Ethena Labs：建立互聯網的貨幣基礎設施

Ethena不僅僅是建立更好的穩定幣，還建立了互聯網的貨幣基礎設施

Author: Tindorr , Crypto KOL

作者：Tindorr，加密KOL

Compiled by: Felix, PANews

編譯者：菲利克斯，潘努斯

It used to be thought that Ethena was just a stablecoin protocol - a synthetic dollar (USDe) that provided a stable yield and some nice integrations.

過去，人們認為乙烯只是一種穩定的協議 - 一種合成美元（USDE），提供了穩定的產量和一些不錯的整合。

When Ethena Labs founder G announced Ethena’s “convergence” roadmap in January this year, he did not realize what was about to happen.

當Ethena Labs創始人G在今年1月宣布Ethena的“融合”路線圖時，他沒有意識到即將發生的事情。

But as my research progressed, I gradually realized that my thinking was too narrow.

但是隨著我的研究進展，我逐漸意識到我的思想太狹窄了。

Ethena is not just building a better stablecoin, it is building the monetary infrastructure of the Internet: a system that combines the capital efficiency of cryptocurrency with the regulatory trust layer of traditional finance.

Ethena不僅建立了更好的穩定穩定性，還建立了Internet的貨幣基礎設施：將加密貨幣的資本效率與傳統金融的監管信任層相結合的系統。

$ENA is becoming the face of this shift.

$ ena正成為這一轉變的面貌。

Rather than chasing a single narrative, Ethena now touches nearly every major macro vertical:

Ethena現在沒有追逐單個敘事，而是幾乎觸及了每個主要的宏觀垂直行業：

It’s about the confluence of multi-billion dollar trends — stablecoin monetization, RWA tokenization, and the rise of on-chain financial infrastructure.

這是關於數十億美元趨勢的匯合 - Stablecoin貨幣化，RWA令牌化以及鏈上金融基礎設施的興起。

Here’s a breakdown of why Ethena may be the protocol best positioned to capture it all, from the release of the roadmap and the progress made since.

這是為什麼Ethena可能是路線圖的發布以及此後取得的進度來捕獲所有方案的分解。

1. Ethena’s Stablecoin: The Liquidity Engine That Drives Everything

1。埃塞納（Ethena）的Stablecoin：驅動一切的流動性引擎

While most protocols only issue one stablecoin, Ethena has built an integrated stablecoin system - each asset plays a different role depending on market conditions or user characteristics, but all are driven by the same underlying engine.

雖然大多數協議僅發出一個穩定的穩定性，但Ethena構建了一個集成的Stablecoin系統 - 每個資產都取決於市場條件或用戶特徵，但所有資產都由相同的基礎引擎驅動。

USDe: The third largest stablecoin (market cap $4.81 billion)

USDE：第三大Stablecoin（市值48.1億美元）

USDe is the synthetic dollar that starts it all.

USDE是開始全部啟動的合成美元。

USDe is the base layer of DeFi liquidity. With a supply of over $4.8 billion, it thrives in risk-on markets - leveraging the perpetual funding premium to generate sustainable on-chain returns.

USDE是Defi流動性的基礎層。它的供應超過48億美元，它在風險市場市場中蓬勃發展 - 利用永久性資金溢價來產生可持續的鏈上回報。

This is not just passive capital, this is efficient liquidity, plugged into every major DeFi stack.

這不僅是被動資本，而且是有效的流動性，插入了每個主要的Defi堆棧中。

USDtb: 8th largest stablecoin (market cap $1.44 billion)

USDTB：第八大Stablecoin（市值14.4億美元）

USDtb comes into play when yields fall or volatility spikes.

當跌倒或波動性尖峰時，USDTB就會發揮作用。

USDtb is backed by tokenized U.S. Treasuries backed by BlackRock’s BUIDL fund, providing a safe-haven and yielding alternative for traditional finance (TradFi) users.

USDTB得到了由BlackRock的Buidl基金支持的令牌美國國債的支持，為傳統金融（TradFI）用戶提供了避風港和替代方案。

It enhances the resilience of the Ethena system and balances the dynamic returns of USDe and the stability of Treasury levels.

