Ethena Foundation的費用轉換：為ENA收益率做好準備！

Ethena Foundation正在準備激活其費用轉換，可能會以多汁的收益率獎勵ENA持有者。這是關於正在發生的事情及其重要的原因。

Hold onto your hats, crypto enthusiasts! Ethena Foundation is about to flip the switch – the fee switch, that is. After months of anticipation, the activation of the synthetic dollar protocol’s fee switch is on the horizon, promising potential rewards for ENA holders. Get ready for some potentially sweet yields!

抓住您的帽子，加密愛好者！ Ethena Foundation即將翻轉開關 - 費用開關。經過幾個月的預期，合成美元協議的激活即將到來，有望為ENA持有人帶來潛在的獎勵。準備好一些潛在的甜蜜產量！

What's the Deal with the Fee Switch?

費用開關有什麼交易？

First proposed by Wintermute last November, this fee switch is designed to redirect a portion of protocol fees to ENA holders. But it's not just a free-for-all. The Risk Committee set some pretty specific success metrics that needed to be met first. Think of it like unlocking a high score in a video game. Those metrics included a circulating USDe supply of over $6 billion, cumulative protocol revenue exceeding $250 million, and USDe integration on four of the top five centralized exchanges by derivatives volume. Guess what? They nailed it.

該費用開關首先是由溫特姆特（Wintermute）提出的，旨在將部分協議費用重新定向到ENA持有人。但這不僅是免費的。風險委員會設定了一些非常具體的成功指標，需要首先滿足。可以將其視為在視頻遊戲中解鎖高分。這些指標包括超過60億美元的USD供應，累計協議收入超過2.5億美元，以及USDE集成在衍生工具量的前五名集中式交易所中的四項。猜怎麼著？他們釘了它。

USDe's Meteoric Rise

USD的迅速崛起

Speaking of success, USDe is absolutely crushing it. Its market cap is sitting pretty at nearly $14 billion, a whopping 150% jump in the last couple of months. That makes it the third-largest stablecoin, trailing only the giants, USDC and USDT. Not bad for the new kid on the block!

說到成功，美國農業部絕對會粉碎它。它的市值靠近140億美元，在過去的幾個月中增長了150％。這使其成為第三大穩定幣，僅落後於巨人，USDC和USDT。對於街區的新孩子來說還不錯！

ENA's Uptrend

Ena的上升趨勢

The ENA token is also enjoying the ride. It's up 226% over the past year and trading around $0.70. While it hasn't quite hit its all-time high of $1.52, its market cap did reach a fresh all-time high of $5.6 billion recently. Chalk that up to token unlocks.

ENA令牌也很喜歡這次旅行。在過去的一年中增長了226％，交易約為0.70美元。雖然它並沒有達到1.52美元的歷史最高點，但其市值最近確實達到了56億美元的新鮮高點。將其粉刷為代幣解鎖。

The Road to Activation

激活之路

Ethena is taking a measured approach to activating the fee switch. The Risk Committee needs to give its final stamp of approval, and then it's up to a tokenholder vote. The Foundation plans to release all the juicy implementation details before asking ENA holders to weigh in. They're also tracking key economic indicators, like USDe revenue (driven by futures funding and basis) and sUSDe distribution.

Ethena正在採用一種測量方法來激活費用轉換。風險委員會需要給予其最終批准印章，然後由代幣持有人投票。基金會計劃在要求ENA持有人進行權衡之前發布所有多汁的實施細節。他們還跟踪主要的經濟指標，例如USDE收入（由期貨資金和基礎驅動）和Susde分配。

The fee-switch parameters are intentionally flexible, allowing ENA governance to tweak the size, frequency, and mechanics based on market conditions, legal advice, and reserve levels. This could mean distributions to sENA might not always be in cold, hard cash. They might use other methods if it makes more sense from an operational or legal standpoint.

費用開關參數有意靈活，可以根據市場條件，法律建議和儲備金來調整ENA治理的規模，頻率和機制。這可能意味著向Sena的分配可能並不總是以冷，硬現金。如果從操作或法律的角度來看，他們可能會使用其他方法。

What Could This Mean for You?

這對您意味著什麼？

So, what's the bottom line for ENA holders? Well, if all goes according to plan, you could be looking at some decent yields. One calculation suggests that with a fee pool equal to revenue times the fee-share to ENA, and staking participation at 30%, 50%, or 70% of circulating ENA, the APR could be pretty attractive. Of course, these are just illustrative figures, and actual results will vary.

那麼，ENA持有人的底線是什麼？好吧，如果一切按計劃進行，您可能會看一些不錯的收益。一項計算表明，在收入量等於收入的費用時，向ENA的費用共享，並以30％，50％或70％的循環ENA參與的投資參與可能非常有吸引力。當然，這些只是說明性的數字，實際結果將有所不同。

Looking Ahead

展望未來

The key things to watch are the Risk Committee's confirmation of implementation details, the Foundation's publication of the framework, and the ENA holder vote. Positive funding and futures basis will boost USDe income, while negative or compressed funding will reduce it. Also, keep an eye on potential snags like scheduled Pendle PT maturities and reserve fund composition.

要觀看的關鍵是風險委員會確認實施細節，基金會對框架的出版以及ENA持有人的投票。積極的資金和期貨基礎將增加USDE收入，而負資金或壓縮資金將減少。此外，請密切關注預定的Pendle PT成熟度和預備基金組成等潛在障礙。

Policy-wise, the regulatory landscape is also evolving. The GENIUS Act in the US is establishing a federal regime for payment stablecoins, and the Bank of England is considering allowing systemic stablecoins to hold reserves in high-quality liquid assets. These developments could impact how ENA governance designs its distribution mechanisms.

政策方面，監管格局也在不斷發展。美國的《天才法》正在建立一個聯邦付款制度製度，英格蘭銀行正在考慮允許系統性的穩定股份持有高質量的液體資產中的儲備。這些發展可能會影響ENA治理如何設計其分佈機制。

Wrapping Up

總結

The global stablecoin market is looking healthy, and Ethena is positioned to capitalize. With the fee switch potentially unlocking new value for ENA holders, it's an exciting time to be involved. So, keep your eyes peeled for those implementation details and get ready to vote! Who knows, you might just be swimming in ENA yields sooner than you think. Now, isn't that a delightful prospect?

全球Stablecoin市場看上去很健康，Ethena可以利用。隨著費用轉換可能會為ENA持有人解鎖新價值，這是一個激動人心的時刻。因此，請注意這些實施細節並準備投票！誰知道，您可能只是在ENA中游泳比您想像的要早。現在，那不是一個令人愉快的前景嗎？