aave、usdtb 推出，对ethena 的兴趣日益浓厚

随着新法规的生效以及 Tether 等大型企业公布了可观的收入，稳定币成为 2024 年的头条新闻。

Amidst rising interest in ethena following the launch of staked USDe on Aave, a deeper analysis of the inflows reveals that a majority of the funds were deposited by a small group of users.

在 Aave 上推出质押 USDe 后，人们对 ethena 的兴趣日益浓厚，对资金流入的更深入分析显示，大部分资金是由一小部分用户存入的。

As sUSDe began trading on Aave in Q4, it quickly attracted over $1 billion in inflows within the first few weeks of its launch. This integration marked a significant step in boosting the adoption of Ethena's stablecoin.

随着 sUSDe 于第四季度开始在 Aave 上进行交易，它在推出后的最初几周内迅速吸引了超过 10 亿美元的资金流入。此次整合标志着 Ethena 稳定币的采用迈出了重要一步。

However, a closer examination of the inflows using our lending and borrowing events data solution shows that most of the funds wereارية deposited by a few users.

然而，使用我们的借贷事件数据解决方案对资金流入进行仔细检查后发现，大部分资金是由少数用户存入的。

To illustrate, the five addresses highlighted below collectively contributed over half a billion dollars to the total inflows. These addresses employed varying strategies when depositing funds.

为了说明这一点，下面突出显示的五个地址总共为总流入贡献了超过 5 亿美元。这些地址在存入资金时采用了不同的策略。

For instance, 0xb99 (light blue) made two separate deposits, with the first installment amounting to $67 million, followed by an additional $30 million. In contrast, 0x9e (orange) made over 133 smaller deposits between November and December.

例如，0xb99（浅蓝色）进行了两次单独的存款，第一期金额为 6700 万美元，随后又追加了 3000 万美元。相比之下，0x9e（橙色）在 11 月至 12 月期间进行了超过 133 个较小的存款。

This behavior is not entirely uncommon on Aave. For example, one address deposited $13 billion USDC across 200 transactions between November and December. Another split a $200 million deposit over five transactions.

这种行为在 Aave 上并不完全罕见。例如，一个地址在 11 月至 12 月期间通过 200 笔交易存入了 130 亿美元的 USDC。另一位则将 2 亿美元的存款分给了五笔交易。

As the sUSDe inflows soared and crypto prices rose across the board, the price of Ethena's governance token, ENA, also climbed high. ENA approached its near-airdrop levels for the first time last month as BTC traded above $100k.

随着sUSDe流入量飙升，加密货币价格全线上涨，Ethena的治理代币ENA的价格也一路攀升。上个月，随着 BTC 交易价格突破 10 万美元，ENA 首次接近空投水平。

More recently, the Ethena team also launched the USDtb stablecoin, which complements its USDe product.

最近，Ethena 团队还推出了 USDtb 稳定币，作为其 USDe 产品的补充。

Before delving into the dynamics of USDtb, it's essential to recap the mechanics of USDe, which differ from conventional stablecoins.

在深入研究 USDtb 的动态之前，有必要回顾一下 USDe 的机制，它与传统稳定币不同。

The token maintains its peg by carrying out delta-neutral hedging strategies. This approach aims to keep the price relatively stable and aligned with its dollar peg.

该代币通过执行 Delta 中性对冲策略来维持其挂钩。这种方法的目的是保持价格相对稳定并与美元挂钩。

In contrast, USDtb offers a more conventional option for investors. The stablecoin is essentially backed by US government bonds through Ethena's investment in BlackRock's BUI.

相比之下，USDtb 为投资者提供了更传统的选择。该稳定币本质上是通过 Ethena 对贝莱德 BUI 的投资获得美国政府债券的支持。

The ability, and willingness, to innovate is one of the key drivers behind Ethena’s success in 2024. While the soaring inflows on Aave look great, they largely come from just a few holders and sUSDe is still some way off challenging USDC and USDT in reality.

创新的能力和意愿是 Ethena 在 2024 年取得成功的关键驱动力之一。虽然 Aave 上飙升的资金流入看起来不错，但它们主要来自少数持有者，而 sUSDe 在现实中距离挑战 USDC 和 USDT 仍有一段距离。

However, the protocol can innovate more quickly than its older rivals and has chosen to do so. While Circle and Tether leadership grapple with MiCA compliance, Ethena’s on-chain first approach with integrations to some large centralized platforms, has contributed to its success so far. Furthermore, Maker’s decision to rebrand its platform which fragmented liquidity between DAI and the newly launched USDS benefited Ethena in claiming the third spot by market cap.

然而，该协议可以比其老竞争对手更快地创新，并且选择这样做。虽然 Circle 和 Tether 的领导层正在努力解决 MiCA 合规问题，但 Ethena 的链上优先方法与一些大型中心化平台的集成为其迄今为止的成功做出了贡献。此外，Maker 决定重塑其平台，分散了 DAI 和新推出的 USDS 之间的流动性，这有利于 Ethena 获得市值第三的位置。

Going forward to regulatory outlook is set to change, which could further shake up the space and add renewed competition for the budding protocol in 2025.

未来的监管前景将会发生变化，这可能会进一步撼动这一领域，并在 2025 年为这一新兴协议带来新的竞争。