Ethena Labs 整合比特幣以提高 USDe 穩定性和收益率

Ethena Labs 是備受爭議的合成美元產品 USDe 的開發商，該公司正在擴大其策略，將做空比特幣 (BTC) 期貨納入其中。此舉旨在提高用戶收益並進一步增加 USDe 發行量，自 1 月推出以來，USDe 發行量已超過 20 億美元。目前，Ethena 透過做空以太坊 (ETH) 期貨和收取資金費率產生了 37% 的年收益率，但 BTC 的加入預計將提供更大的可擴展性和流動性。

Ethena Labs to Enhance USDe Stability and Yield Generation with Bitcoin Integration

Ethena Labs 將透過比特幣整合來增強 USDe 的穩定性和收益率

Ethena Labs, the platform behind the synthetic dollar stablecoin, USDe, has announced a significant update that will incorporate Bitcoin (BTC) into its cash-and-carry yield generation strategy. This move is expected to enhance the safety and scalability of USDe while boosting yields for users.

合成美元穩定幣 USDe 背後的平台 Ethena Labs 宣布了一項重大更新，將把比特幣 (BTC) 納入其現金持有收益產生策略中。此舉預計將增強 USDe 的安全性和可擴展性，同時提高用戶的效益。

Background: USDe and Its Yield Generation Mechanism

背景：USDe及其收益率生成機制

Since its launch in January, Ethena's USDe has gained significant traction, with over $2 billion in issuance and growing demand. The platform has achieved consistent yield generation by shorting Ether (ETH) futures and collecting funding rates. Funding rates are periodic payments that compensate long or short traders based on the difference between the prices in the perpetual contract markets and spot prices.

自 1 月推出以來，Ethena 的 USDe 獲得了巨大的關注，發行量超過 20 億美元，需求不斷增長。該平台透過做空以太坊（ETH）期貨和收取資金費率實現了穩定的收益產生。資金費率是根據永續合約市場價格與現貨價格之間的差異對多頭或空頭交易者進行補償的定期付款。

Integrating Bitcoin for Enhanced Stability

整合比特幣以增強穩定性

Ethena's developers believe that adding Bitcoin to the mix will provide multiple benefits to USDe holders. Firstly, the additional layer of hedging will mitigate the risks associated with ETH futures markets and enhance the stability of USDe. Secondly, the increased liquidity and scalability of Bitcoin derivative markets offer greater capacity for USDe issuance and growth.

Ethena 的開發人員認為，將比特幣添加到其中將為 USDe 持有者帶來多重好處。首先，額外的對沖層將降低與 ETH 期貨市場相關的風險並增強 USDe 的穩定性。其次，比特幣衍生性商品市場流動性和可擴展性的增強為USDe的發行和成長提供了更大的能力。

"With $25 billion of BTC open interest readily available for Ethena to delta hedge, the capacity for USDe to scale has increased over 2.5 times," Ethena developers remarked in an official announcement.

Ethena 開發者在一份官方聲明中表示：“隨著 Ethena 可以隨時使用價值 250 億美元的 BTC 未平倉合約進行 Delta 對沖，USDe 的擴容能力已增加了 2.5 倍以上。”

Yield Optimization in a Favorable Market Environment

有利市場環境下的產量優化

The current bullish market, characterized by high funding rates, provides an ideal environment for optimizing USDe's scalability. While Bitcoin does not offer a native staking yield, the current funding rates of over 30% outweigh the potential staking returns of 3-4%.

目前以高融資利率為特徵的多頭市場為優化 USDe 的可擴展性提供了理想的環境。雖然比特幣不提供原生質押收益率，但目前超過 30% 的融資利率超過了 3-4% 的潛在質押回報。

Mechanism of Yield Generation

產量產生機制

On the Ethena platform, users can deposit stablecoins to mint USDe, which can then be staked to earn additional yield. Staked USDe can also be utilized on other decentralized finance (DeFi) platforms for further yield generation.

在 Ethena 平台上，用戶可以存入穩定幣來鑄造 USDe，然後可以將其質押以賺取額外收益。質押的 USDe 還可以用於其他去中心化金融（DeFi）平台，以進一步產生收益。

Ethena's yield generation strategy utilizes a futures mechanism similar to a "cash and carry" trade. Users initiate a long position in Bitcoin by minting USDe with stablecoins. Simultaneously, the platform sells the equivalent amount of Bitcoin through futures contracts. This strategy aims to neutralize directional exposure to Bitcoin's price movements and generate revenue solely from funding payments.

Ethena 的收益產生策略利用類似「現金套利」交易的期貨機制。用戶透過用穩定幣鑄造 USDe 來建立比特幣多頭部位。同時，該平台透過期貨合約出售等量的比特幣。該策略旨在抵消比特幣價格變動的定向風險，並僅透過資金支付產生收入。

Market Response

市場反應

The announcement of Bitcoin integration has been met with positive sentiment from the cryptocurrency community. However, Ethena's native token, ENA, has experienced a slight decline in value, potentially reflecting broader market conditions.

比特幣整合的宣布引起了加密貨幣社群的正面情緒。然而，Ethena 的原生代幣 ENA 的價值略有下降，可能反映了更廣泛的市場狀況。

Conclusion

結論

Ethena Labs' integration of Bitcoin into its yield generation strategy represents a significant step towards enhancing the stability and scalability of USDe. The move is expected to attract new users and increase demand for the synthetic dollar stablecoin. As the DeFi ecosystem continues to evolve, Ethena's innovative approach provides a compelling solution for yield generation and stablecoin utilization.

Ethena Labs 將比特幣整合到其收益產生策略中，代表著朝著增強 USDe 的穩定性和可擴展性邁出了重要一步。此舉預計將吸引新用戶並增加對合成美元穩定幣的需求。隨著 DeFi 生態系統的不斷發展，Ethena 的創新方法為收益產生和穩定幣利用提供了引人注目的解決方案。