Ethena（ENA）激增：費用獎勵和合成美元的未來

Ethena的Ena令牌正在為Stakers帶來收費，並對USDE的需求激增。這是合成美元的未來，還是監管風暴雲聚集？

Ethena (ENA) Surge: Fee Rewards and the Future of Synthetic Dollars

Ethena（ENA）激增：費用獎勵和合成美元的未來

Ethena's ENA token is on a roll, fueled by a hot market, big project news, and the buzz around tokenizing real-world assets. The introduction of fee rewards for sENA stakers is adding another layer of excitement. Let's dive into what's driving this surge.

Ethena的ENA令牌正在滾動，這是由於熱門市場，大型項目新聞以及圍繞現實世界中的嗡嗡聲所推動的。為Sena Stakers引入費用獎勵正在增加另一層興奮。讓我們深入了解這一激增的原因。

The Perfect Storm for Ethena

埃特納的完美風暴

The crypto market is showing signs of life, with Bitcoin leading the charge and institutional money flowing back into ETFs. Ethena has capitalized on this momentum with several key announcements:

加密貨幣市場正在顯示生命的跡象，比特幣帶領了指控和機構資金回到ETF中。 Ethena在這一勢頭上利用了幾個關鍵公告：

• StablecoinX Investment: A whopping $360 million private investment deal for StablecoinX, aiming to bridge Wall Street and crypto with the ticker "USDE" on Nasdaq.
• ENA Buyback Program: A $260 million buyback program to reduce the available supply and boost investor confidence.
• USDe Growth: Ethena's synthetic dollar, USDe, has ballooned past $6.12 billion in supply, driven by attractive yields.
• RWA Tokenization: Ethena is making a play for tokenizing Real-World Assets (RWAs), launching the Converge blockchain with Securitize.
• Exchange Listings: Getting listed on major exchanges like Upbit has increased ENA's visibility and trading volume.

Fee Switch Activated for sENA Stakers

塞納·斯塔克斯（Sena Stakers）激活的費用轉換

The Ethena Foundation has approved a "fee switch," allowing sENA stakers to earn a portion of the protocol's revenue. The Risk Committee is working out the details, with expectations to finalize the plan by the end of November 2024. This gives stakers a real financial incentive, aligning their success with the protocol's health.

Ethena基金會批准了“費用轉換”，使Sena Stakers可以賺取該協議收入的一部分。風險委員會正在製定細節，並期望在2024年11月底完成該計劃。這使Stakers具有真正的經濟激勵，使他們的成功與協議的健康狀況保持一致。

How USDe Works: A Synthetic Dollar

USDE的工作方式：合成美元

USDe is a synthetic dollar backed by crypto assets like staked Ethereum (stETH) and Bitcoin (BTC). It maintains its peg through a delta-hedging strategy, opening short perpetual futures positions to balance the portfolio's value. Yields come from staking rewards and profits from perpetual futures markets.

USDE是一項合成美元，以加密資產為支持，例如固定以太坊（Steth）和比特幣（BTC）。它通過三角洲圍困策略維持其釘子，開放了短暫的永久期貨立場，以平衡投資組合的價值。產量來自永久期貨市場的存放獎勵和利潤。

Risks and Regulatory Concerns

風險和監管問題

USDe's design isn't without risks. "Funding Risk" arises if funding rates go negative for extended periods. Ethena has built a reserve fund to mitigate this. "Counterparty Risk" is another concern, as the system relies on centralized exchanges. Ethena spreads its assets across multiple exchanges and uses Off-Exchange Settlement (OES) providers to reduce this risk. The elephant in the room is the specter of Terra/Luna, but supporters argue USDe is different because it's backed by external assets, not a self-referential system.

USDE的設計並非沒有風險。如果延長的資金率為負數，則會出現“資金風險”。 Ethena建立了一個儲備金來減輕這種情況。由於系統依賴集中式交流，“對手風險”是另一個問題。 Ethena將其資產傳播到多次交易所，並使用非交換定居點（OES）提供商來降低這種風險。房間裡的大像是Terra/Luna的幽靈，但支持者認為USDE是不同的，因為它是由外部資產的支持，而不是自指的系統。

Regulatory scrutiny is also increasing. Germany's BaFin shut down Ethena's local operations, citing MiCA compliance issues. The U.S.'s GENIUS Act could also pose challenges. Because USDe is synthetic and yield-generating, it faces potential scrutiny from both the SEC and the CFTC.

監管審查也在增加。德國的巴芬以雲母合規性問題為由，關閉了埃塞納（Ethena）的當地業務。美國的天才法案也可能構成挑戰。由於USDE是合成的和產生的，因此它面臨SEC和CFTC的潛在審查。

ENA's Price Momentum

ENA的價格動力

Recently, the Ethena (ENA) price surged over 20%, crossing the $0.50 mark for the first time since February. Crypto analyst @hariskhantrader has identified ENA as a promising breakout candidate, noting a positive technical indicator. The chart now targets a key resistance area between $0.80 and $0.95, suggesting further upside.

最近，Ethena（ENA）的價格飆升了20％以上，自2月以來首次超過了0.50美元。加密分析師@hariskhantrader已將ENA確定為有前途的突破候選人，並指出了積極的技術指標。該圖表現在以$ 0.80至0.95美元之間的關鍵阻力區域的目標，這表明進一步上漲。

StablecoinX and Institutional Interest

Stablecoinx和機構利益

The emergence of StablecoinX, a new corporate entity, signals growing institutional confidence in Ethena. Powered by a $360 million increase in funds, StablecoinX will actively hold ENA and benefit from its DeFi usage. The company will list on Nasdaq under the symbol "USDE" in late 2025.

新公司實體Stablecoinx的出現標誌著對Ethena的機構信心越來越大。由3.6億美元增加的資金支持，StableCoinx將積極持有ENA並受益於其折衷使用情況。該公司將於2025年底在納斯達克列出符號“ USDE”。

The Future of Ethena

埃塞納的未來

Ethena is making serious moves in the crypto space, but it also faces challenges. Regulatory clarity and risk management will be crucial for its long-term success. As BlockDAG gains traction and the crypto landscape evolves, Ethena will need to keep innovating to stay ahead.

Ethena在加密貨幣領域採取了嚴重的行動，但它也面臨著挑戰。監管清晰度和風險管理對於其長期成功至關重要。隨著Blockdag的吸引力和加密貨幣景觀的發展，Ethena將需要繼續創新才能保持領先地位。

So, is Ethena the real deal? Only time will tell. But for now, buckle up and enjoy the ride! It's gonna be a wild one.

那麼，Ethena是真正的交易嗎？只有時間會證明。但是現在，搭扣並享受旅程！這將是一個瘋狂的人。