Ethena Labs 通过比特币抵押品扩展 USDe，瞄准巨大的市场增长

USDe 背后的推动者 Ethena Labs 已将比特币 (BTC) 作为其与美元挂钩的人工产品的抵押品，旨在大幅扩大其 20 亿美元的供应量。随着主要交易所的比特币需求激增，USDe 有潜力扩大 2.5 倍，使其成为代币持有者的强大且可扩展的产品。

Ethena Labs Integrates Bitcoin as Collateral for USDe, Targeting Significant Expansion

Ethena Labs 将比特币作为 USDe 的抵押品，目标是大幅扩张

Ethena Labs, the driving force behind the US dollar-pegged artificial asset USDe, has strategically incorporated Bitcoin (BTC) as collateral to fuel its growth trajectory. The move aims to bolster the project's scalability and enhance its stability, targeting a substantial increase from its current supply of $2 billion.

Ethena Labs 是与美元挂钩的人工资产 USDe 背后的推动力量，该公司战略性地将比特币 (BTC) 作为抵押品，以推动其增长轨迹。此举旨在增强该项目的可扩展性并增强其稳定性，目标是在当前 20 亿美元的供应量基础上大幅增加。

With Bitcoin's open interest surging from $10 billion to $25 million over the past calendar year on major cryptocurrency exchanges, Ethena recognizes the immense potential to scale USDe by a factor of 2.5. This integration marks a pivotal moment in the project's evolution, poised to unlock significant growth opportunities.

随着过去一年中主要加密货币交易所的比特币未平仓头寸从 100 亿美元飙升至 2500 万美元，Ethena 认识到将 USDe 扩大 2.5 倍的巨大潜力。此次整合标志着该项目发展的关键时刻，有望释放重大增长机会。

USDe went live on the Ethereum network on February 19, 2024. At its inception, Ethena promised an attractive 27.6% annual percentage yield (APY) on staked USDe, raising eyebrows within the crypto community. The APY peaked at an impressive 113% on March 5 but has since stabilized at a more sustainable 7.15%.

USDe 于 2024 年 2 月 19 日在以太坊网络上上线。在成立之初，Ethena 承诺质押 USDe 的年收益率 (APY) 具有吸引力，达到 27.6%，这引起了加密社区的关注。 APY 在 3 月 5 日达到令人印象深刻的 113% 峰值，但此后稳定在更可持续的 7.15%。

"This is a game-changing development that will enable USDe to scale substantially from its current $2 billion supply," exclaimed Ethena Labs in an April 4 announcement.

Ethena Labs 在 4 月 4 日的声明中感叹道：“这是一项改变游戏规则的开发，将使 USDe 能够在当前 20 亿美元的供应量基础上大幅扩大规模。”

Ethena meticulously selected Bitcoin as collateral due to its superior liquidity and inherent stability, offering USDe token holders a more secure and robust product. The company explained, "BTC spinoff markets are growing at a faster pace than ETH and offer significantly better scalability and liquidity for delta hedging."

Ethena 精心选择比特币作为抵押品，因为它具有卓越的流动性和固有的稳定性，为 USDe 代币持有者提供更安全、更稳健的产品。该公司解释说：“BTC 衍生市场的增长速度快于 ETH，并为 Delta 对冲提供了明显更好的可扩展性和流动性。”

Ethena employs a sophisticated delta hedging strategy in the derivatives market to maintain USDe's peg with the US dollar. When Ether's price falls, Ethena's positions in Ether derivatives generate profits, offsetting any downward volatility in USDe's collateral.

Ethena 在衍生品市场采用复杂的 Delta 对冲策略，以维持 USDe 与美元的挂钩。当以太币价格下跌时，Ethena 持有的以太币衍生品头寸会产生利润，抵消 USDe 抵押品的任何下行波动。

Prior to the Bitcoin addition, USDe was backed by a combination of Ether (ETH), Tether (USDT), and Ether-based liquid staking tokens in proportions of 45%, 38%, and 17%, respectively. The company sources the majority of its collateral from industry-leading exchanges, including Binance (59%), ByBit (15%), and OKX (20%). Deribit, Bitget, and BitMEX contribute the remaining 6%.

在添加比特币之前，USDe 由以太坊 (ETH)、Tether (USDT) 和基于以太坊的流动质押代币组合支持，比例分别为 45%、38% 和 17%。该公司的大部分抵押品来自行业领先的交易所，包括币安 (59%)、ByBit (15%) 和 OKX (20%)。 Deribit、Bitget 和 BitMEX 贡献了剩余的 6%。

Ethena acknowledges that Bitcoin lacks a native staking yield like staked Ether, but the reported staking yields of 3-4% are considered "less significant" in bullish market environments where funding fees can exceed 30%.

Ethena 承认，比特币缺乏像质押以太币那样的原生质押收益率，但在融资费用可能超过 30% 的牛市环境中，报告的 3-4% 的质押收益率被认为“不太重要”。

Ethena is actively expanding its team, onboarding experienced professionals in quantitative finance, banking, and blockchain technology. The company is determined to distinguish USDe from traditional stablecoins by reducing or eliminating reliance on the conventional banking system.

Ethena 正在积极扩大其团队，招募量化金融、银行和区块链技术方面经验丰富的专业人士。该公司决心通过减少或消除对传统银行系统的依赖，将 USDe 与传统稳定币区分开来。

Currently, USDe ranks as the fifth-largest US dollar-denominated cryptocurrency by market capitalization, according to CoinGecko. Its $2 billion market cap trails only USDT, USD Coin (USDC), Dai (DAI), and First Digital USD (FDUSD).

据 CoinGecko 称，目前，按市值计算，USDe 是第五大美元计价的加密货币。其 20 亿美元的市值仅落后于 USDT、美元硬币 (USDC)、Dai (DAI) 和 First Digital USD (FDUSD)。

The addition of Bitcoin as collateral underscores Ethena's commitment to innovation and stability. With the crypto market poised for a new growth cycle, Ethena is well-positioned to leverage its enhanced product offering to capture a significant market share. The project's ambitious expansion plans and robust technical capabilities position it as a formidable player in the rapidly evolving world of synthetic assets.

添加比特币作为抵押品强调了 Ethena 对创新和稳定性的承诺。随着加密货币市场准备进入新的增长周期，Ethena 已做好充分准备，利用其增强的产品供应来占领重要的市场份额。该项目雄心勃勃的扩张计划和强大的技术能力使其成为快速发展的合成资产世界中的强大参与者。