Ethena Labs 扩大 USDe 抵押品规模，整合比特币

Ethena Labs 是与美元挂钩的合成加密货币 USDe 背后的团队，宣布与比特币 (BTC) 整合作为抵押品。此举利用了比特币不断增加的未平仓合约，旨在大幅扩大 USDe 的供应量。 Ethena 相信，通过结合比特币的流动性和稳定性，USDe 可以提供更稳健、更安全的产品，特别是在融资利率超过质押收益率的牛市中。

Ethena Labs Expands Collateral Base for USDe with Bitcoin Integration

Ethena Labs 通过比特币整合扩大 USDe 的抵押品基础

New York, April 4, 2024 - Ethena Labs, the innovative developer behind the synthetic dollar-pegged token USDe, has announced a significant enhancement to its product offering. The company has added Bitcoin (BTC) as an additional collateral asset, enabling USDe to scale its supply and liquidity by a factor of 2.5.

纽约，2024 年 4 月 4 日 - 与美元挂钩的合成代币 USDe 背后的创新开发商 Ethena Labs 宣布大幅增强其产品供应。该公司已添加比特币 (BTC) 作为额外的抵押资产，使 USDe 能够将其供应和流动性扩大 2.5 倍。

This move is a strategic response to the increasing interest in Bitcoin as a derivative instrument. Over the past year, open interest in Bitcoin futures has surged from $10 billion to $25 million on major cryptocurrency exchanges, presenting a substantial opportunity for Ethena to tap into this growing market.

此举是对比特币作为衍生工具日益增长的兴趣的战略回应。过去一年，主要加密货币交易所的比特币期货未平仓合约从 100 亿美元飙升至 2500 万美元，为 Ethena 进军这个不断增长的市场提供了巨大的机会。

Ethena's decision to incorporate Bitcoin as collateral stems from its desire to enhance the safety, robustness, and liquidity of USDe. Bitcoin's prominent market position and established derivative markets provide Ethena with greater flexibility in managing collateral and maintaining the token's peg.

Ethena 决定将比特币作为抵押品，源于其增强 USDe 安全性、稳健性和流动性的愿望。比特币突出的市场地位和成熟的衍生品市场为 Ethena 在管理抵押品和维持代币挂钩方面提供了更大的灵活性。

"BTC derivative markets are growing at a faster pace than ETH and offer better scalability and liquidity for delta hedging," Ethena explained in a post on X.

Ethena 在 X 上的一篇文章中解释道：“BTC 衍生品市场的增长速度快于 ETH，并为 Delta 对冲提供了更好的可扩展性和流动性。”

Prior to the Bitcoin addition, USDe was predominantly backed by Ether (ETH), Tether (USDT), and Ether-based liquid staking tokens. With the inclusion of Bitcoin, the collateral composition now stands at 45% ETH, 38% USDT, 17% BTC, and 3% other assets.

在添加比特币之前，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。纳入比特币后，抵押品构成目前为 45% ETH、38% USDT、17% BTC 和 3% 其他资产。

Ethena's collateral strategy involves sourcing assets from reputable exchanges such as Binance, ByBit, OKX, Deribit, Bitget, and BitMEX. This diversified approach ensures access to ample liquidity and minimizes the risk of concentration.

Ethena 的抵押品策略涉及从 Binance、ByBit、OKX、Deribit、Bitget 和 BitMEX 等信誉良好的交易所采购资产。这种多元化的方式确保获得充足的流动性并最大限度地降低集中风险。

While Bitcoin does not offer a native staking yield like Ether, Ethena believes that staking yields become less significant during bull markets when funding rates can exceed 30%. The company emphasizes that the addition of Bitcoin provides a resilient and scalable collateral base that aligns with its long-term growth objectives.

虽然比特币不像以太坊那样提供原生质押收益率，但 Ethena 认为，在牛市期间，当融资利率可能超过 30% 时，质押收益率变得不那么重要。该公司强调，比特币的加入提供了一个有弹性且可扩展的抵押品基础，符合其长期增长目标。

The expansion of USDe's collateral base is a testament to Ethena's commitment to differentiating its synthetic dollar product from traditional stablecoins. By minimizing reliance on the banking system and utilizing sophisticated trading strategies, Ethena aims to create a more stable and accessible alternative to conventional financial instruments.

USDe 抵押品基础的扩大证明了 Ethena 致力于将其合成美元产品与传统稳定币区分开来。通过最大限度地减少对银行系统的依赖并利用复杂的交易策略，Ethena 旨在创建一种比传统金融工具更稳定、更容易使用的替代品。

Currently, USDe ranks within the top five largest United States dollar-denominated products by market capitalization, surpassed only by USDT, USDC, DAI, and FDUSD. This achievement reflects Ethena's success in establishing USDe as a viable and competitive option within the rapidly evolving digital asset landscape.

目前，USDe 跻身美元计价产品市值前五名，仅次于 USDT、USDC、DAI 和 FDUSD。这一成就反映了 Ethena 成功地将 USDe 打造成快速发展的数字资产领域中可行且具有竞争力的选择。

As Ethena continues to refine its product offerings, the company remains focused on delivering innovative solutions that address the challenges and opportunities presented by the cryptocurrency ecosystem. The addition of Bitcoin as collateral for USDe is a significant step forward in that direction, providing users with enhanced scalability, liquidity, and stability in their digital financial transactions.

随着 Ethena 不断完善其产品，该公司仍然专注于提供创新解决方案，以应对加密货币生态系统带来的挑战和机遇。添加比特币作为 USDe 的抵押品是朝着这个方向迈出的重要一步，为用户的数字金融交易提供了增强的可扩展性、流动性和稳定性。