Ethena Labs 邁出了大膽的一步：比特幣現在已成為合成美元 (USDe) 的抵押品

Ethena Labs 已將比特幣 (BTC) 作為其與美元掛鉤的合成產品 USDe 的抵押品，旨在將其供應量從目前的 20 億美元大幅擴大。這項策略性舉措利用了不斷成長的 BTC 衍生性商品市場，增強了 Delta 對沖實踐的可擴展性和流動性，目標是不斷增長的 BTC 未平倉合約已超過以太坊 (ETH) 的成長率。 Ethena 強調了與流動性質押代幣相比，比特幣具有卓越的流動性和久期特徵，並強調了 USDe 因此具有更大的可擴展性的潛力。

Ethena Labs Introduces Bitcoin as Collateral for Synthetic US Dollar Product, USDe

Ethena Labs 推出比特幣作為合成美元產品 USDe 的抵押品

In a strategic move to enhance the scalability and liquidity of its synthetic dollar-pegged product, USDe, Ethena Labs has announced the inclusion of Bitcoin (BTC) as collateral. This decision capitalizes on the burgeoning BTC derivative markets, allowing for a significant scaling of USDe's current supply of $2 billion.

為了增強其與美元掛鉤的合成產品 USDe 的可擴展性和流動性，Ethena Labs 宣布將比特幣 (BTC) 作為抵押品。這項決定利用了蓬勃發展的 BTC 衍生性商品市場，使 USDe 目前的供應量大幅增加 20 億美元。

Leveraging Growth in BTC Open Interest

利用 BTC 未平倉合約的成長

Ethena Labs' ambitious goal is to leverage the substantial growth in BTC open interest, which has witnessed a remarkable surge from $10 billion to $25 billion in just one year. This growth rate far exceeds that of Ethereum's (ETH) open interest, underscoring the increasing demand for BTC derivatives.

Ethena Labs 的雄心勃勃的目標是利用 BTC 未平倉合約的大幅增長，比特幣未平倉合約在短短一年內從 100 億美元大幅飆升至 250 億美元。這一增長率遠遠超過了以太坊（ETH）的未平倉合約，凸顯了對 BTC 衍生品的需求不斷增長。

Ethena's decision was guided by the superior liquidity and duration profile of Bitcoin compared to liquid staking tokens. The company highlights that the $25 billion of BTC open interest provides a robust backing for USDe, increasing its capacity to scale by over 2.5 times.

Ethena 的決定是基於比特幣相對於流動質押代幣優越的流動性和久期特徵。該公司強調，250 億美元的 BTC 未平倉合約為 USDe 提供了強有力的支持，使其擴容能力提高了 2.5 倍以上。

Industry Reaction and Skepticism

行業反應和懷疑

While the announcement has generated considerable excitement within the crypto community, it has also sparked skepticism from some quarters. Ki Young Ju, CEO of analytics firm CryptoQuant, expressed concerns about the potential for contagion risks similar to the infamous LUNA collapse. Ju questioned how Ethena Labs would maintain a delta-neutral strategy for BTC during bear markets, implying that such strategies are highly dependent on favorable market conditions.

雖然這項消息在加密貨幣社群引起了相當大的興奮，但也引發了一些人的懷疑。分析公司 CryptoQuant 執行長 Ki Young Ju 表達了對類似於臭名昭著的 LUNA 崩潰的潛在蔓延風險的擔憂。 Ju 質疑 Ethena Labs 如何在熊市期間維持 BTC 的 Delta 中性策略，暗示此類策略高度依賴有利的市場條件。

Ju further elaborated on the challenges of shorting BTC in bear markets, suggesting that the market size for such operations could be smaller than the total value locked (TVL), potentially leading to significant market disruptions. OMAKASE, a former advisor for Sushiswap, echoed these concerns, highlighting the historical challenges faced by delta-neutral strategies and their propensity to turn illiquid.

Ju進一步闡述了在熊市中做空BTC的挑戰，顯示此類操作的市場規模可能小於鎖定總價值（TVL），可能會導致嚴重的市場混亂。 Sushiswap 前顧問 OMAKASE 也表達了這些擔憂，強調了 Delta 中性策略面臨的歷史挑戰及其流動性不足的傾向。

Ethena Labs Defends Its Strategy

Ethena Labs 捍衛其策略

Amidst these concerns, Ethena Labs stands by its decision, citing advantageous market conditions and the growing BTC derivative markets as key factors supporting their strategy. The company emphasizes that while BTC does not possess a native staking yield like staked ETH, staking yields of 3-4% are less significant in a bull market, where funding rates are typically above 30%.

儘管存在這些擔憂，Ethena Labs 仍堅持其決定，並表示有利的市場條件和不斷增長的 BTC 衍生性商品市場是支持其策略的關鍵因素。該公司強調，雖然 BTC 不像質押 ETH 那樣擁有原生質押收益率，但在牛市中，3-4% 的質押收益率並不那麼重要，牛市的融資利率通常高於 30%。

Implications and Challenges

影響和挑戰

The move by Ethena Labs has sparked a wider debate within the industry about the risks and potential benefits of using Bitcoin as collateral for synthetic products. Some experts caution against the potential for financial crises if such strategies are not carefully managed, while others believe that the move could enhance the scalability and liquidity of the synthetic asset market.

Ethena Labs 的舉動引發了業界關於使用比特幣作為合成產品抵押品的風險和潛在好處的更廣泛辯論。一些專家警告說，如果不仔細管理此類策略，可能會引發金融危機，而另一些專家則認為此舉可能會增強合成資產市場的可擴展性和流動性。

As the adoption of synthetic assets continues to grow, it is crucial for market participants to fully understand the underlying risks and challenges associated with these instruments. Stablecoins that are backed by volatile assets like Bitcoin could potentially face challenges in maintaining their peg during periods of market volatility.

隨著合成資產的採用不斷增長，市場參與者充分了解與這些工具相關的潛在風險和挑戰至關重要。由比特幣等波動性資產支持的穩定幣可能會在市場波動期間面臨維持錨定匯率的挑戰。

It remains to be seen how the integration of BTC as collateral for USDe will impact the broader synthetic asset market. However, the move underscores the increasing convergence of traditional financial instruments with the decentralized finance ecosystem. As the industry matures, it is essential for regulatory frameworks and risk management practices to keep pace with these innovations to ensure market stability and investor protection.

BTC 作為 USDe 抵押品的整合將如何影響更廣泛的合成資產市場還有待觀察。然而，此舉凸顯了傳統金融工具與去中心化金融生態系統的日益整合。隨著產業的成熟，監管框架和風險管理實踐必須跟上這些創新的步伐，以確保市場穩定和投資者保護。