Ethena 整合比特币以增强 USDe 稳定性并推动增长

Ethena Labs 将比特币作为其稳定币 USDe 的支持资产，增强了其可扩展性和流动性。这一战略举措通过使其抵押品池多样化并利用比特币不断增长的衍生品市场来提高 USDe 的稳定性。通过添加比特币作为抵押品，Ethena 的目标是利用其卓越的流动性状况和超过 250 亿美元的市值。此举是 Ethena 加强 USDe 稳定性并解决对其长期可持续性担忧的努力的一部分。

Ethena Labs Integrates Bitcoin to Bolster USDe Stability and Propel Growth

Ethena Labs 整合比特币以增强 USDe 稳定性并推动增长

April 5, 2024 - Ethena Labs, the blockchain company behind the DeFi protocol Ethena and its synthetic dollar stablecoin USDe, has taken a significant step towards enhancing the stability and scalability of its ecosystem by integrating Bitcoin (BTC) as a supporting asset.

2024 年 4 月 5 日 - Ethena Labs 是 DeFi 协议 Ethena 及其合成美元稳定币 USDe 背后的区块链公司，通过整合比特币 (BTC) 作为支持资产，在增强其生态系统的稳定性和可扩展性方面迈出了重要一步。

Ethena USDe: A Rising Star in DeFi

Ethena USDe：DeFi 的后起之秀

Ethena USDe, a highly anticipated stablecoin launched in February 2024, has rapidly gained traction and currently boasts a market capitalization exceeding $2 billion. The stablecoin is designed to maintain a stable value pegged to the US dollar through the use of hedging positions on derivatives and collateral held by the protocol.

Ethena USDe 是一款备受期待的稳定币，于 2024 年 2 月推出，迅速获得关注，目前市值超过 20 亿美元。该稳定币旨在通过使用协议持有的衍生品和抵押品的对冲头寸来维持与美元挂钩的稳定价值。

Bitcoin as a Vital Support Asset

比特币作为重要的支持资产

Ethena Labs has outlined the rationale for integrating BTC as a backing asset for USDe. With an open interest of $25 billion, significantly exceeding that of ETH ($10 billion), BTC offers enhanced scalability capacity for USDe. This is particularly relevant considering the recent surge in the Bitcoin derivatives market, which has grown from $10 billion to $25 billion in the past year.

Ethena Labs 概述了将 BTC 整合为 USDe 支持资产的理由。 BTC 的未平仓合约为 250 亿美元，远超 ETH（100 亿美元），为 USDe 提供了增强的可扩展性。考虑到最近比特币衍生品市场的激增（去年比特币衍生品市场从 100 亿美元增长到 250 亿美元），这一点尤其重要。

Moreover, BTC provides a stronger liquidity profile and duration compared to liquid staking tokens. As Ethena approaches $10 billion in value, BTC serves as a robust support mechanism, despite the absence of a native staking yield compared to ETH.

此外，与流动性质押代币相比，BTC 提供了更强的流动性和持续时间。随着 Ethena 的价值接近 100 亿美元，尽管与 ETH 相比，BTC 缺乏原生质押收益，但它仍然是一种强大的支持机制。

A Step Towards Addressing Community Concerns

解决社区问题的一步

The integration of BTC as a support asset is part of Ethena Labs' strategy to address concerns raised by the crypto community regarding the long-term sustainability of USDe's stability mechanism. Previously, the stablecoin generated a 37% annualized return through short-selling ETH futures and collecting financing rates. While this approach has been effective in the short term, questions have been raised about its long-term viability.

将 BTC 整合为支持资产是 Ethena Labs 战略的一部分，旨在解决加密社区对 USDe 稳定机制的长期可持续性提出的担忧。此前，该稳定币通过卖空 ETH 期货并收取融资利率，获得了 37% 的年化回报。虽然这种方法在短期内有效，但人们对其长期可行性提出了质疑。

Diversification and Risk Mitigation

多元化和风险缓解

By incorporating BTC, Ethena diversifies its collateral base and reduces the risk associated with a single asset's volatility. Short-selling on BTC futures complements the existing short-selling on ETH futures, further enhancing the stability of the system.

通过纳入 BTC，Ethena 使其抵押品基础多样化，并降低了与单一资产波动性相关的风险。 BTC期货的卖空是对现有ETH期货卖空的补充，进一步增强了系统的稳定性。

The ENA Governance Token: A Mixed Reception

ENA 治理代币：褒贬不一

The launch of ENA, the governance token for Ethena, has met with mixed reactions. After a strong debut on Binance with a 300% surge, its price has since retraced. However, it still remains significantly above its initial listing price, indicating a positive market sentiment towards the protocol.

Ethena 的治理代币 ENA 的推出引起了不同的反应。在币安首次亮相并飙升 300% 后，其价格随后回落。然而，它仍然远高于其最初的上市价格，表明市场对该协议的积极情绪。

Conclusion

结论

Ethena Labs' decision to integrate BTC as a support asset for USDe is a significant development that aims to enhance the stability, scalability, and liquidity of the ecosystem. While the integration of BTC is unlikely to completely dispel all doubts raised by the crypto community, it is a positive step that demonstrates Ethena's commitment to addressing concerns and building a more robust and resilient platform.

Ethena Labs 决定将 BTC 作为 USDe 的支持资产，这是一项重大进展，旨在增强生态系统的稳定性、可扩展性和流动性。虽然 BTC 的整合不太可能完全消除加密社区提出的所有疑虑，但这是积极的一步，表明 Ethena 致力于解决问题并建立一个更强大、更有弹性的平台。

As the DeFi space continues to evolve, the integration of multiple assets as collateral for stablecoins is expected to become increasingly prevalent. Ethena Labs' move towards diversifying its collateral base serves as a testament to this trend and positions USDe as a promising contender in the ever-competitive stablecoin market.

随着 DeFi 领域的不断发展，多种资产作为稳定币抵押品的整合预计将变得越来越普遍。 Ethena Labs 实现抵押品基础多元化的举措证明了这一趋势，并使 USDe 成为竞争日益激烈的稳定币市场中一个有前途的竞争者。