它增強了乙烯系統的彈性，並平衡了USDE的動態回報和庫存水平的穩定性。

Today, both assets are ranked among the top ten stablecoins, and Ethena has secured its place at the heart of crypto liquidity.

如今，這兩種資產都列為前十名穩定的穩定者，Ethena在加密流動性的核心中佔據了一席之地。

2. sUSDe: The engine driving Ethena’s expansion

2。 SUSDE：發動機驅動Ethena的擴展

By staking USDe, you can get sUSDe, the yield version of Ethena's synthetic dollar. Supported by protocol revenue, sUSDe has become the core driver of Ethena's integration and liquidity growth.

通過存放USDE，您可以獲得Ethena合成美元的收益版本Susde。在協議收入的支持下，蘇斯德已成為埃塞納整合和流動性增長的核心驅動力。

As the market warms up, the annualized yield has rebounded to around 8%, and sUSDe has once again become one of the most combinatorial and reliable on-chain sources of income in DeFi.

隨著市場的變暖，年度化收益率已經反彈至8％左右，Susde再次成為DEFI中最合併和可靠的鍊鍊收入來源之一。

Here’s how it works:

這是其工作原理：

1. Pendle and Aave: Maximizing returns and capital efficiency

1。 Pendleand Aave：最大化回報和資本效率

In Pendle and Aave, USDe/sUSDe has gradually become the preferred stablecoin for fixed income, lending, and leverage cycles:

在Pendle和Aave中，USDE/SUSDE已逐漸成為固定收益，貸款和利用周期的首選穩定者：

In the image above, Aave and Pendle users can efficiently borrow USDe at 0% interest and convert it to sUSDe to maximize returns. This is a core use case that drives sUSDe's integration and liquidity.

在上圖中，AAVE和PENDLE用戶可以以0％的利息有效地借入USDE，並將其轉換為SUSDE以最大化退貨。這是驅動蘇斯德集成和流動性的核心用例。

2. Hyperliquid x HyperEVM: New territory for USDe

2。超流動X HypereVM：USDE的新領域

Ethena’s move into Hyperliquid Exchange and HyperEVM kicks off significant distribution:

埃塞納（Ethena）進入超流動交易所和HypereVM的大量分佈：

In short: Ethena is embedding into Hyperliquid’s native liquidity layer, the fastest growing ecosystem.

簡而言之：Ethena嵌入了超級流動性的本地流動性層，這是增長最快的生態系統。

3. TON + Telegram: Internet Currency for One Billion Users

3.噸 +電報：10億用戶的互聯網貨幣

The biggest unlock?

最大的解鎖？

Providing savings accounts to Telegram’s 1 billion+ users through the integration of Ethena x TON.

通過集成Ethena X Ton為Telegram的10億用戶提供儲蓄帳戶。

Ethena is more than just a DeFi application, it is becoming the native savings layer for emerging markets and mobile-first users around the world.

Ethena不僅僅是一個Defi應用程序，它正在成為全球新興市場和移動優先用戶的本地儲蓄層。

sUSDe is a scalable yield layer

薩斯德是一個可擴展的產量層

From efficient DeFi strategies (Pendle, Aave) to the trading volume of centralized exchanges (Hyperliquid) and the scale of Web2 (TON), sUSDe is driving Ethena's transformation from the protocol layer to the currency layer.

從高效的Defi策略（Pendle，AAVE）到集中式交換的交易量（超流動）和Web2（TON）的規模，Susde正在推動Ethena從協議層轉換為貨幣層。

Clearly, Ethena has become a savings engine for millions of users.

顯然，Ethena已成為數百萬用戶的儲蓄引擎。

4. Ethereal: Native perpetual and spot DEX built on Ethena

4。空靈：基於ethena建立的本地永久和斑點dex

Ethereal is the first mainstream application launched on the Ethena network. It is a next-generation spot and perpetual DEX with deep liquidity and institutional-grade execution.

Ethereal是在Ethena網絡上啟動的第一個主流應用程序。這是一個下一代的地點和永久性的敏捷性，具有深厚的流動性和機構的執行。

It is fully powered by Ethena's ecosystem:

它完全由Ethena的生態系統提供動力：

Progress is currently good: more than

進度目前很好：不僅僅是