ENA 价值大幅飙升，推动 Ethena Labs 跻身加密精英行列

Ethena Labs 的治理代币（ENA）自发布以来已飙升 60%，使其市值达到 13.4 亿美元。该代币的增长源于通过空投向 USDe 持有者分发 7.5 亿个 ENA 代币。 ENA 促进数字美元平台的发展，通过其“互联网债券”提供银行机制的替代方案，该平台利用衍生品市场和抵押以太坊。

Exponential Surge in ENA's Value Propels Ethena Labs to Crypto Elite

ENA 价值指数级飙升推动 Ethena Labs 跻身加密精英行列

London, United Kingdom - [Date] - Ethena Labs, a pioneering fintech company, has witnessed an extraordinary 60% surge in the value of its governance token, ENA, within a short span of its market debut. This remarkable surge has catapulted ENA's market capitalization to an impressive $1.34 billion, propelling it to the esteemed position of the 80th largest cryptocurrency by market capitalization.

英国伦敦 - [日期] - Ethena Labs 是一家领先的金融科技公司，其治理代币 ENA 的价值在上市后的短时间内就大幅上涨了 60%。这一显着的飙升使 ENA 的市值跃升至令人印象深刻的 13.4 亿美元，使其跻身市值第 80 位的加密货币。

Strategic Airdrop Fuels ENA's Meteoric Rise

战略空投助推ENA迅速崛起

The exponential growth in ENA's value can be attributed to Ethena's strategic distribution of 750 million ENA tokens, representing a significant 5% of its total supply, through an airdrop to holders of its USDe token. USDe, a synthetic dollar, is pivotal to Ethena's innovative proposition, utilizing a combination of ether liquid staking tokens and short Ether (ETH) perpetual futures positions to maintain a target value close to $1.

ENA 价值的指数级增长可归因于 Ethena 通过向 USDe 代币持有者空投的方式战略性分配了 7.5 亿个 ENA 代币，占其总供应量的 5%。 USDe 是一种合成美元，对于 Ethena 的创新主张至关重要，它利用以太液体质押代币和空头以太坊 (ETH) 永续期货头寸的组合来维持接近 1 美元的目标价值。

ENA: The Cornerstone of a Digital Dollar Platform

ENA：数字美元平台的基石

ENA stands as the cornerstone of Ethena's ambitious vision to establish a digital dollar platform on the Ethereum blockchain. This platform aspires to provide a viable alternative to conventional banking systems through its groundbreaking 'Internet Bond.' By harnessing the power of derivative markets and staked Ethereum, the Internet Bond offers a dollar-denominated savings instrument accessible globally, transcending the limitations of traditional banking infrastructure.

ENA 是 Ethena 在以太坊区块链上建立数字美元平台这一宏伟愿景的基石。该平台致力于通过其突破性的“互联网债券”为传统银行系统提供可行的替代方案。通过利用衍生品市场和质押以太坊的力量，互联网债券提供了一种可在全球范围内使用的以美元计价的储蓄工具，超越了传统银行基础设施的限制。

Holistic Tokenomics Plan Ensures Sustainable Growth

整体代币经济计划确保可持续增长

The total supply of ENA tokens is capped at 15 billion, with an initial issuance of 1.425 billion tokens. Ethena's tokenomics plan adopts a holistic approach, prioritizing ecosystem development (30%), core contributor rewards (30%), investor engagement (25%), and foundation support (15%). This comprehensive strategy ensures the equitable distribution and sustainable growth of the ENA ecosystem.

ENA代币总发行量上限为150亿枚，首次发行14.25亿枚。 Ethena 的代币经济计划采用整体方法，优先考虑生态系统开发（30%）、核心贡献者奖励（30%）、投资者参与（25%）和基金会支持（15%）。这一全面的战略确保了 ENA 生态系统的公平分配和可持续发展。

Binance's Endorsement Bolsters ENA's Credibility

币安的背书增强了 ENA 的可信度

Notably, Binance, the world's leading cryptocurrency exchange, has endorsed ENA as the 50th project on its Binance Launchpool. This endorsement enables users to farm ENA tokens by staking BNB and FDUSD, further solidifying the token's appeal and reinforcing its legitimacy.

值得注意的是，全球领先的加密货币交易所币安已认可 ENA 作为其币安 Launchpool 上的第 50 个项目。这一背书使用户能够通过质押 BNB 和 FDUSD 来种植 ENA 代币，进一步巩固了该代币的吸引力并增强了其合法性。

Fantom Co-Founder Raises Cautionary Concerns

Fantom 联合创始人提出警告

Amidst the euphoria surrounding ENA's surge, Andre Cronje, co-founder of the Fantom Foundation, has issued a note of caution, drawing attention to potential structural vulnerabilities reminiscent of the disastrous collapse of Terra Luna. Cronje's concerns center around the reliance on perpetual contracts (perps), a derivative product commonly used in speculative trading.

在围绕 ENA 激增的欢欣鼓舞中，Fantom 基金会联合创始人安德烈·克罗涅 (Andre Cronje) 发出了一份警告，提请人们注意潜在的结构漏洞，让人想起 Terra Luna 灾难性的崩溃。克罗涅的担忧集中在对永续合约 (perps) 的依赖上，永续合约是一种常用于投机交易的衍生产品。

Cronje emphasizes the precarious nature of perpetual contracts, which rely on yield-generating assets like staked Ethereum (stETH) as collateral. While theoretically offering a 'neutral' position where yield gains offset losses from short positions, this equilibrium can be disrupted by adverse shifts in funding rates, leading to collateral erosion and subsequent liquidation.

Cronje 强调了永续合约的不稳定性质，永续合约依赖于抵押以太坊（stETH）等产生收益的资产作为抵押品。虽然理论上提供了“中性”头寸，其中收益率收益抵消了空头头寸的损失，但这种平衡可能会因融资利率的不利变化而被破坏，导致抵押品侵蚀和随后的清算。

ENA Labs Responds to Critique, Acknowledges Concerns

ENA 实验室回应批评并承认担忧

In response to Cronje's critique, Guy Young aka Leptokurtic, founder of Ethena Labs, acknowledged the validity of the concerns raised. Young emphasized the team's commitment to addressing these risks and promised a more comprehensive response by the end of the week, outlining their risk mitigation strategies and addressing the concerns highlighted by Cronje.

为了回应 Cronje 的批评，Ethena Labs 的创始人 Guy Young 又名 Leptokurtic 承认所提出的担忧是正确的。 Young 强调了团队对解决这些风险的承诺，并承诺在本周末之前做出更全面的应对措施，概述他们的风险缓解策略并解决 Cronje 强调的问题。

Conclusion

结论

The meteoric rise of Ethena Labs' ENA token signals the growing adoption of innovative financial solutions that challenge traditional banking paradigms. While concerns have been raised about potential structural vulnerabilities, Ethena Labs' commitment to addressing these concerns and its strategic tokenomics plan provide a solid foundation for the long-term success of its digital dollar platform. As ENA continues to gain traction, it will be intriguing to observe how the project navigates the complexities of decentralized finance and delivers on its promise of a more inclusive and accessible financial ecosystem.

Ethena Labs 的 ENA 代币的迅速崛起标志着挑战传统银行范式的创新金融解决方案的日益普及。尽管人们对潜在的结构性漏洞提出了担忧，但 Ethena Labs 对解决这些担忧的承诺及其战略代币经济计划为其数字美元平台的长期成功奠定了坚实的基础。随着 ENA 继续受到关注，观察该项目如何应对去中心化金融的复杂性并兑现其对更具包容性和可访问性的金融生态系统的承诺将是一件很有趣的事情。