ENA持有人，退貨和費率更改：嗡嗡聲是什麼？

Ethena的ENA速率變化即將到來！獲取潛在的收益率分配，治理投票以及對ENA持有人的意義。

ENA Holders, Returns, and Rate Change: What's the Buzz?

ENA持有人，退貨和費率更改：嗡嗡聲是什麼？

Ethena's got everyone talking! The potential activation of the ENA rate change is generating excitement among holders. Will we see those juicy yield distributions above 5%? Let's dive into the details.

Ethena讓每個人都在說話！ ENA速率變化的潛在激活是在持有人之間引起興奮。我們會看到這些多汁的產量分佈以上超過5％嗎？讓我們研究細節。

The Road to Rate Change: A Timeline

費率變化的道路：時間表

Back in late 2024, Ethena laid out some ambitious goals: a USDe supply exceeding 6 billion, lifetime protocol revenue over US$250 million, and integration on four of the five largest centralized derivatives platforms. Fast forward to September 2025, and things are looking good! USDe is cruising with 12.1 billion in circulation, a healthy 30-day APY of 8.54% on sUSDe, and a reserve fund of around US$62 million. Plus, the integration condition is basically met, with top exchanges already onboard or in the final stages.

早在2024年底，埃塞納（Ethena）提出了一些雄心勃勃的目標：USDE供應超過60億美元，終身協議收入超過2.5億美元，以及在五個最大的集中式衍生品平台中的四個集成。快進到2025年9月，情況看起來不錯！ USDE的流通量為121億，健康的30天APY為8.54％，儲備金約為6200萬美元。另外，基本上滿足了集成條件，在板上或最後階段已經有頂級交換。

Governance in Action: ENA Holders' Turn

行動中的治理：ENA持有人的轉彎

The Ethena Foundation is prepping the implementation framework for a vote by ENA holders. This is where you, the holders, get to weigh in! The governance framework is designed to be flexible, allowing for distributions in non-cash forms if regulations or operations get tricky. Speaking of regulations...

Ethena基金會正在為ENA持有人投票的實施框架。這是您，持有人的權衡的地方！治理框架旨在靈活，如果法規或操作變得棘手，則可以以非現金形式發行。說法規...

Regulatory Winds: Navigating the Stablecoin Landscape

監管風：導航穩定景觀

The regulatory landscape is always shifting. In the US, the GENIUS Act aims to set federal standards for payment stablecoins, demanding one-to-one reserves and OCC licensing. Across the pond, the Bank of England is considering requiring reserves in high-quality liquid assets for systemic stablecoins. These developments could influence how ENA distributions are structured, so stay tuned!

監管格局總是在變化。在美國，《天才法》旨在為付款穩定幣設定聯邦標準，要求一對一的儲備和OCC許可。在整個池塘中，英格蘭銀行都在考慮需要在全身性穩定的高質量液體資產中儲備。這些發展可能會影響ENA分佈的結構，因此請繼續關注！

The Big Picture: Stablecoins and Ethena's Model

大局：Stablecoins和Ethena的模型

The stablecoin market is still near its peak, providing solid liquidity for Ethena's model. Binance's listing of USDe spot pairs on September 9th further validates the

Stablecoin市場仍然接近其頂峰，為Ethena的模型提供了可靠的流動性。 Binance在9月9日對USDE現貨對的上市進一步驗證了