Ethena 的 USDe 合成美元由价值 5.37 亿美元的比特币巨额资金担保

Ethena 以比特币为抵押的 USDe 合成美元在推出一周内就突破了 5 亿美元。这一重要储备约占总资产的 26%，归因于 Ethena 对即将到来的比特币减半事件的预期。尽管存在传染风险，USDe 的采用率仍在激增，市值达到 21.4 亿美元，并吸引了 MakerDAO 和 Frax Finance 等主要 DeFi 项目的支持。

Ethena's USDe Synthetic Dollar Secured by Half a Billion Dollars in Bitcoin

Ethena 的 USDe 合成美元由 5 亿美元的比特币担保

In a remarkable display of confidence and preparation for the upcoming Bitcoin halving, the synthetic dollar protocol Ethena has amassed a staggering $537 million in Bitcoin reserves, constituting a substantial 26% of its total asset reserve. This move underscores Ethena's commitment to enhancing the safety and stability of its USDe product ahead of the significant Bitcoin block reward reduction.

合成美元协议 Ethena 已积累了惊人的 5.37 亿美元比特币储备，占其总资产储备的 26%，这对即将到来的比特币减半表现出了极大的信心和准备。此举凸显了 Ethena 在比特币区块奖励大幅减少之前增强其 USDe 产品安全性和稳定性的承诺。

The halving event, anticipated to occur around April 20, will witness a 50% decrease in Bitcoin's block reward, dropping from 6.25 BTC to 3.125 BTC per block. This impending reduction has sparked concerns within the crypto community, with some experts speculating that it could trigger volatility in the Bitcoin market.

减半事件预计将于 4 月 20 日左右发生，比特币的区块奖励将减少 50%，从每个区块 6.25 BTC 降至 3.125 BTC。即将到来的减少引发了加密货币社区的担忧，一些专家猜测这可能会引发比特币市场的波动。

Seraphim Czecker, Ethena's head of growth, views the substantial Bitcoin reserve as a strategic measure to mitigate potential risks associated with the halving. By holding a significant amount of Bitcoin as collateral, Ethena aims to bolster the stability of USDe and instill confidence in its users.

Ethena 的增长主管 Seraphim Czecker 将大量的比特币储备视为减轻与减半相关的潜在风险的战略措施。通过持有大量比特币作为抵押品，Ethena 旨在增强 USDe 的稳定性并为其用户灌输信心。

The rise of Ethena's Bitcoin collateral has coincided with a surge in the adoption of USDe. According to CryptoSlate data, USDe's market capitalization has skyrocketed to $2.14 billion, accompanied by a daily trading volume of $364 million. This impressive growth has been fueled by the integration of USDe into prominent DeFi projects such as MakerDAO and Frax Finance.

Ethena 的比特币抵押品的崛起与 USDe 的采用激增同时发生。根据 CryptoSlate 数据，USDe 的市值已飙升至 21.4 亿美元，日交易量为 3.64 亿美元。这一令人印象深刻的增长得益于 USDe 与 MakerDAO 和 Frax Finance 等著名 DeFi 项目的整合。

Frax Finance has recently approved a $250 million liquidity pool to facilitate automated market operations (AMO) for minting new FRAX tokens. This move indicates Frax's trust in USDe's stability and its potential to serve as a reliable source of backing yield.

Frax Finance 最近批准了 2.5 亿美元的流动性池，以促进自动化市场操作（AMO），以铸造新的 FRAX 代币。此举表明 Frax 对 USDe 的稳定性及其作为可靠收益来源的潜力的信任。

Additionally, lending protocol Morpho Labs has announced that MakerDAO, the issuer of the DAI stablecoin, has allocated an extra $100 million in DAI tokens to its USDe/DAI and sUSDe/DAI markets on Morpho Blue. This allocation follows Maker's successful proposal to increase Spark's MetaMorpho Vault DDM Maximum Debt Ceiling from $100 million to $1 billion DAI.

此外，借贷协议 Morpho Labs 宣布，DAI 稳定币的发行者 MakerDAO 已向 Morpho Blue 上的 USDe/DAI 和 sUSDe/DAI 市场额外分配 1 亿美元的 DAI 代币。此次分配是在 Maker 成功提议将 Spark 的 MetaMorpho Vault DDM 最大债务上限从 1 亿美元提高到 10 亿美元 DAI 之后进行的。

These developments highlight the growing acceptance and adoption of Ethena's USDe within the DeFi ecosystem. By harnessing the stability of Bitcoin and integrating with prominent projects, Ethena aims to establish USDe as a stable and reliable synthetic dollar for a burgeoning DeFi market.

这些发展凸显了 Ethena 的 USDe 在 DeFi 生态系统中越来越被接受和采用。通过利用比特币的稳定性并与知名项目整合，Ethena 旨在将 USDe 打造成新兴 DeFi 市场稳定可靠的合成美元。

While Ethena's efforts to create a safer product for its users are commendable, some market experts have raised concerns about the potential contagion risk posed by the use of Bitcoin as collateral. They argue that should Bitcoin experience a significant price decline, it could have a negative impact on USDe and the broader crypto market.

尽管 Ethena 为其用户创造更安全产品的努力值得赞扬，但一些市场专家对使用比特币作为抵押品带来的潜在传染风险表示担忧。他们认为，如果比特币价格大幅下跌，可能会对 USDe 和更广泛的加密市场产生负面影响。

However, Ethena maintains that it has implemented robust risk management strategies and meticulously monitors market conditions to safeguard the integrity of USDe. The platform's substantial Bitcoin reserves serve as a buffer against price fluctuations, providing confidence to users and mitigating concerns over contagion risk.

然而，Ethena 坚称，它已实施稳健的风险管理策略并仔细监控市场状况，以维护 USDe 的完整性。该平台大量的比特币储备可以作为价格波动的缓冲，为用户提供信心并减轻对传染风险的担忧。

As the Bitcoin halving event approaches, Ethena's strategic accumulation of Bitcoin collateral demonstrates its commitment to ensuring the stability of its USDe product. By harnessing the strength of Bitcoin and collaborating with leading DeFi projects, Ethena is well-positioned to navigate the upcoming halving and continue its mission of fostering a safer and more accessible DeFi ecosystem.

随着比特币减半事件的临近，Ethena 对比特币抵押品的战略积累表明了其致力于确保其 USDe 产品稳定性的承诺。通过利用比特币的优势并与领先的 DeFi 项目合作，Ethena 已做好准备应对即将到来的减半，并继续履行培育更安全、更容易访问的 DeFi 生态系统的使命。