Ondo Finance (ONDO) 与 Ethena (ENA)：哪种代币更值得购买？

Ondo Finance (ONDO) 和 Ethena (ENA) 已成为加密行业中增长最快的两个区块链，市值超过

With market caps exceeding $1.6 billion and $1.3 billion, respectively, Ondo Finance (ONDO) and Ethena (ENA) have emerged as two of the fastest-growing blockchains in the crypto industry. This has led many investors to wonder which of these two tokens is the better buy.

Ondo Finance (ONDO) 和 Ethena (ENA) 的市值分别超过 16 亿美元和 13 亿美元，已成为加密行业中增长最快的两个区块链。这让许多投资者想知道这两种代币中哪一种更值得购买。

In this article, we will take a closer look at both projects and compare their key features, investment strategies, and risk profiles to help you make an informed decision.

在本文中，我们将仔细研究这两个项目，并比较它们的主要特征、投资策略和风险状况，以帮助您做出明智的决定。

What is Ondo Finance?

什么是昂多金融？

Backed by Founders Fund, Coinbase, and Pantera, Ondo Finance is a key player in the tokenization sector. The network operates two tokenized funds, the US Dollar Yield (USDY) and the US Treasuries (OUSG), which have amassed assets totaling over $250 million and $215 million, respectively. These funds offer an Annual Percentage Yield (APY) of 5.20% and 4.96%, respectively.

Ondo Finance 在 Founders Fund、Coinbase 和 Pantera 的支持下，是代币化领域的关键参与者。该网络运营着两种代币化基金，即美元收益 (USDY) 和美国国债 (OUSG)，它们的资产总额分别超过 2.5 亿美元和 2.15 亿美元。这些基金的年收益率 (APY) 分别为 5.20% 和 4.96%。

One of the selling points of Ondo Finance is its strategic investment approach. The platform partners with fund managers like Blackrock and PIMCO and also utilizes regulated service providers like StoneX and Ankura to provide users with daily accounting services.

Ondo Finance的卖点之一是其战略投资方式。该平台与 Blackrock 和 PIMCO 等基金管理公司合作，还利用 StoneX 和 Ankura 等受监管的服务提供商为用户提供日常会计服务。

While the USDY and OUSD tokens offered by Ondo Finance are not categorized as stablecoins, investors view them as superior alternatives to popular stablecoins like Tether (USDT) and USD Coin (USDC). This is because holders of USDY and OUSD tokens are entitled to a share of the profits generated by the fund investments, unlike USDT and USDC holders who do not receive any additional returns on their investments.

虽然 Ondo Finance 提供的 USDY 和 OUSD 代币不属于稳定币，但投资者认为它们是 Tether (USDT) 和 USD Coin (USDC) 等流行稳定币的优质替代品。这是因为 USDY 和 OUSD 代币的持有者有权分享基金投资产生的利润，而 USDT 和 USDC 持有者则不会获得任何额外的投资回报。

What is Ethena?

埃塞娜是什么？

Ethena is a blockchain project that has drawn comparisons to Terra, a stablecoin platform that collapsed in 2022. Ethena's flagship product, USDe, is a stablecoin that is backed by assets worth over $2.8 billion and has nearly 200,000 users. The project is backed by DragonFly, Arthur Ayes, and Binance, among others.

Ethena 是一个区块链项目，与 2022 年崩溃的稳定币平台 Terra 相比较。Ethena 的旗舰产品 USDe 是一种稳定币，由价值超过 28 亿美元的资产支持，拥有近 20 万用户。该项目得到了 DragonFly、Arthur Ayes 和 Binance 等公司的支持。

USDe has gained popularity among investors because of its impressive yield of over 35.9%, which is significantly higher than the APY of Ondo Finance's USDY token. Ethena is able to generate these high returns by using a combination of strategies that include participation in Ethereum staking and short derivatives trading.

USDe 因其超过 35.9% 的令人印象深刻的收益率而受到投资者的欢迎，该收益率明显高于 Ondo Finance 的 USDY 代币的 APY。 Ethena 能够通过使用包括参与以太坊质押和做空衍生品交易在内的策略组合来产生这些高回报。

However, analysts have noted that these tactics come with inherent risks, and Ethena's approach is considered to be somewhat precarious, especially in the event of unforeseen market volatility.

然而，分析师指出，这些策略具有固有的风险，Ethena 的做法被认为有些不稳定，尤其是在出现不可预见的市场波动的情况下。

Which is a Better Buy: Ondo or Ethena?

Ondo 和 Ethena 哪个更值得购买？

When considering whether to invest in ONDO or ENA, several factors must be taken into account. Both projects have achieved significant growth and attracted a sizable user base, but the discrepancy in their risk profiles is a crucial factor for potential investors.

在考虑投资 ONDO 还是 ENA 时，必须考虑几个因素。这两个项目都取得了显着的增长并吸引了相当大的用户群，但风险状况的差异对于潜在投资者来说是一个关键因素。

Ondo Finance's focus on conservative investment strategies and collaboration with established financial institutions makes it a relatively safer option compared to Ethena, which employs more complex and potentially riskier techniques to generate returns. The regulatory landscape also plays a role in assessing the investment viability of these tokens, with concerns about the possible banning of algorithmic stablecoins like USDe in certain jurisdictions.

与 Ethena 相比，Ondo Finance 专注于保守的投资策略以及与成熟金融机构的合作，这使其成为相对更安全的选择，Ethena 采用更复杂且潜在风险更高的技术来产生回报。监管环境也在评估这些代币的投资可行性方面发挥着作用，人们担心某些司法管辖区可能会禁止 USDe 等算法稳定币。

Ultimately, the decision between investing in Ondo Finance and Ethena depends on an investor's risk tolerance and investment objectives. While Ethena may offer higher returns in the short term, the potential risks involved in its strategies may deter risk-averse investors. Ondo Finance's more conservative approach and established partnerships may be more appealing to investors seeking a stable and secure investment option in the volatile crypto market.

最终，投资 Ondo Finance 和 Ethena 的决定取决于投资者的风险承受能力和投资目标。虽然 Ethena 可能在短期内提供更高的回报，但其策略中涉及的潜在风险可能会令厌恶风险的投资者望而却步。 Ondo Finance 更为保守的做法和已建立的合作伙伴关系可能对在波动的加密货币市场中寻求稳定、安全的投资选择的投资者更具吸引力。

As always, thorough research and consideration of the unique qualities and risks of each token are essential for making an informed decision on which crypto asset to buy.

与往常一样，对每种代币的独特品质和风险进行彻底研究和考虑对于就购买哪种加密资产做出明智的决定至关重要。