Ethena Labs 添加比特币作为 USDe 抵押品，增强代币稳定性和市场影响力

Ethena Labs 宣布将比特币 (BTC) 作为其与美元挂钩的合成产品 USDe 的抵押品。此举旨在利用比特币在主要加密货币交易所不断增长的未平仓合约及其高流动性衍生品市场来增强流动性和稳健性，从而大幅扩大其当前 20 亿美元的供应量。

Ethena Labs Expands USDe's Collateral to Include Bitcoin, Bolstering Stability and Liquidity

Ethena Labs 扩大 USDe 的抵押品范围，纳入比特币，增强稳定性和流动性

Ethena Labs, the innovative team behind the synthetic dollar-pegged product USDe, has taken a bold step towards enhancing the stability and liquidity of its token. In a groundbreaking move, the company has announced the addition of Bitcoin (BTC) as collateral for USDe, unlocking the potential for significant scaling beyond its current $2 billion supply.

Ethena Labs 是合成美元挂钩产品 USDe 背后的创新团队，在增强其代币的稳定性和流动性方面迈出了大胆的一步。该公司宣布添加比特币 (BTC) 作为 USDe 的抵押品，这是一项突破性举措，释放了其当前 20 亿美元供应量之外大幅扩容的潜力。

This strategic decision is driven by the surge in Bitcoin's open interest on major cryptocurrency exchanges, which has skyrocketed from $10 billion to $25 million in the past year. This remarkable growth presents a compelling opportunity for USDe to expand its reach and become a more prominent player in the stablecoin market.

这一战略决策是由主要加密货币交易所的比特币未平仓合约激增推动的，在过去的一年里，比特币未平仓合约从 100 亿美元飙升至 2500 万美元。这一显着的增长为 USDe 提供了一个绝佳的机会，可以扩大其影响力并成为稳定币市场中更重要的参与者。

Ethena's decision to incorporate Bitcoin as collateral is not only a testament to its commitment to innovation but also reflects the company's deep understanding of the market dynamics. The team has meticulously analyzed the Bitcoin derivative markets and concluded that they offer superior scalability and liquidity for delta hedging compared to Ether-based instruments.

Ethena 决定将比特币作为抵押品，不仅证明了其对创新的承诺，也反映了该公司对市场动态的深刻理解。该团队仔细分析了比特币衍生品市场，得出的结论是，与基于以太坊的工具相比，它们为 Delta 对冲提供了卓越的可扩展性和流动性。

Moreover, by adding Bitcoin to its collateral portfolio, Ethena aims to provide a safer and more robust product for USDe token holders. Unlike Ether, Bitcoin does not offer a native staking yield. However, Ethena argues that this factor is less significant during bull markets, when funding rates can exceed 30%.

此外，通过将比特币添加到其抵押品组合中，Ethena 旨在为 USDe 代币持有者提供更安全、更稳健的产品。与以太币不同，比特币不提供原生质押收益。然而，Ethena 认为，这个因素在牛市期间不太重要，因为此时融资利率可能超过 30%。

Prior to the inclusion of Bitcoin, USDe was primarily backed by Ethereum (ETH), Tether (USDT), and Ether-based liquid staking tokens. Ethena sources a significant portion of its collateral from reputable centralized exchanges such as Binance, ByBit, and OKX.

在纳入比特币之前，USDe 主要由以太坊 (ETH)、Tether (USDT) 和基于以太坊的流动质押代币支持。 Ethena 的很大一部分抵押品来自 Binance、ByBit 和 OKX 等信誉良好的中心化交易所。

The addition of Bitcoin to USDe's collateral lineup has been met with cautious optimism by industry experts. Some, like Andre Cronje, a renowned DeFi developer, have raised concerns about the sustainability of the Ethena Labs model. However, the company remains confident in its ability to navigate the challenges and deliver a stable and reliable product for its users.

行业专家对将比特币添加到 USDe 抵押品阵容中表示谨慎乐观。一些人，比如著名 DeFi 开发者 Andre Cronje，对 Ethena Labs 模式的可持续性表示担忧。然而，该公司对其应对挑战并为用户提供稳定可靠的产品的能力仍然充满信心。

Currently, USDe ranks fifth in market capitalization among stablecoins, trailing behind USDT, USD Coin (USDC), Dai (DAI), and First Digital USD (FDUSD). With the addition of Bitcoin as collateral, Ethena anticipates a significant increase in adoption and a potential surge in its market share.

目前，USDe 的市值在稳定币中排名第五，落后于 USDT、美元币（USDC）、Dai（DAI）和 First Digital USD（FDUSD）。 Ethena 预计，随着比特币作为抵押品的加入，比特币的采用率将显着增加，其市场份额可能会大幅增加。

As the cryptocurrency market continues to evolve and mature, stablecoins like USDe play a crucial role in fostering stability and facilitating the growth of decentralized finance. Ethena Labs' bold move to include Bitcoin as collateral demonstrates its unwavering commitment to innovation and its dedication to providing a superior product for its users.

随着加密货币市场的不断发展和成熟，像 USDe 这样的稳定​​币在促进稳定性和促进去中心化金融的增长方面发挥着至关重要的作用。 Ethena Labs 将比特币作为抵押品的大胆举措表明了其对创新的坚定承诺以及致力于为用户提供优质产品的决心。