Ethena Labs 推出比特币作为 USDe 支持资产以增强可扩展性

Ethena Labs 宣布添加比特币作为其合成美元 USDe 的支持资产。这一战略举措旨在将可扩展性提高多达 2.5 倍。比特币的流动性、最近的价值复苏和久期概况使其成为此目的的理想选择。这一决定是在 USDe 经历了前所未有的增长时期之后做出的，并取代了以太坊流动质押代币作为主要支持资产。

Ethena Labs Introduces Bitcoin as USDe Backing Asset for Enhanced Scalability

Ethena Labs 推出比特币作为 USDe 支持资产以增强可扩展性

Ethena Labs, a leading provider of synthetic asset solutions, has announced the addition of Bitcoin (BTC) as a backing asset for its synthetic dollar (USDe), significantly bolstering its scalability by up to 2.5 times. This strategic move aligns with Ethena Labs' commitment to providing innovative and robust financial products to the market.

Ethena Labs 是一家领先的合成资产解决方案提供商，宣布添加比特币 (BTC) 作为其合成美元 (USDe) 的支持资产，从而将其可扩展性显着增强高达 2.5 倍。这一战略举措符合 Ethena Labs 向市场提供创新且强大的金融产品的承诺。

Rationale for Selecting Bitcoin

选择比特币的理由

The selection of Bitcoin as a backing asset was driven by several key considerations. Firstly, Bitcoin's substantial liquidity provides a solid foundation for the USDe's stability. Secondly, Bitcoin has experienced a resurgence in value, indicating strong market demand. Lastly, Bitcoin possesses a long-term value proposition, with its duration profile aligning with Ethena Labs' goals.

选择比特币作为支持资产是出于几个关键考虑因素。首先，比特币充沛的流动性为USDe的稳定提供了坚实的基础。其次，比特币价值回升，表明市场需求强劲。最后，比特币拥有长期价值主张，其久期概况与 Ethena Labs 的目标一致。

Replacement of Ether Liquid Staking Tokens

以太坊流动性质押代币的更换

This move effectively replaces Ether liquid staking tokens, which were previously used to back the USDe. Ethena Labs has emphasized that the integration of Bitcoin has the potential to dramatically expand the current supply of USDe, which currently stands at $2 billion.

此举有效地取代了之前用于支持 USDe 的以太流动质押代币。 Ethena Labs 强调，比特币的整合有可能大幅扩大 USDe 目前的供应量，目前 USDe 的供应量为 20 亿美元。

Scalability Potential

可扩展性潜力

The 2.5-fold scalability opportunity stems from the availability of $25 billion in BTC open interest, which Ethena Labs can utilize for delta hedging. This approach enables Ethena Labs to leverage Bitcoin's price volatility while maintaining the stable value of the USDe.

2.5 倍的可扩展性机会源于 250 亿美元的 BTC 未平仓合约，Ethena Labs 可以利用这些未平仓合约进行 Delta 对冲。这种方法使 Ethena Labs 能够利用比特币的价格波动，同时保持 USDe 的稳定价值。

Unprecedented USDe Growth

USDe 前所未有的增长

The addition of Bitcoin as a backing asset follows an unprecedented period of growth for USDe. Ethena Labs has highlighted the substantial demand for its synthetic dollar, driven by its stability and ease of use.

在 USDe 经历了前所未有的增长时期之后，比特币被添加为支持资产。 Ethena Labs 强调，由于其稳定性和易用性，对其合成美元的巨大需求。

Yield Advantage and Bear Market Performance

收益率优势和熊市表现

Bitcoin's ability to generate a yield of nearly 2% during the 2022 bear market was another compelling factor in its selection. This contrasts with the 0% yield generated by ETH during the same period, demonstrating Bitcoin's resilience and potential for return.

比特币在 2022 年熊市期间产生近 2% 收益率的能力是其选择的另一个令人信服的因素。这与同期 ETH 的 0% 收益率形成鲜明对比，显示了比特币的弹性和回报潜力。

Upcoming Developments

未来发展

Ethena Labs is actively working to make BTC backing positions available on its dashboards, providing users with greater transparency and control over their assets.

Ethena Labs 正在积极努力在其仪表板上提供 BTC 支持头寸，为用户提供更大的透明度和对其资产的控制。

Market Performance and Outlook

市场表现与展望

At the time of writing, Bitcoin has surged by 1.34% in the last 24 hours, trading at $67,187.77. While this represents a 3.94% decline over the past week, it reflects a slight gain of 0.25% over the past month. The addition of Bitcoin as a USDe backing asset comes at a crucial time as the community anticipates the upcoming Halving event, scheduled for April 20, 2024.

截至撰写本文时，比特币在过去 24 小时内飙升 1.34%，交易价格为 67,187.77 美元。虽然这代表过去一周下降了 3.94%，但也反映出过去一个月小幅上涨 0.25%。比特币作为 USDe 支持资产的加入正值关键时刻，因为社区预计定于 2024 年 4 月 20 日举行的减半活动即将到来。

Ethena Labs' Ecosystem Expansions

Ethena Labs 的生态系统扩展

Ethena Labs' latest move aligns with its ongoing efforts to expand its ecosystem and enhance its offerings. Recent developments include a partnership with Immunefi to launch a bug bounty program, offering rewards of up to 10% of funds affected for the discovery of vulnerabilities in Ethena's smart contracts.

Ethena Labs 的最新举措与其不断扩大生态系统和增强产品的努力相一致。最近的进展包括与 Immunefi 合作推出错误赏金计划，为发现 Ethena 智能合约漏洞的受影响资金提供高达 10% 的奖励。

Additionally, Ethena Labs collaborated with Binance Futures on a campaign that rewarded participants with ENA tokens for engaging in futures trading.

此外，Ethena Labs 还与币安期货合作开展了一项活动，为参与期货交易的参与者奖励 ENA 代币。

Market Response and ENA Performance

市场反应和 ENA 表现

Despite the broader market downturn, ENA has experienced some gains in recent days. In the last seven days, ENA has risen by 33.17%, although it has declined by 16.41% in the last 24 hours. Its market cap and 24-hour volume have also witnessed significant declines.

尽管大盘低迷，ENA 最近几天仍取得了一些上涨。在过去 7 天里，ENA 上涨了 33.17%，尽管在过去 24 小时内下跌了 16.41%。其市值和24小时交易量也出现了大幅下滑。

Conclusion

结论

Ethena Labs' introduction of Bitcoin as a USDe backing asset is a significant step forward in the evolution of synthetic assets. By leveraging Bitcoin's liquidity, duration profile, and yield potential, Ethena Labs is empowering its users with a more robust and scalable synthetic dollar that meets their evolving needs in the digital financial realm.

Ethena Labs 引入比特币作为 USDe 支持资产，这是合成资产发展过程中向前迈出的重要一步。通过利用比特币的流动性、久期特征和收益潜力，Ethena Labs 为其用户提供了一种更强大、更可扩展的合成美元，以满足他们在数字金融领域不断变化的需求。