Ethena 将在 2024 年成为稳定币的主要参与者，超越 DAI 并将 USDe 确立为市值第三大稳定币

稳定币市场在 2024 年将继续发展，虽然 Tether 和 Circle 等巨头适应更严格的监管，但 Ethena 凭借其创新方法、快速执行、可扩展性以及适应新市场条件和需求的能力，成为关键参与者。

The stablecoin market saw significant shifts in 2024. As Tether and Circle adjusted to stricter regulations, Ethena stood out with its fast execution, scalability, and ability to adapt to market demand.

2024 年，稳定币市场发生了重大转变。随着 Tether 和 Circle 适应更严格的监管，Ethena 以其快速执行、可扩展性和适应市场需求的能力脱颖而出。

Launched in February, Ethena's USDe stablecoin quickly attained a market capitalization of $6 billion, becoming the third-largest stablecoin after USDT and USDC. Its user base and institutional interest also surged.

Ethena 的 USDe 稳定币于 2 月推出，市值迅速达到 60 亿美元，成为继 USDT 和 USDC 之后的第三大稳定币。其用户群和机构兴趣也激增。

Integration of sUSDe into Aave in Q4 was a major milestone. Users could now use sUSDe as collateral, boosting adoption and attracting over $1 billion in inflows. Data showed that five main addresses accounted for more than half of these inflows, indicating strong interest from large investors.

第四季度将 sUSDe 集成到 Aave 中是一个重要的里程碑。用户现在可以使用 sUSDe 作为抵押品，从而提高采用率并吸引超过 10 亿美元的资金流入。数据显示，5个主要地址占流入量的一半以上，表明大投资者的浓厚兴趣。

USDe's success also fueled a rally in Ethena's governance token, ENA, which returned to levels close to its initial launch, especially as Bitcoin's price surpassed $100,000.

USDe 的成功还推动了 Ethena 的治理代币 ENA 的上涨，该代币回到了接近其首次发行时的水平，尤其是在比特币价格超过 10 万美元的情况下。

Ethena continued to innovate, launching USDtb, a stablecoin backed by U.S. government bonds through investments in BlackRock's BUIDL. This offered a more conventional and low-risk option compared to USDe, which uses delta-neutral hedging strategies to maintain its dollar peg. USDtb was backed primarily by traditional assets, with a small portion in stablecoins for quick redemptions and minimal volatility.

Ethena 继续创新，通过投资贝莱德的 BUIDL 推出了 USDtb，这是一种由美国政府债券支持的稳定币。与 USDe 相比，这提供了更传统且低风险的选择，USDe 使用 Delta 中性对冲策略来维持与美元挂钩。 USDtb 主要由传统资产支持，其中一小部分是稳定币，以实现快速赎回和最小化波动性。

Ethena's rapid innovation and adaptability were key to its rise. As Maker fragmented its liquidity with USDS and Circle and Tether faced challenges complying with MiCA regulation, Ethena focused on an "on-chain" approach combined with integrations into large centralized platforms.

Ethena 的快速创新和适应性是其崛起的关键。由于 Maker 通过 USDS 分散其流动性，Circle 和 Tether 面临着遵守 MiCA 监管的挑战，Ethena 专注于“链上”方法以及与大型中心化平台的集成。

While challenging giants like USDT and USDC remained an uphill battle, Ethena demonstrated how innovation could create new opportunities in the stablecoin space, especially in a year of changing regulatory landscapes and evolving industry dynamics.

虽然像 USDT 和 USDC 这样具有挑战性的巨头仍然是一场艰苦的战斗，但 Ethena 展示了创新如何在稳定币领域创造新的机会，特别是在监管环境不断变化和行业动态不断变化的一年里。