Ethena Labs 提議將 SOL 加入 USDe 的抵押品組合中

如果該提案獲得批准，SOL 將加入 BTC 和 ETH 的行列，成為 Ethena 的抵押品組合。

Ethena Labs, the entity behind the development and maintenance of USDe, has put forth a proposal to integrate Solana (SOL) into the synthetic stablecoin’s treasury collateral mix.

Ethena Labs 是 USDe 開發和維護的實體，它提出了將 Solana (SOL) 整合到合成穩定幣的國庫抵押品組合中的提案。

Unlike stablecoins such as Tether (USDT) or Circle (USDC), which are fully backed by fiat assets at a 1:1 ratio, USDe is a synthetic stablecoin. The stablecoin maintains its $1 peg by using stablecoin collateral and a hedged cash-and-carry trade, which involves taking futures positions with large open interest available to stabilize value, supported by a reserve fund to navigate risk in fluctuating market conditions.

與 Tether (USDT) 或 Circle (USDC) 等穩定幣完全由法定資產以 1:1 的比例支持不同，USDe 是一種合成穩定幣。該穩定幣透過使用穩定幣抵押品和對沖現金套利交易來維持與1 美元的掛鉤，其中涉及持有大量未平倉合約的期貨頭寸，以穩定價值，並得到儲備基金的支持，以應對波動的市場條件中的風險。

If approved by Ethena’s Risk Committee, which operates independently of Ethena Labs, SOL will be gradually integrated as a collateral asset for USDe, with an initial allocation target of $100-200 million in SOL positions. This initial allocation would represent roughly 5-10% of SOL’s open interest, which is comparable to Ethena’s 3% stake in Bitcoin’s global open interest and 9% stake in ETH.

如果獲得獨立於 Ethena Labs 運作的 Ethena 風險委員會的批准，SOL 將逐步整合為 USDe 的抵押資產，SOL 部位的初始分配目標為 100-2 億美元。這項初始分配將約佔 SOL 未平倉合約的 5-10%，相當於 Ethena 持有的比特幣全球未平倉合約的 3% 和 ETH 的 9% 的股份。

The proposal also suggests utilizing liquid staking tokens (LSTs) such as BNSOL and bbSOL, in a manner similar to Ethena’s use of ETH LSTs, which currently constitute one-third of its ETH allocation.

該提案還建議使用 BNSOL 和 bbSOL 等流動性質押代幣（LST），其方式類似於 Ethena 使用 ETH LST，目前後者佔其 ETH 分配的三分之一。

Recently, Ethena announced the allocation of $46 million from its USDe reserve fund to tokenized real-world asset investments in BlackRock’s BUIDL, Mountain’s USDM, Superstate’s USTB, and Sky’s USDS, reflecting DeFi’s shift towards generating yield from asset-backed tokens.

最近，Ethena 宣布從其USDe 儲備基金中撥款4,600 萬美元，用於BlackRock 的BUIDL、Mountain 的USDM、Superstate 的USTB 和Sky 的USDS 的代幣化現實資產投資，反映出DeFi 向透過資產支持代幣產生收益的轉變。