最近的一次分散金融世界（DEFI）的重大活动导致了USDE（Defi Stablecoin）的巨额资金

这显然会导致分析师的某些市场惊喜，因为USDE Stakers的年度百分比（APY）在同一时间急剧上升。

A major recent event in the world of decentralized finance (DeFi) has led to a huge sum of USDe- the DeFi stablecoin- being unstaked, in turn bringing about a surprise shift in USDe staking dynamics.

最近的一次分散金融世界（DEFI）的重大活动导致了USDE-Defi Stablecoin-未固定，从而导致USDE Stateking Dynamics发生了惊人的变化。

Analyst @tomwanhh reports that 880 million USDe were unstaked over the last four days. This has evidently led to some market surprises with analysts, because the annual percentage yield (APY) for USDe stakers has risen sharply during the same time. From MyToken, the report was shared that the APY now appears to be around 9.2%, where it had previously been around 3.5% just a few days prior.

分析师@TomwanHH报告说，过去四天中，有8.8亿美元的美国人未固定。这显然导致了分析师的某些市场惊喜，因为USDE Stakers的年度百分比（APY）在同一时间急剧上升。从MyToken中分享了该报告，即APY现在似乎约为9.2％，此前几天前大约3.5％。

In the last few days, the most remarkable change has been the rapid decrease in the amount of USDe that was staked on the protocol. In only four days, there were 880 million USDe unstaked, and the staking ratio fell from 58% to 43%. This signifies a considerable drop in the amount of USDe that is being used to secure network operations and earn staking rewards, thereby raising some eyebrows and causing some sea plus over potential liquidity issues and the long-term sustainability of the staking model.

在过去的几天中，最引人注目的变化是在协议上放置的USDE量的迅速减少。在短短四天之内，未固定的8.8亿美元不固定，占有率从58％下降到43％。这表明用来确保网络运营并赢得积分奖励的USDE的数量大幅下降，从而引起了一些眉毛，并引起了一些海上以及在潜在的流动性问题上以及Statiking Model的长期可持续性。

It is interesting to note that even though the amount of USDe that is staked has gone down, the daily APY that is paid to stakers has shot up from 3.5% to 9.2%. This is, of course, a good development for those who are still holding USDe in staking positions, as the rewards are now more than twice as attractive as they were just days ago. But could this rise in APY also mean that something is amiss with the market? Generally speaking, higher yields are a sign that a lot of assets are leaving staking, which could imply reduced confidence in the platform.

有趣的是，即使被固定的USDE数量下降了，但支付给Stakers的每日APY也从3.5％上升至9.2％。当然，对于那些仍在持有的职位的人来说，这是一个很好的发展，因为现在的奖励是几天前的两倍以上。但是，APY的这种兴起也意味着市场有些不对劲吗？一般而言，较高的收益率表明许多资产都在占有，这可能意味着降低了对平台的信心。

However, the bulk of these unstaking activities appear to be linked to large institutional redemptions, with Abraxas Capital taking the center stage in these events. According to data collected by Arkham and shared by a crypto analyst, Abraxas Capital has redeemed a total of 330 million USDe thus far.

但是，大部分这些不建立的活动似乎与大型机构赎回有关，阿布拉萨斯资本在这些事件中占据了中心地位。根据Arkham收集的数据并由加密分析师共享的数据，到目前为止，Abraxas Capital总共赎回了3.3亿美元。

These redemptions are part of a broader liquidity event that is unfolding as a consequence of the maturity of Pendle’s sUSDe pool. This pool has been a key instrument in incentivizing users to lock up their USDe in exchange for yields. But with the maturity of these pools comes a period of liquidity events, with large players like Abraxas Capital cashing out significant portions of their positions.

这些赎回是更广泛的流动性事件的一部分，由于Pendle的Susde Pool的成熟，该事件正在展开。该池一直是激励用户锁定其USD以换取收益的关键工具。但是，随着这些池的成熟度，有一段时间的流动性事件，例如Abraxas Capital（例如Abraxas Capital）兑现了其大部分位置。

The timing of these massive redemptions seems to be the catalyst for the sudden shift in staking behavior and the subsequent drop in the staking ratio. Moreover, the implications of these extensive liquidations are serious. They might lead to a decrease in the amount of USDe available for use.

这些巨大的赎回的时机似乎是催化行为突然转移和随后放电比的下降的催化剂。此外，这些广泛清算的含义是严重的。它们可能导致可用使用的USDE量减少。

If Abraxas Capital continues cashing out its USDe, we’re close to a situation where there might only be 3.something billion USDe usable in the world. That’s less than 4 billion, which some experts see as the floor for how many USDe should be in circulation for the market to work kind of okay and not be super volatile.

如果Abraxas Capital继续兑现其USDE，那么我们接近可能只有30亿美元的USDE在世界上可用的情况。这不到40亿，一些专家认为这是USD应该流通的地板，以使市场可以运作有点好，而不是超级波动。

While the USDe stablecoin adjusts to these changes, many are left to wonder what they mean for the token’s future. Now that a significant portion of the USDe token is unstaked, will other large players follow suit and start redeeming their held tokens? If this trend continues, the token’s supply could be further reduced, which would impact its price and its overall stability within the DeFi market.

尽管USDE Stablecoin适应了这些变化，但许多人仍然想知道它们对代币的未来意味着什么。现在，USDE代币的很大一部分是未固定的，其他大型玩家会效仿并开始兑换其持有令牌吗？如果这种趋势持续下去，则可以进一步降低令牌的供应，这将影响其价格及其在Defi市场内的整体稳定性。

Additionally, the instantaneous spike in APY could draw in new folks wanting to benefit from the higher rewards, yet it might also be a sign of some deep-rooted issues with the protocol’s staking model. A sharp spike in APY is almost always because there’s been a dip in participation, and while it could seem a positive development for those USDe-staking, it might be an indicator that the protocol is having a tough time balancing all the necessary elements to maintain the long-term growth we should be able to expect.

此外，APY中的瞬时尖峰可能会吸引想要从更高奖励中受益的新人，但这也可能是该协议的放置模型中一些根深蒂固的问题的迹象。 APY的急剧峰值几乎总是因为参与的倾向，虽然对于那些使用USDE的人来说似乎是积极的发展，但这可能表明该协议很难平衡所有必要的元素，以维持我们应该能够期望的长期增长。

The future of the USDe also may depend on how rapidly Abraxas Capital and other large players decide to redeem their holdings. If these institutional players continue to redeem large amounts, it could lead to a further drop in the staking ratio and an even more pronounced tightening of liquidity in the

USDE的未来也可能取决于Abraxas Capital和其他大型参与者决定赎回其持股的速度。如果这些机构参与者继续赎回大量，则可能会进一步下降，并使流动性更加明显地收紧。