Ethena Labs 的比特币整合释放了 USDe 的指数级上升

Ethena Labs 将比特币作为抵押品整合到 USDe 中，旨在将其与美元挂钩的合成资产规模扩大到超过 20 亿美元。这一战略举措利用了比特币蓬勃发展的衍生品市场，提供了更高的可扩展性和流动性。 Ethena 的目标是在比特币强大的生态系统的推动下，USDe 实现 2.5 倍的增长。

Ethena Labs' Seismic Shift: Bitcoin Integration Unleashes USDe's Exponential Expansion

Ethena Labs 的巨大转变：比特币整合释放了 USDe 的指数级扩张

Ethena Labs has sent shockwaves through the cryptocurrency industry with its audacious move to integrate Bitcoin as collateral for its USDe synthetic dollar. This strategic masterstroke is not merely an update but a transformative pivot poised to propel USDe into new frontiers of possibility, leveraging the burgeoning Bitcoin craze to achieve exponential growth.

Ethena Labs 大胆地将比特币作为其 USDe 合成美元的抵押品，此举在加密货币行业引起了轩然大波。这一战略主线不仅是一次更新，而且是一个变革性的支点，将推动 USDe 进入新的可能性领域，利用蓬勃发展的比特币热潮实现指数级增长。

Bitcoin's Allure: A Catalyst for USDe's Ascension

比特币的魅力：USDe崛起的催化剂

Ethena's decision to embrace Bitcoin is not a random act. It is a calculated move that capitalizes on the remarkable surge in Bitcoin's open interest, which has skyrocketed from $10 billion to an astonishing $25 million over the past year. This exponential growth has attracted Ethena's attention, recognizing it as an opportunity to amplify USDe's scalability by a remarkable factor of 2.5.

Ethena 接受比特币的决定并不是偶然的。这是一个经过深思熟虑的举措，利用了比特币未平仓头寸的显着飙升，比特币未平仓头寸在过去一年中从 100 亿美元飙升至惊人的 2500 万美元。这种指数级增长引起了 Ethena 的注意，她认为这是将 USDe 的可扩展性放大 2.5 倍的机会。

The integration of Bitcoin as collateral will enable USDe to tap into the vast liquidity and scalability advantages of Bitcoin's derivative markets. This strategic alliance will bolster USDe's ability to maintain its peg to the US dollar, making it an even more attractive option for investors seeking stability in the volatile cryptocurrency landscape.

将比特币作为抵押品的整合将使 USDe 能够利用比特币衍生品市场巨大的流动性和可扩展性优势。这一战略联盟将增强 USDe 维持与美元挂钩的能力，使其成为在动荡的加密货币环境中寻求稳定的投资者更具吸引力的选择。

USDe's Genesis and Evolving Journey

USDe 的起源和演变之旅

USDe's genesis occurred on February 19 on the Ethereum blockchain, accompanied by an enticing annual percentage yield (APY) of 27.6% on staked USDe. This bold move generated both excitement and skepticism within the community, with the APY peaking at an eye-catching 113% on March 5. Subsequently, it has stabilized at a more subdued 7.15%.

USDe 于 2 月 19 日在以太坊区块链上诞生，抵押的 USDe 的年收益率 (APY) 高达 27.6%。这一大胆的举动在社区内引起了兴奋和怀疑，APY 在 3 月 5 日达到了引人注目的 113% 的峰值。随后，它稳定在较为温和的 7.15%。

Prior to the integration of Bitcoin, USDe's collateral composition comprised a combination of ETH, Tether (USDT), and Ethereum-based liquid staking tokens, with respective allocations of 45%, 38%, and 17%. Ethena's collateral sources are transparent, with Binance, Bybit, and OKX contributing the lion's share at 59%, 15%, and 20%.

