Ethena 是一个快速发展的加密项目，其“合成美元”代币被定位为 Tether 的 USDT 等领先稳定币的替代品，在创始人 Guy Young 详细介绍了面向传统金融的新产品计划后，周五，其代币在数字资产市场上大幅上涨。机构。

还计划与消息平台 Telegram 集成，并预计建设专用 Ethena 网络。

Fast-growing crypto project Ethena, whose “synthetic dollar” token serves as an alternative to leading stablecoins like Tether’s USDT, saw its token rally Friday in digital-asset markets after founder Guy Young outlined plans for a new offering targeting traditional financial institutions.

快速增长的加密项目 Ethena 的“合成美元”代币可作为 Tether 的 USDT 等领先稳定币的替代品，在创始人 Guy Young 概述了针对传统金融机构的新产品计划后，该项目周五在数字资产市场上出现了代币上涨。

There’s also a planned integration with the messaging platform Telegram and the expected buildout of a dedicated Ethena network.

还计划与消息平台 Telegram 集成，并预计建设专用 Ethena 网络。

After Young shared a detailed blog post on the protocol's 2025 roadmap, the governance token ENA rose 16% to trade at $1.23, giving the cryptocurrency a market capitalization of $3.6 billion, data from CoinGecko showed.

CoinGecko 的数据显示，在 Young 分享了有关该协议 2025 年路线图的详细博客文章后，治理代币 ENA 上涨 16%，交易价格为 1.23 美元，使该加密货币的市值达到 36 亿美元。

The roadmap calls for Ethena’s entry into the traditional finance industry with a new product offering dubbed iUSDe, which is slated to roll out next month. The new product will be a variation of Ethena’s staked stablecoin sUSDe, except that iUSDe will come with a wrapper contract which enforces transfer restrictions at the token level. The additional mechanism will purportedly allow tradfi entities to use iUSDe.

该路线图要求 Ethena 进入传统金融行业，推出名为 iUSDe 的新产品，该产品定于下个月推出。新产品将是 Ethena 质押稳定币 sUSDe 的变体，不同之处在于 iUSDe 将附带一个包装合约，该合约在代币层面强制执行转移限制。据称，附加机制将允许 tradfi 实体使用 iUSDe。

“In this context Ethena will perform the role of an interest rate arbitrage vehicle which forces the convergence between capital flows and interest rate markets across DeFi, CeFi and TradFi,” wrote Young. DeFi is the industry shorthand for decentralized finance, CeFi stands for centralized crypto finance and TradFi represents traditional finance.

Young 写道：“在这种背景下，Ethena 将扮演利率套利工具的角色，迫使 DeFi、CeFi 和 TradFi 之间的资本流动和利率市场趋同。” DeFi是去中心化金融的行业简写，CeFi代表中心化加密金融，TradFi代表传统金融。

Plans for 2025 include integrating sUSDe within popular messaging platform Telegram, which has over 900 million users around the world. Having sUSDe within Telegram could serve as a mobile neobank for users to transfer, spend, and save, according to Young. Through Apple Pay, users on Telegram will be able to move from sUSDe to direct mobile tap payments on their phones. Neobanks provide online banking services without physical branches.

2025 年的计划包括将 sUSDe 集成到流行的消息平台 Telegram 中，该平台在全球拥有超过 9 亿用户。 Young 表示，Telegram 中的 sUSDe 可以充当移动新银行，供用户转账、消费和储蓄。通过 Apple Pay，Telegram 用户将能够从 sUSDe 转移到手机上直接进行移动支付。新银行提供网上银行服务，没有实体分支机构。

Ethena is also looking to evolve from a protocol that issues a single asset – namely, its flagship stablecoin – to an operational network in the new year.

Ethena 还希望在新的一年从发行单一资产（即其旗舰稳定币）的协议发展为可运营的网络。

The network will feature a token model similar to Binance’s BNB token where ecosystem applications set aside portions of their token supply to be airdropped to those who have staked their ENA tokens.

该网络将采用类似于币安 BNB 代币的代币模型，其中生态系统应用程序将其代币供应的一部分空投给那些已经质押 ENA 代币的人。

Two applications are already building on the Ethena network, Young noted. The first is Ethereal, a decentralized trading platform that runs its orderbook with sUSDe and relies on Ethena for liquidity. The second is Derive, an onchain options protocol building financial derivatives where sUSDe is the core collateral asset for the system. Ethereal is expected to launch its testnet next month and Derive is set to roll out its token in the next two weeks, per Young.

Young 指出，两个应用程序已经在 Ethena 网络上构建。第一个是 Ethereal，这是一个去中心化交易平台，通过 sUSDe 运行订单簿，并依赖 Ethena 提供流动性。第二个是 Derive，这是一种构建金融衍生品的链上期权协议，其中 sUSDe 是系统的核心抵押资产。 Young 表示，Ethereal 预计将在下个月推出测试网，Derive 将在未来两周内推出其代币。

Ethena’s USDe stablecoin has garnered a market capitalization of over $5.8 billion, enough to rank it as the third largest stablecoin after Circle’s USDC and Tether’s USDT.

Ethena 的 USDe 稳定币市值超过 58 亿美元，足以成为继 Circle 的 USDC 和 Tether 的 USDT 之后的第三大稳定币。

Wallet addresses that are identified as belonging to BlockTower Capital, Delphi Venture, CMT Digital, and Galaxy Digital are among the top holders of ENA, according to data from blockchain analytics firm Nansen.

根据区块链分析公司 Nansen 的数据，被确定属于 BlockTower Capital、Delphi Venture、CMT Digital 和 Galaxy Digital 的钱包地址是 ENA 的最大持有者。