Ethena Labs 通过比特币集成增强 USDe 的稳定性和可扩展性

Ethena Labs 已将比特币作为其 USDe 稳定币的支持资产。此举使 USDe 的抵押品基础多样化，并利用了比特币的市场价值和信任。通过做空加密货币期货来产生收益，Ethena 为用户实现了 37% 的年化收益。将比特币与其更大的未平仓合约相结合，增强了 USDe 的可扩展性和流动性。

Ethena Labs Enhances USDe Stability and Scalability with Bitcoin Integration

Ethena Labs 通过比特币集成增强 USDe 的稳定性和可扩展性

San Francisco, April 4, 2024 - Ethena Labs, the pioneer in synthetic asset technology, has announced the strategic integration of Bitcoin (BTC) as a backing asset for its US dollar-pegged stablecoin, USDe. This move not only diversifies the collateral base of USDe but also leverages the robust market value and widespread trust associated with Bitcoin within the cryptocurrency community.

旧金山，2024 年 4 月 4 日 - 合成资产技术先驱 Ethena Labs 宣布战略整合比特币 (BTC) 作为其与美元挂钩的稳定币 USDe 的支持资产。此举不仅使 USDe 的抵押品基础多样化，而且还利用了加密货币社区内与比特币相关的强劲市场价值和广泛信任。

Strategic Rationale and Market Impact

战略原理和市场影响

The incorporation of Bitcoin into Ethena's strategy is driven by a multifaceted rationale. Firstly, it enhances the stability of USDe by reducing its reliance on a single collateral asset. By diversifying the collateral base, Ethena can mitigate the volatility inherent in cryptocurrency markets and ensure the value of USDe remains stable even during periods of market turbulence.

将比特币纳入 Ethena 的战略是由多方面的理由驱动的。首先，它通过减少对单一抵押资产的依赖来增强 USDe 的稳定性。通过使抵押品基础多样化，Ethena 可以减轻加密货币市场固有的波动性，并确保 USDe 的价值即使在市场动荡时期也能保持稳定。

Secondly, the integration of Bitcoin taps into the significant market value and liquidity associated with the world's largest cryptocurrency. With an open interest of over $25 billion, Bitcoin provides Ethena with a robust source of collateral to support the issuance and redemption of USDe. This move is expected to significantly increase the scalability and liquidity of USDe, potentially allowing it to achieve an issuance capacity that is more than 2.5 times its current $2 billion supply.

其次，比特币的整合利用了与世界上最大的加密货币相关的巨大市场价值和流动性。比特币的未平仓合约超过 250 亿美元，为 Ethena 提供了强大的抵押品来源，以支持 USDe 的发行和赎回。此举预计将显着提高 USDe 的可扩展性和流动性，使其发行能力可能是目前 20 亿美元供应量的 2.5 倍以上。

Cash-and-Carry Trade Mechanism

现购自运贸易机制

Ethena's unique approach to generating yield involves a cash-and-carry trade mechanism. Users deposit cryptocurrencies, including Ethereum (ETH) and now Bitcoin (BTC), on the platform, which are then used to mint USDe. This USDe can be staked directly on Ethena's platform or supplied to other decentralized finance (DeFi) platforms to earn additional yield.

Ethena 产生收益的独特方法涉及现金套利交易机制。用户在平台上存入加密货币，包括以太坊 (ETH) 和现在的比特币 (BTC)，然后用于铸造 USDe。该 USDe 可以直接质押在 Ethena 的平台上，也可以提供给其他去中心化金融（DeFi）平台以获得额外收益。

Balancing Volatility and Yield Generation

平衡波动性和收益率

The inclusion of Bitcoin in this strategy enables Ethena to strike a balance between managing volatility and generating yield. By holding BTC and simultaneously shorting BTC perpetual futures contracts, Ethena aims to neutralize any losses resulting from BTC's price fluctuations with gains from the short positions. This hedging mechanism helps ensure that the value of USDe remains stable, while still allowing Ethena to generate yield from the funding rates of its short positions.

