Ethena Labs 整合比特币以增强 USDe 稳定币的稳定性

Ethena Labs 通过纳入比特币、加入 ETH、基于 ETH 的流动质押代币和 USDT，扩大了其与美元挂钩的合成稳定币 USDe 的支持资产。这一战略举措旨在通过利用比特币衍生品市场相对于 ETH 衍生品市场不断增长的流动性和减少的波动性来增强 USDe 的可扩展性和稳定性。 Ethena 的 Delta 对冲策略，加上比特币支持，为用户提供了更安全、更有弹性的产品。

Ethena Labs Bolsters USDe Stability with Bitcoin Integration

Ethena Labs 通过比特币整合增强 USDe 稳定性

Introduction

介绍

Ethena Labs, a trailblazing decentralized finance (DeFi) protocol, has unveiled a strategic decision to incorporate Bitcoin as a fundamental backing asset for its flagship synthetic dollar-pegged stablecoin, USDe. This move is poised to significantly enhance USDe's scalability and provide users with an unparalleled level of security.

Ethena Labs 是一个开创性的去中心化金融 (DeFi) 协议，它公布了一项战略决定，将比特币作为其旗舰合成美元锚定稳定币 USDe 的基本支持资产。此举将显着增强 USDe 的可扩展性，并为用户提供无与伦比的安全性。

Bitcoin's Burgeoning Role

比特币的新兴角色

Ethena Labs' decision to embrace Bitcoin stems from the burgeoning growth of Bitcoin derivatives markets, which have outpaced their ETH-based counterparts. Over the past year, Bitcoin's open interest has skyrocketed by 150%, reaching an impressive $25 billion, while ETH open interest has witnessed a more modest 100% growth, reaching $10 billion. This surge in liquidity and the increased scaling potential of BTC derivatives markets have been instrumental in driving Ethena's strategic shift.

Ethena Labs 决定拥抱比特币，源于比特币衍生品市场的蓬勃发展，该市场的发展速度已经超过了基于 ETH 的衍生品市场。在过去的一年里，比特币的未平仓合约飙升了 150%，达到了令人印象深刻的 250 亿美元，而 ETH 的未平仓合约则见证了较为温和的 100% 增长，达到了 100 亿美元。流动性的激增和 BTC 衍生品市场扩大规模的潜力有助于推动 Ethena 的战略转变。

Enhanced Liquidity and Hedging Capabilities

增强流动性和对冲能力

According to Ethena Labs, Bitcoin offers superior liquidity and duration profile compared to liquid staking tokens. As USDe scales towards a market cap of $10 billion, this enhanced liquidity and stability will provide a more robust foundation, ultimately resulting in a safer and more reliable product for users.

根据 Ethena Labs 的说法，与流动性质押代币相比，比特币提供了卓越的流动性和久期特征。随着 USDe 的市值向 100 亿美元迈进，这种增强的流动性和稳定性将为用户提供更坚实的基础，最终为用户带来更安全、更可靠的产品。

Delta Hedging Strategy

Delta 对冲策略

To maintain the USDe peg, Ethena Labs employs a sophisticated delta hedging strategy in the derivatives market. This strategy involves maintaining short positions in ETH or ETH-based derivatives, which become profitable when the price of ETH declines. As a result, Ethena can effectively offset any downward volatility in USDe's collateral, ensuring the stability of the peg.

为了维持与美元挂钩的汇率，Ethena Labs 在衍生品市场采用了复杂的 Delta 对冲策略。该策略涉及维持 ETH 或基于 ETH 的衍生品的空头头寸，当 ETH 价格下跌时，这些头寸就会获利。因此，Ethena 可以有效抵消 USDe 抵押品的任何下行波动，确保锚定汇率的稳定性。

Composition of Backing Assets

支持资产构成

Prior to the integration of Bitcoin, USDe was backed by a combination of Ether (ETH), Tether (USDT), and ETH-based liquid staking tokens in proportions of 45%, 38%, and 17%, respectively. With the addition of Bitcoin, the composition of USDe's backing assets will evolve to provide increased stability and diversification.

在比特币整合之前，USDe 由以太坊 (ETH)、Tether (USDT) 和基于 ETH 的流动质押代币组合支持，比例分别为 45%、38% 和 17%。随着比特币的加入，USDe 的支持资产的构成将不断演变，以提供更高的稳定性和多样化。

Differentiation from Traditional Finance

与传统金融的区别

Ethena Labs is committed to differentiating its synthetic dollar product by reducing its reliance on the traditional banking system. By leveraging blockchain technology and decentralized protocols, Ethena aims to create a more accessible, transparent, and efficient financial ecosystem.

Ethena Labs 致力于通过减少对传统银行系统的依赖来使其合成美元产品脱颖而出。通过利用区块链技术和去中心化协议，Ethena 旨在创建一个更易于访问、透明和高效的金融生态系统。

Market Position

市场地位

USDe has emerged as a formidable force in the US-dollar-denominated stablecoin landscape. According to CoinGecko, it currently ranks as the fifth largest among similar products, a testament to its growing popularity and acceptance within the crypto community.

USDe 已成为美元计价稳定币领域的一支强大力量。据 CoinGecko 称，它目前在同类产品中排名第五，这证明了它在加密社区中越来越受欢迎和接受。

Conclusion

结论

Ethena Labs' decision to incorporate Bitcoin as a backing asset for USDe is a significant step forward in the evolution of decentralized stablecoins. This strategic move enhances USDe's scalability, liquidity, and hedging capabilities, providing users with a more robust and secure product. As the DeFi ecosystem continues to mature, Ethena Labs is well-positioned to lead the charge towards a more equitable and transparent financial system.

Ethena Labs 决定将比特币作为 USDe 的支持资产，这是去中心化稳定币发展的重要一步。这一战略举措增强了 USDe 的可扩展性、流动性和对冲能力，为用户提供更稳健、更安全的产品。随着 DeFi 生态系统的不断成熟，Ethena Labs 完全有能力引领更加公平和透明的金融体系的发展。