Ethena 空投大礼包：5 亿美元赠品推动 USDe 供应激增

Ethena Labs 在为期六周的空投活动中向活跃用户分发了价值超过 5 亿美元的 ENA 代币。该活动的成功导致第二次空投的宣布，计划持续到 9 月 2 日。用户通过各种活动赚取积分，称为“分片”，包括持有和使用稳定币 USDe，其总供应量有所增加自周一以来已增至 19 亿美元。

Ethena's Airdrop Success: A $500 Million Giveaway and a Surge in USDe Supply

Ethena 空投成功：5 亿美元赠品和 USDe 供应激增

In a remarkable display of generosity, Ethena Labs has distributed over $500 million worth of ENA tokens to active users through an airdrop campaign that spanned six weeks. This unprecedented airdrop has not only rewarded loyal users but has also catalyzed a surge in the circulating supply of USDe, Ethena's innovative stablecoin.

Ethena Labs 通过为期六周的空投活动向活跃用户分发了价值超过 5 亿美元的 ENA 代币，展现了非凡的慷慨。此次前所未有的空投不仅奖励了忠实用户，还促进了 Ethena 创新稳定币 USDe 流通量的激增。

The Genesis Airdrop: A Windfall for Participants

创世空投：参与者的意外收获

Launched on February 19, Ethena's initial airdrop attracted over 90,000 enthusiastic participants who eagerly embraced the opportunity to earn free ENA tokens. To qualify, users simply needed to participate in Ethena's ecosystem by holding USDe, utilizing it in lending protocols, or providing liquidity on decentralized exchanges.

Ethena 于 2 月 19 日启动，首次空投吸引了超过 90,000 名热情的参与者，他们热切地接受了赚取免费 ENA 代币的机会。为了获得资格，用户只需要通过持有 USDe、在借贷协议中使用它或在去中心化交易所提供流动性来参与 Ethena 的生态系统。

The rewards were substantial, with some users amassing upwards of $9,000 worth of ENA tokens. This windfall has significantly boosted the financial standing of these early adopters and has created a loyal base of supporters for Ethena.

奖励非常丰厚，一些用户积累了价值超过 9,000 美元的 ENA 代币。这笔意外之财显着提高了这些早期采用者的财务状况，并为 Ethena 建立了忠实的支持者基础。

Leveraged Returns and ENA Token's Debut

杠杆回报和 ENA 代币首次亮相

Beyond the airdrop, Ethena's ecosystem offered additional opportunities for lucrative returns. Yield-generating strategies, such as those employed on the Pendle DeFi protocol, yielded impressive returns of up to 800%.

除了空投之外，Ethena 的生态系统还提供了额外的丰厚回报机会。 Pendle DeFi 协议中采用的收益生成策略产生了高达 800% 的令人印象深刻的回报。

The airdrop tokens, known as ENA, serve as Ethena's governance token, granting holders the power to shape the future of the platform, including voting on key aspects of its operations, integrations, and community initiatives. Since its launch on Tuesday, the ENA token value has surged by 72%, reaching $1.02 and implying a market capitalization of $1.4 billion.

空投代币，称为 ENA，作为 Ethena 的治理代币，赋予持有者塑造平台未来的权力，包括对其运营、集成和社区倡议的关键方面进行投票。自周二推出以来，ENA 代币价值已飙升 72%，达到 1.02 美元，意味着市值达到 14 亿美元。

Surge in USDe Supply: A Testament to USDe's Allure

USDe 供应激增：USDe 魅力的证明

The success of the Genesis Airdrop has had a tangible impact on the circulating supply of USDe, which now exceeds $1.9 billion, a remarkable ascent of $361 million since Monday. This surge in supply is a testament to the rapidly growing popularity of USDe, a stablecoin that stands out from traditional offerings due to its unique trading strategy that utilizes liquid Ether staking tokens and short Ether perpetual futures to maintain its peg to the dollar.

Genesis 空投的成功对 USDe 的流通供应量产生了切实的影响，目前 USDe 的流通供应量已超过 19 亿美元，自周一以来显着增加了 3.61 亿美元。供应量的激增证明了 USDe 的迅速普及，这种稳定币因其独特的交易策略而从传统产品中脱颖而出，该策略利用流动以太币质押代币和空头以太永续期货来维持与美元挂钩。

Second Airdrop on the Horizon: Another Opportunity for Rewards

第二次空投即将到来：另一个获得奖励的机会

Capitalizing on the momentum generated by the first airdrop, Ethena has swiftly announced plans for a second airdrop campaign that will run until September 2. Eager users are flocking back to the platform, eager to seize another opportunity to earn ENA tokens.

借助第一次空投产生的势头，Ethena 迅速宣布了第二次空投活动的计划，该活动将持续到 9 月 2 日。热切的用户纷纷涌回该平台，渴望抓住另一个赚取 ENA 代币的机会。

In this second campaign, Ethena introduces a novel reward system centered around "sats," a clever homage to Bitcoin's smallest unit of account, satoshis. Users can accumulate sats by engaging in various activities within the USDe ecosystem, such as holding, depositing, lending, or borrowing USDe.

在第二次活动中，Ethena 引入了一种以“sats”为中心的新颖奖励系统，这是对比特币最小账户单位“聪”的巧妙致敬。用户可以通过在USDe生态系统中参与各种活动来积累SAT，例如持有、存款、借贷或借入USDe。

USDe's Sustainability: A Matter of Debate

USDe 的可持续性：一个有争议的问题

The rapid growth of USDe has sparked discussions about its sustainability and potential risks. The stablecoin's high yield relies on positive funding rates in perpetual trading markets. While this has been the case during Ethena's launch period in a bull market, the stability of USDe in a bear market with consistently negative funding rates remains untested. Additionally, Ethena's reliance on centralized exchanges for its trading strategy introduces counterparty risk.

USDe 的快速增长引发了对其可持续性和潜在风险的讨论。稳定币的高收益依赖于永续交易市场的正融资利率。虽然 Ethena 在牛市推出期间就是这种情况，但 USDe 在资金利率持续为负的熊市中的稳定性仍未得到检验。此外，Ethena 交易策略对中心化交易所的依赖会带来交易对手风险。

Conclusion: Ethena's Bold Vision and the Future of USDe

结论：Ethena 的大胆愿景和 USDe 的未来

Ethena's ambitious airdrop campaign has catapulted the platform into the limelight, attracting a large and enthusiastic user base. The soaring value of ENA tokens and the rapid expansion of USDe's circulating supply are testaments to Ethena's innovative approach to stablecoin design. While questions remain about USDe's sustainability, Ethena's unwavering commitment to innovation and its focus on the long-term success of its ecosystem suggest that the future holds exciting possibilities for this groundbreaking platform.

Ethena 雄心勃勃的空投活动使该平台成为众人瞩目的焦点，吸引了大量热情的用户群。 ENA 代币价值的飙升和 USDe 流通供应量的迅速扩大证明了 Ethena 稳定币设计的创新方法。尽管 USDe 的可持续性仍存在疑问，但 Ethena 对创新坚定不移的承诺及其对其生态系统长期成功的关注表明，这个突破性平台的未来充满了令人兴奋的可能性。