Ethena Labs 迈出了大胆的一步：比特币现已成为合成美元 (USDe) 的抵押品

Ethena Labs 已将比特币 (BTC) 作为其与美元挂钩的合成产品 USDe 的抵押品，旨在将其供应量从目前的 20 亿美元大幅扩大。这一战略举措利用了不断增长的 BTC 衍生品市场，增强了 Delta 对冲实践的可扩展性和流动性，目标是不断增长的 BTC 未平仓合约已超过以太坊 (ETH) 的增长率。 Ethena 强调了与流动性质押代币相比，比特币具有卓越的流动性和久期特征，并强调了 USDe 因此具有更大的可扩展性的潜力。

Ethena Labs Introduces Bitcoin as Collateral for Synthetic US Dollar Product, USDe

Ethena Labs 推出比特币作为合成美元产品 USDe 的抵押品

In a strategic move to enhance the scalability and liquidity of its synthetic dollar-pegged product, USDe, Ethena Labs has announced the inclusion of Bitcoin (BTC) as collateral. This decision capitalizes on the burgeoning BTC derivative markets, allowing for a significant scaling of USDe's current supply of $2 billion.

为了增强其与美元挂钩的合成产品 USDe 的可扩展性和流动性，Ethena Labs 宣布将比特币 (BTC) 作为抵押品。这一决定利用了蓬勃发展的 BTC 衍生品市场，使 USDe 目前的供应量大幅增加 20 亿美元。

Leveraging Growth in BTC Open Interest

利用 BTC 未平仓合约的增长

Ethena Labs' ambitious goal is to leverage the substantial growth in BTC open interest, which has witnessed a remarkable surge from $10 billion to $25 billion in just one year. This growth rate far exceeds that of Ethereum's (ETH) open interest, underscoring the increasing demand for BTC derivatives.

Ethena Labs 的雄心勃勃的目标是利用 BTC 未平仓合约的大幅增长，比特币未平仓合约在短短一年内从 100 亿美元大幅飙升至 250 亿美元。这一增长率远远超过了以太坊（ETH）的未平仓合约，凸显了对 BTC 衍生品的需求不断增长。

Ethena's decision was guided by the superior liquidity and duration profile of Bitcoin compared to liquid staking tokens. The company highlights that the $25 billion of BTC open interest provides a robust backing for USDe, increasing its capacity to scale by over 2.5 times.

Ethena 的决定是基于比特币相对于流动质押代币优越的流动性和久期特征。该公司强调，250 亿美元的 BTC 未平仓合约为 USDe 提供了强有力的支持，使其扩容能力提高了 2.5 倍以上。

Industry Reaction and Skepticism

行业反应和怀疑

While the announcement has generated considerable excitement within the crypto community, it has also sparked skepticism from some quarters. Ki Young Ju, CEO of analytics firm CryptoQuant, expressed concerns about the potential for contagion risks similar to the infamous LUNA collapse. Ju questioned how Ethena Labs would maintain a delta-neutral strategy for BTC during bear markets, implying that such strategies are highly dependent on favorable market conditions.

虽然这一消息在加密货币社区引起了相当大的兴奋，但也引发了一些人的怀疑。分析公司 CryptoQuant 首席执行官 Ki Young Ju 表达了对类似于臭名昭著的 LUNA 崩溃的潜在蔓延风险的担忧。 Ju 质疑 Ethena Labs 如何在熊市期间维持 BTC 的 Delta 中性策略，暗示此类策略高度依赖于有利的市场条件。

Ju further elaborated on the challenges of shorting BTC in bear markets, suggesting that the market size for such operations could be smaller than the total value locked (TVL), potentially leading to significant market disruptions. OMAKASE, a former advisor for Sushiswap, echoed these concerns, highlighting the historical challenges faced by delta-neutral strategies and their propensity to turn illiquid.

Ju进一步阐述了在熊市中做空BTC的挑战，表明此类操作的市场规模可能小于锁定总价值（TVL），可能会导致严重的市场混乱。 Sushiswap 前顾问 OMAKASE 也表达了这些担忧，强调了 Delta 中性策略面临的历史挑战及其流动性不足的倾向。

Ethena Labs Defends Its Strategy

Ethena Labs 捍卫其战略

Amidst these concerns, Ethena Labs stands by its decision, citing advantageous market conditions and the growing BTC derivative markets as key factors supporting their strategy. The company emphasizes that while BTC does not possess a native staking yield like staked ETH, staking yields of 3-4% are less significant in a bull market, where funding rates are typically above 30%.

尽管存在这些担忧，Ethena Labs 仍坚持其决定，称有利的市场条件和不断增长的 BTC 衍生品市场是支持其战略的关键因素。该公司强调，虽然 BTC 不像质押 ETH 那样拥有原生质押收益率，但在牛市中，3-4% 的质押收益率并不那么重要，牛市的融资利率通常高于 30%。

Implications and Challenges

影响和挑战

The move by Ethena Labs has sparked a wider debate within the industry about the risks and potential benefits of using Bitcoin as collateral for synthetic products. Some experts caution against the potential for financial crises if such strategies are not carefully managed, while others believe that the move could enhance the scalability and liquidity of the synthetic asset market.

Ethena Labs 的举动引发了行业内关于使用比特币作为合成产品抵押品的风险和潜在好处的更广泛辩论。一些专家警告说，如果不仔细管理此类策略，可能会引发金融危机，而另一些专家则认为此举可能会增强合成资产市场的可扩展性和流动性。

As the adoption of synthetic assets continues to grow, it is crucial for market participants to fully understand the underlying risks and challenges associated with these instruments. Stablecoins that are backed by volatile assets like Bitcoin could potentially face challenges in maintaining their peg during periods of market volatility.

随着合成资产的采用不断增长，市场参与者充分了解与这些工具相关的潜在风险和挑战至关重要。由比特币等波动性资产支持的稳定币可能会在市场波动期间面临维持锚定汇率的挑战。

It remains to be seen how the integration of BTC as collateral for USDe will impact the broader synthetic asset market. However, the move underscores the increasing convergence of traditional financial instruments with the decentralized finance ecosystem. As the industry matures, it is essential for regulatory frameworks and risk management practices to keep pace with these innovations to ensure market stability and investor protection.

BTC 作为 USDe 抵押品的整合将如何影响更广泛的合成资产市场还有待观察。然而，此举凸显了传统金融工具与去中心化金融生态系统的日益融合。随着行业的成熟，监管框架和风险管理实践必须跟上这些创新的步伐，以确保市场稳定和投资者保护。