将比特币纳入这一策略使 Ethena 能够在管理波动性和产生收益之间取得平衡。通过持有 BTC 并同时做空 BTC 永续期货合约，Ethena 的目标是用空头头寸的收益来抵消 BTC 价格波动造成的任何损失。这种对冲机制有助于确保 USDe 的价值保持稳定，同时仍然允许 Ethena 从其空头头寸的融资利率中产生收益。

Market Response and Future Outlook

市场反应及未来展望

Initial market reaction to Ethena's strategic pivot has been mixed. While the price of ENA, Ethena's native token, experienced an initial 8% drop following the announcement, the broader sentiment towards the move has been cautiously optimistic. Market analysts highlight the potential for this move to bolster USDe's position as a safer alternative to conventional stablecoins and to significantly expand its market presence.

市场对 Ethena 战略支点的最初反应好坏参半。尽管 Ethena 的原生代币 ENA 的价格在公告发布后最初下跌了 8%，但人们对这一举措的整体情绪一直持谨慎乐观的态度。市场分析师强调，此举有可能巩固 USDe 作为传统稳定币更安全替代品的地位，并显着扩大其市场份额。

Ethena's innovative approach, which now includes Bitcoin as collateral, distinguishes its synthetic dollar product from conventional stablecoins by reducing reliance on the traditional banking system. With a $2 billion market capitalization, USDe ranks among the top five US dollar-denominated stablecoins, trailing only behind giants like USDT, USDC, DAI, and FDUSD.

Ethena 的创新方法现在将比特币作为抵押品，通过减少对传统银行系统的依赖，将其合成美元产品与传统稳定币区分开来。 USDe 凭借 20 亿美元的市值，跻身美元计价稳定币前五名，仅次于 USDT、USDC、DAI 和 FDUSD 等巨头。

Technical Analysis of ENA/USDT

ENA/USDT技术分析

The price of ENA/USDT is currently consolidating around the $1.00 mark, with Fibonacci retracement levels drawn to indicate potential support/resistance areas. As of the latest candlestick, the price is slightly below the $1.00 level. The relative strength index (RSI) is hovering around 40.79, suggesting that the asset is neither overbought nor oversold.

ENA/USDT 的价格目前在 1.00 美元大关附近盘整，斐波那契回撤水平表明潜在的支撑/阻力区域。截至最新烛台，价格略低于 1.00 美元水平。相对强弱指数（RSI）徘徊在40.79附近，表明该资产既没有超买也没有超卖。

The directional movement index (DMI) shows the average directional index (ADX) above 20, indicating a moderate strength, with the negative directional indicator (-DI) potentially crossing above the positive directional indicator (+DI), suggesting that the downtrend may be stronger than the uptrend in the near term. However, the consolidation around the $1.00 level indicates a balance between buyers and sellers, suggesting indecision in the market.

方向运动指数（DMI）显示平均方向指数（ADX）高于 20，表明强度适中，负方向指标（-DI）可能穿越正方向指标（+DI），表明下降趋势可能会持续。强于近期的上升趋势。然而，围绕 1.00 美元水平的盘整表明买家和卖家之间存在平衡，表明市场犹豫不决。

Conclusion and Implications

结论和启示

Ethena Labs' integration of Bitcoin as a backing asset for USDe is a pivotal step towards achieving a more resilient and scalable synthetic dollar. This move not only enhances the safety and stability of USDe for token holders but also sets a precedent for integrating crypto assets in maintaining the peg and integrity of synthetic financial products.

Ethena Labs 将比特币整合为 USDe 的支持资产，是实现更具弹性和可扩展性的合成美元的关键一步。此举不仅增强了USDe对代币持有者的安全性和稳定性，也为整合加密资产以维护合成金融产品的挂钩和完整性开创了先例。

As Ethena Labs continues to refine its strategies and expand its collateral options, the broader DeFi community is eagerly watching how this strategic decision unfolds. The integration of Bitcoin into Ethena's platform is a testament to the growing maturity and sophistication of the DeFi ecosystem, and it has the potential to reshape the landscape of synthetic assets and stablecoins.

随着 Ethena Labs 不断完善其策略并扩大抵押品选择，更广泛的 DeFi 社区正在热切关注这一战略决策的进展。比特币融入 Ethena 平台证明了 DeFi 生态系统的日益成熟和完善，并且有可能重塑合成资产和稳定币的格局。