more than $100 million of Sky's revenue is due to Etena."

创始人Young说，去年，由于分散融资（DEFI）成为增长的支柱，埃娜（Etena）占链货币资产增长的85％以上。 “ Pendle的TVL超过50％是由于Etena造成的，大约25％或超过1亿美元的Sky收入是由于埃娜（Etena）造成的。”

This is due to high interest rates. As of last year, the average annual rate of sUSDe was 18%. In other words, if you deposit USDe, a stable coin, you will get an annual rate of 18% without risk.

这是由于高利率。截至去年，SUSDE的平均年率为18％。换句话说，如果您存入USDE（稳定的硬币），则将获得18％的年率，而不会风险。

"Etena provided the highest annual rate in the DeFi industry," said founder Young. "Both ordinary investors and various DeFi projects chose Etena to increase capital efficiency."

创始人Young说：“ Etena在Defi行业中提供了最高的年率。” “普通投资者和各种Defi项目都选择了埃特纳来提高资本效率。”

Etena's stablecoin USDe works in a unique way. If Ethena receives one Ethereum deposit, it will take a position to bet on the Ethereum's decline as much as one Ethereum.

Etena的Stablecoin USDE以独特的方式工作。如果埃塞纳（Ethena）获得一个以太坊押金，那么将要押注以太坊的衰落和一个以太坊的衰落。

This increases the price of the deposited spot Ethereum and loses the short position. Since both are 1 Ethereum, the gain or loss is +-0.

这增加了存入现货以太坊的价格，并失去了短职位。由于两者都是1个以太坊，因此增益或损失为 +-0。

Existing stablecoins have been troubled by the decline in the nominal value of collateral unless they entrust dollars and obtain dollar stablecoins.

除非托付美元并获得美元稳定股，否则对抵押品的名义价值的下降使现有的Stablecoins陷入困境。

In other words, Etena has hedged this risk. A strategy that minimizes the change in the value of a position due to changes in the price of an underlying asset is called delta neutrality.

换句话说，埃娜（Etena）避开了这种风险。一种策略可以最大程度地减少由于基础资产价格变化而导致的位置价值变化称为Delta中立性。

Etena can also earn income in this way. The virtual asset market is dominated by unique derivatives called indefinite futures.

埃娜（Etena）也可以通过这种方式赚取收入。虚拟资产市场以名为无限期期货的独特衍生物为主。

Futures options on the stock market are basically in contrast to those that are due. Futures options in the existing stock market match the prices of spot and futures because they buy in-kind at maturity and perform futures contracts.

股票市场上的期货期权基本上与应到期的期货相反。现有股票市场中的期货期权与现货和期货的价格相匹配，因为它们在成熟时购买并签订了期货合约。

However, it does not do indefinite gifts, and to solve this, there is a concept of funding costs.

但是，它没有无限期的礼物，并且要解决这一点，就有一个资金成本的概念。

In general, when a position is focused on either a long or a short, investors in high-ratio positions periodically pay the opposite position.

通常，当一个职位集中在长期或短暂的职位上时，处于高比率职位的投资者会定期支付相反的立场。

The virtual asset market is generally paid for funding when it is in a short position unless it is a long-term downtrend, which also earns funding through the position USDe took for delta-neutrality.

除非是长期下降趋势，否则虚拟资产市场通常在短期职位上的资金时支付，这也可以通过USDE的Delta-Neutrality获得资金。

Of course, Etena recently launched "USDtb" in case such a strategy becomes impossible due to a long-term downtrend. USDtb is based on the BlackRock Tokenized Government Bond Fund BUIDL (BlackRock USD Institutional Digital Liquidity Fund).

当然，埃娜（Etena）最近推出了“ USDTB”，以防这种策略由于长期下降而变得不可能。 USDTB基于BlackRock代币政府债券基金Buidl（BlackRock USD机构数字流动性基金）。

"The introduction of stablecoins as a supportive asset for USDe relieves pressure on protocols when markets fall, while also improving financing," Young said.

Young说：“引入Stablecoins作为USDE的支持资产，在市场下跌时减轻了对协议的压力，同时也改善了融资。”

The problem is that such a structure is sitting at an inevitable risk.

问题在于，这种结构正处于不可避免的风险。

Etena should use the Centralized Exchange (CEX),

Etena应该使用集中式交易（CEX），