Ethena 的 sUSDe 收益率接近 30%，比特币融资利率表明“杠杆率显着增加”

持续的牛市正在提振几乎所有与加密货币相关的投资，但它尤其有助于合成美元提供商 Ethena。

Rising funding rates on exchanges are boosting the yield on Ethena’s synthetic dollar USDe to nearly 30%, with the stablecoin’s market cap crossing $3 billion.

交易所融资利率的上升将 Ethena 的合成美元 USDe 的收益率提高至近 30%，该稳定币的市值突破 30 亿美元。

Bitcoin’s funding rates across major exchanges including Binance, BitMEX, Bybit, Deribit, HTX Global, and OKX are currently converging at nearly 0.02%. The rates, which reached a seven-month high of just under 0.04% on Monday, indicate that traders who are betting on an increase in BTC’s price are paying a premium to those betting on a decrease, according to data from blockchain analytics firm CryptoQuant.

包括 Binance、BitMEX、Bybit、Deribit、HTX Global 和 OKX 在内的主要交易所的比特币融资利率目前趋于接近 0.02%。根据区块链分析公司 CryptoQuant 的数据，这些价格周一达到了 7 个月来的高点，略低于 0.04%，这表明押注 BTC 价格上涨的交易者正在为押注 BTC 价格下跌的交易者支付溢价。

These funding rates, which are used to calculate the annual percentage yield on Ethena’s staked synthetic dollar USDe, are largely influenced by the traders’ sentiment in the market, ParSec growth lead Charlie Booth noted in a research note on Friday. A rise in funding rates “points to a significant increase in leverage,” Booth wrote.

ParSec 增长负责人 Charlie Booth 在周五的一份研究报告中指出，这些融资利率用于计算 Ethena 质押的合成美元 USDe 的年收益率，很大程度上受到市场交易者情绪的影响。布斯写道，融资利率的上升“表明杠杆率显着增加”。

As a result, the activity by traders on centralized exchanges “is having some 2nd order effects onchain and is presenting particularly strong tailwinds for Ethena with the sUSDe yield approaching 30%,” Booth added.

Booth 补充道，因此，中心化交易所上交易者的活动“对链产生了一些二阶效应，并为 Ethena 带来了特别强劲的推动力，sUSDe 收益率接近 30%”。

The annual percentage yield to stake USDe currently sits at 29%, after jumping as high as almost 90% on Monday—a threshold that hasn’t been crossed since March. For USDe, the yield comes from the revenue generated by Ethena from staking ETH, as well as the funding rate earned by Ethena for opening short derivative positions.

质押 USDe 的年收益率目前为 29%，周一跃升至近 90%，这一门槛自 3 月份以来从未突破过。对于 USDe 来说，收益率来自 Ethena 质押 ETH 所产生的收入，以及 Ethena 开立衍生品空头头寸赚取的资金费率。

With BTC climbing to an all-time high of $93,477 two days ago and pro-crypto president-elect Donald Trump preparing for his inauguration, traders have opened up substantial leverage on their long positions, boosting Ethena’s yield.

随着比特币两天前攀升至 93,477 美元的历史新高，以及支持加密货币的当选总统唐纳德·特朗普正在为就职典礼做准备，交易员们已经在其多头头寸上开启了大量杠杆，从而提高了 Ethena 的收益率。

Coinciding with traders increasing their leveraged positions, Ethena’s USDe has returned to a market cap of $3 billion this week, making it the fourth largest US dollar-pegged stablecoin.

与交易者增加杠杆头寸同时，Ethena 的 USDe 本周已回到 30 亿美元的市值，使其成为第四大与美元挂钩的稳定币。

The synthetic dollar protocol benefiting from the current crypto bull market comes as the Ethena Foundation, the nonprofit dedicated to the synthetic dollar provider, announced on Friday that the protocol’s risk committee approved a fee switch to redirect Ethena revenue to token holders of ENA, which was initially proposed nine days ago by crypto market maker Wintermute.

合成美元协议受益于当前的加密货币牛市，与此同时，致力于合成美元提供商的非营利组织 Ethena 基金会于周五宣布，该协议的风险委员会批准了一项费用转换，将 Ethena 收入重新定向给 ENA 代币持有者。最初由加密货币做市商 Wintermute 于 9 天前提出。

“The Foundation will be working with the Risk Committee to crystallize parameters for fee switch activation by 30th November, with precise implementation mechanics to follow,” the Ethena Foundation said in a statement on X.

Ethena 基金会在 X 的一份声明中表示：“基金会将与风险委员会合作，在 11 月 30 日之前明确费用转换激活的参数，并遵循精确的实施机制。”

Aave governance members are also voting to enable users to borrow larger amounts of alternative stablecoins against their staked USDe (sUSDe) collateral, potentially attracting more liquidity as well as increasing the lending protocol’s utilization and revenue. One motivation behind the vote to improve capital efficiency for these borrowers stems from the token’s high utilization, the governance portal stated.

Aave 治理成员还进行投票，让用户能够以其质押的 USDe (sUSDe) 抵押品借入更多的替代稳定币，这可能会吸引更多的流动性，并提高借贷协议的利用率和收入。该治理门户网站表示，投票提高这些借款人的资本效率背后的动机之一源于代币的高利用率。

The price of Ethena’s governance token ENA has increased 12% in the last seven days and 52% in the past 14 days, giving the cryptocurrency a market cap of $1.6 billion, per CoinGecko.

根据 CoinGecko 的数据，Ethena 的治理代币 ENA 的价格在过去 7 天内上涨了 12%，在过去 14 天内上涨了 52%，使该加密货币的市值达到 16 亿美元。