Ethena Labs 提議添加 SOL 作為其 USDe 穩定幣的支持資產

以合成美元 USDe 聞名的去中心化金融協議 Ethena 可以將 Solana 的原生代幣 SOL 作為穩定幣的支援資產。

Decentralized finance protocol Ethena, known for its synthetic dollar stablecoin USDe, could onboard Solana’s native token SOL as a backing asset for the stablecoin.

以其合成美元穩定幣 USDe 而聞名的去中心化金融協議 Ethena 可以將 Solana 的原生代幣 SOL 作為穩定幣的支援資產。

The community is now considering an Oct. 10 proposal from Ethena Labs that suggests an allocation of USDe’s backing to SOL. The setup would utilize the same mechanics as the hedging mechanism in place with BTC and ETH perpetual futures.

社區目前正在考慮 Ethena Labs 於 10 月 10 日提出的提案，該提案建議將 USDe 的支持分配給 SOL。該設定將利用與 BTC 和 ETH 永續期貨的對沖機制相同的機制。

According to the proposal, the allocation would be scaled in slowly given that SOL perpetual futures have a shorter history of trading, less liquidity, and relatively lower funding rate data.

根據提案，考慮到SOL永續合約交易歷史較短、流動性較低、資金費率數據相對較低，配置規模將緩慢縮減。

Ethena first hinted at the potential inclusion of SOL as a backing asset for USDe in August, when the protocol rolled out USDe on the Solana network. Now that the proposal has officially been put forth to the governance forum, members of the Risk Committee — excluding Ethena Labs Research — must vote unanimously in favor of it to be approved.

Ethena 於 8 月首次暗示可能將 SOL 作為 USDe 的支援資產，當時該協議在 Solana 網路上推出了 USDe。既然該提案已正式提交給治理論壇，風險委員會成員（不包括 Ethena Labs Research）必須一致投票贊成才能獲得批准。

The Risk Committee will have seven days after this proposal’s publish date to deliberate and arrive at a decision, meaning a verdict on its approval is likely before the end of the week.

風險委員會將在該提案發布之日起 7 天內進行審議並做出決定，這意味著可能會在本週末之前就其批准做出決定。

The proposal also suggests considering Binance Liquid Staked SOL (BNSOL) and Bybit Liquid Staked SOL (bbSOL) to be added as a USDe backing asset. The tokens would be added in the same proportion as the overall SOL allocation as ETH Liquid Staking Tokens (LSTs) to the total ETH allocation within USDe’s overall backing.

該提案還建議考慮將 Binance Liquid Staked SOL (BNSOL) 和 Bybit Liquid Staked SOL (bbSOL) 加入為 USDe 支援資產。這些代幣將以與 SOL 總體分配相同的比例作為 ETH 流動質押代幣（LST）添加到 USDe 總體支援內的 ETH 總分配中。

“This has the potential to make Ethena one of the largest perp traders of SOL on the market and drive higher sUSDe APY,” said Seraphim Czecker, head of growth at Ethena Labs.

Ethena Labs 成長主管 Seraphim Czecker 表示：“這有可能使 Ethena 成為市場上最大的 SOL 永續交易商之一，並推動 sUSDe APY 上漲。”

According to Yash Agarwal, core contributor to the Superteam collective of Solana developers and creators, adding SOL as a backing asset to USDe could “be huge for the moneyness of SOL.”

Solana 開發者和創作者 Superteam 集體的核心貢獻者 Yash Agarwal 表示，將 SOL 作為 USDe 的支援資產添加到 USDe 中可能「對 SOL 的經濟效益來說是巨大的」。

Agarwal highlighted SOL’s $2 billion in open interest, which would make $200 million as collateral easy to scale into. The proposal’s authors estimate that this will be the initial target, with positions of between $100 million and $200 million representing 5-10% of SOL’s open interest.

Agarwal 強調了 SOL 的 20 億美元未平倉合約，這將使 2 億美元作為抵押品很容易擴大規模。該提案的作者估計，這將是最初的目標，部位在 1 億至 2 億美元之間，佔 SOL 未平倉合約的 5-10%。

Ethena currently represents 3% of BTC open interest and 9% of ETH open interest.

Ethena 目前佔 BTC 未平倉合約的 3%，佔 ETH 未平倉合約的 9%。