Ethena Synthetics 的繁荣在市场不确定性中推动协议扩展

对 Ethena 的合成资产 USDe 和 sUSDe 的需求正在激增，因为 Pendle、Mantle、MakerDAO 和 Gearbox 等协议将它们整合起来以促进点投机并产生高收益。这种整合显着增加了这些平台上的总锁定价值（TVL），并推动了其代币的价格上涨。尽管人们对 Ethena 的长期稳定性感到担忧，但采用其资产的协议正在实现显着的增长和收入。

Ethena's Synthetic Dollar Surge: A Catalyst for Protocol Expansion

Ethena 的合成美元激增：协议扩展的催化剂

The cryptocurrency landscape is witnessing a meteoric rise in the adoption of Ethena's synthetic dollar assets, USDe and sUSDe. These assets have sparked an unprecedented demand for financial products that harness their unique properties, leading to a rapid surge in the total value locked (TVL) on platforms that integrate them.

加密货币领域见证了 Ethena 的合成美元资产 USDe 和 sUSDe 的采用率迅速上升。这些资产引发了对利用其独特属性的金融产品的前所未有的需求，导致整合这些资产的平台上的总锁定价值（TVL）迅速飙升。

Pendle's Instrumental Role in Airdrop Speculation

Pendle 在空投投机中的重要作用

Pendle has emerged as a key player in facilitating airdrop speculation on Ethena. Its yield tokens (YTs) provide exposure to the substantial airdrop rewards generated by USDe. This has resulted in a substantial influx of funds into Pendle's vaults, with over 40% of the $800 million increase in TVL in the past week attributable to USDe.

Pendle 已成为促进 Ethena 空投猜测的关键人物。其收益代币（YT）提供了 USDe 产生的大量空投奖励。这导致大量资金涌入 Pendle 的金库，过去一周 TVL 增加的 8 亿美元中，超过 40% 来自 USDe。

The strategy of purchasing USDe YTs for airdrop speculation has proven highly lucrative, yielding approximately 135 Satoshis per dollar of capital deployed per day. The potential for further expansion is contingent on Pendle's willingness to raise deposit caps, indicating the strong demand for these products.

事实证明，购买 USDe YT 进行空投投机的策略非常有利可图，每天每部署 1 美元资本可产生约 135 聪的收益。进一步扩张的潜力取决于 Pendle 提高存款上限的意愿，这表明对这些产品的强劲需求。

Mantle's Entry and Aggressive Incentives

Mantle 的进入和积极的激励措施

Mantle has quickly become a significant player in the USDe points speculation market. Following its recent deployment of Pendle, Mantle has attracted $130 million in TVL within its first day of operation and now holds over $160 million in deposits.

Mantle 很快成为 USDe 积分投机市场的重要参与者。继最近部署 Pendle 后，Mantle 在运营第一天就吸引了 1.3 亿美元的 TVL，目前持有超过 1.6 亿美元的存款。

To establish itself as the preferred destination for USDe points speculation, Mantle is offering generous incentives to users who trade or provide liquidity related to USDe YTs and PTs. The platform is awarding 0.0012 EigenLayer points per USDe per day and a massive 13.8 million points up for grabs.

为了将自己打造成 USDe 积分投机的首选目的地，Mantle 为交易或提供与 USDe YT 和 PT 相关的流动性的用户提供慷慨的激励。该平台每天每 USDe 奖励 0.0012 EigenLayer 积分，还有 1380 万个积分可供争夺。

MakerDAO's Strategic Partnership with Ethena

MakerDAO 与 Ethena 的战略合作伙伴关系

MakerDAO, one of the most established stablecoin issuers, has also joined the Ethena bandwagon. Through its integration with Morpho, MakerDAO is now minting DAI against USDe and sUSDe collateral. While only a small portion (2%) of circulating DAI is currently backed by these Ethena assets, the loans are generating a hefty 66% annualized return and contributing significantly to Maker's expected revenues.

MakerDAO 是最成熟的稳定币发行商之一，也加入了 Ethena 的行列。通过与 Morpho 的集成，MakerDAO 现在正在用 USDe 和 sUSDe 抵押品铸造 DAI。虽然目前只有一小部分 (2%) 的流通 DAI 由这些 Ethena 资产支持，但这些贷款产生了高达 66% 的年化回报，并对 Maker 的预期收入做出了重大贡献。

MakerDAO is looking to expand this facility to $600 million in the near future, with the potential to reach $1 billion. This move would allow Maker to further boost its revenues and strengthen its position in the stablecoin market.

MakerDAO 计划在不久的将来将该设施扩大到 6 亿美元，并有可能达到 10 亿美元。此举将使 Maker 进一步增加收入并巩固其在稳定币市场的地位。

Gearbox's Leverage Play on Ethena Assets

Gearbox 对 Ethena 资产的杠杆作用

Gearbox is another protocol that has tapped into the Ethena craze, offering users the ability to speculate on USDe and sUSDe using leveraged positions. The protocol recently doubled the borrow capacity against USDe from $50 million to $100 million, indicating the high demand for such products.

Gearbox 是另一个利用 Ethena 热潮的协议，让用户能够使用杠杆头寸对 USDe 和 sUSDe 进行投机。该协议最近将 USDe 的借贷能力翻了一番，从 5000 万美元增至 1 亿美元，这表明对此类产品的需求很高。

Despite reaching this increased limit, Gearbox is still experiencing strong demand, suggesting that it could continue to grow deposits and revenues by raising caps even further.

尽管达到了这一增加的限制，Gearbox 仍然面临着强劲的需求，这表明它可以通过进一步提高上限来继续增加存款和收入。

A Formula for Success: Protocol Gains Amidst Market Uncertainty

成功的秘诀：协议在市场不确定性中获益

Despite concerns about Ethena's long-term stability, the integration of its assets has proven to be a winning strategy for protocols in the short term. The tokens of protocols that have embraced Ethena's products are posting double-digit gains, outpacing the overall crypto market which has declined by 2.5% in the past week.

尽管人们担心 Ethena 的长期稳定性，但其资产的整合已被证明是短期内协议的制胜策略。采用 Ethena 产品的协议代币涨幅达到两位数，超过了过去一周下降 2.5% 的整体加密货币市场。

The financialization of synthetic dollar stablecoins to facilitate point speculation undoubtedly carries risks. However, projects that embrace these assets are well-positioned to benefit from increased deposits and the surge in user demand for Ethena's products.

合成美元稳定币的金融化以促进点投机无疑会带来风险。然而，采用这些资产的项目处于有利地位，可以从存款增加和用户对 Ethena 产品需求的激增中受益。