在整合比特币之前，USDe 的抵押品构成包括 ETH、Tether (USDT) 和基于以太坊的流动质押代币的组合，比例分别为 45%、38% 和 17%。 Ethena 的抵押品来源透明，币安、Bybit 和 OKX 贡献了最大份额，分别为 59%、15% 和 20%。

Delta Hedging: Ethena's Strategic Weapon

Delta 对冲：Ethena 的战略武器

Ethena employs delta hedging, a sophisticated strategy, to maintain USDe's value peg. This approach involves taking short positions in Ethereum or its derivatives, which yield profits when Ether's price falls. Such maneuvers enable Ethena to protect USDe's collateral from market volatility.

Ethena 采用 Delta 对冲（一种复杂的策略）来维持 USDe 的价值挂钩。这种方法涉及在以太坊或其衍生品中建立空头头寸，当以太坊价格下跌时，这会产生利润。此类策略使 Ethena 能够保护 USDe 的抵押品免受市场波动的影响。

Bitcoin's Staking Conundrum: A Non-Issue for Ethena

比特币的质押难题：对 Ethena 来说不是问题

One may question Bitcoin's lack of native staking yield compared to staked Ether. However, Ethena dismisses this concern, emphasizing that staking yields of 3%–4% become less significant during bull markets when funding rates can exceed 30%.

有人可能会质疑，与质押的以太币相比，比特币缺乏原生质押收益率。然而，Ethena 驳斥了这种担忧，强调在牛市期间，当融资利率可能超过 30% 时，3%–4% 的质押收益率变得不那么重要。

A Bold Vision for the Future of Synthetic Dollars

对合成美元未来的大胆愿景

Ethena's decision to integrate Bitcoin into USDe is not just an update; it is a bold, strategic move that reshapes the future of synthetic dollars. It harnesses the potential of Bitcoin's thriving derivative markets to establish a robust and scalable foundation for USDe. Ethena's vision extends beyond mere expansion; it seeks to revolutionize the way synthetic dollars operate in the cryptocurrency ecosystem.

Ethena 将比特币整合到 USDe 中的决定不仅仅是一个更新；更是一个更新。这是重塑合成美元未来的大胆战略举措。它利用比特币蓬勃发展的衍生品市场的潜力，为 USDe 建立强大且可扩展的基础。 Ethena 的愿景不仅仅是扩张；它寻求彻底改变合成美元在加密货币生态系统中的运作方式。

Implications for Investors and the Broader Market

对投资者和更广泛市场的影响

The ramifications of this integration are profound. With Bitcoin's unparalleled liquidity and scalability at its disposal, Ethena is positioning USDe as a highly appealing investment option for those seeking stability amidst market volatility.

这种整合的影响是深远的。凭借比特币无与伦比的流动性和可扩展性，Ethena 将 USDe 定位为对于那些在市场波动中寻求稳定的人来说极具吸引力的投资选择。

Furthermore, this integration underscores Ethena's commitment to innovation and adaptability. By embracing Bitcoin, Ethena acknowledges the cryptocurrency's potential to contribute to the growth and stability of other digital assets, paving the way for a more interconnected and symbiotic crypto ecosystem.

此外，这种整合强调了 Ethena 对创新和适应性的承诺。通过拥抱比特币，Ethena 承认加密货币有促进其他数字资产的增长和稳定性的潜力，为更加互联和共生的加密生态系统铺平了道路。

Conclusion: A Game-Changer in the Synthetic Dollar Landscape

结论：合成美元格局的游戏规则改变者

Ethena Labs' integration of Bitcoin into USDe is a game-changer in the synthetic dollar landscape. It is a testament to Ethena's foresight and strategic acumen, harnessing the power of Bitcoin to unlock new possibilities for USDe and the broader cryptocurrency market. This bold move sets the stage for USDe to become a leading force in the synthetic dollar space, offering investors unparalleled stability, scalability, and growth potential.

Ethena Labs 将比特币整合到 USDe 中，改变了合成美元格局。这证明了 Ethena 的远见和战略敏锐度，利用比特币的力量为 USDe 和更广泛的加密货币市场释放新的可能性。这一大胆举措为 USDe 成为合成美元领域的主导力量奠定了基础，为投资者提供了无与伦比的稳定性、可扩展性和增长潜力。