Ethena 的價格在加密貨幣崩盤中上漲：紐約人的看法

在穩定幣創新和戰略合作夥伴關係的推動下，Ethena (ENA) 通過價格上漲抵禦了加密貨幣崩盤。但它能持續嗎？讓我們深入了解一下。

Yo, crypto fam! While the whole market's been looking like a dumpster fire, one project's been quietly stacking dubs: Ethena (ENA). Let's break down why Ethena's price is poppin' while everything else is droppin'.

喲，加密貨幣家族！儘管整個市場看起來就像一場垃圾箱大火，但有一個項目卻在悄然堆積：Ethena (ENA)。讓我們來分析一下為什麼 Ethena 的價格在上漲，而其他產品卻在下跌。

Ethena's Defiant Rally: What's the Deal?

埃西娜的反抗集會：怎麼回事？

On October 17, 2025, while Bitcoin and Ethereum were busy face-planting, Ethena's price jumped 8% to $0.44. It wasn't just luck; Ethena's native stablecoin, USDe, had a wild ride of its own. It temporarily de-pegged during that insane $19 billion liquidation event, dipping to $0.65 on Binance. Ouch! But Ethena bounced back, proving it's got some resilience.

2025 年 10 月 17 日，當比特幣和以太坊忙著種臉的時候，Ethena 的價格暴漲 8% 至 0.44 美元。這不僅僅是運氣；還有。 Ethena 的原生穩定幣 USDe 也經歷了一段瘋狂的歷程。在那場 190 億美元的瘋狂清算事件中，它暫時脫離了掛鉤，在幣安上跌至 0.65 美元。哎喲!但 Ethena 反彈，證明它有一定的韌性。

USDe's Wild Ride and Ethena's Response

USDe 的狂野之旅和 Ethena 的回應

That de-pegging event caused ENA's price to tank 50% initially. But Ethena clapped back with a "clean bill of health," showing off their on-chain proof of reserves. Founder Guy Young clarified that Binance's oracle was using some wonky internal data, causing the mispricing. Binance owned up to it and even set up a $400 million fund to reimburse users. Crisis averted!

那次脫鉤事件導致 ENA 的價格最初下跌了 50%。但 Ethena 以“健康證明”予以回擊，並展示了他們的鏈上儲備證明。創始人 Guy Young 澄清稱，幣安的預言機使用了一些不穩定的內部數據，導致了定價錯誤。幣安擁有它，甚至設立了一個 4 億美元的基金來補償用戶。危機解除！

Strategic Moves: Ethena Expands to Conduit

戰略舉措：Ethena 擴展到 Conduit

But Ethena wasn't just sitting around waiting for things to blow over. They announced a major expansion, bringing their Stablecoin-as-a-Service (SaaS) to Conduit, a big player in the Ethereum rollup game. This means projects using Conduit can now launch their own stablecoins using Ethena's architecture. Smart move, Ethena!

但伊西娜並沒有隻是坐等事情平息。他們宣布了一項重大擴張，將他們的穩定幣即服務（SaaS）引入Conduit，這是以太坊匯總遊戲中的一個重要參與者。這意味著使用 Conduit 的項目現在可以使用 Ethena 的架構推出自己的穩定幣。聰明的舉動，伊西娜！

Blazpay vs. Ethena: A Presale Showdown (and Why It Matters)

Blazpay 與 Ethena：預售對決（及其重要性）

Now, let's throw another project into the mix: Blazpay (BLAZ). It's an AI-powered DeFi platform making waves in the presale scene. While Blazpay is all about AI automation, Ethena's focusing on synthetic yield. Analysts are predicting some serious gains for Blazpay, but Ethena's got that institutional appeal. It’s a classic case of new school versus old school, both vying for a piece of the DeFi pie. While an older article may not have been as up-to-date, this comparison is still relevant.

現在，讓我們加入另一個項目：Blazpay (BLAZ)。這是一個在預售領域掀起波瀾的人工智能 DeFi 平台。 Blazpay 專注於人工智能自動化，而 Ethena 則專注於合成產量。分析師預測 Blazpay 將獲得巨大收益，但 Ethena 具有這種機構吸引力。這是新派與舊派爭奪 DeFi 蛋糕的經典案例。雖然較舊的文章可能不是最新的，但這種比較仍然具有相關性。

ZORA's Upbit Listing: A Lesson in Exchange Listings

ZORA 的 Upbit 上市：交易所上市的教訓

Okay, one more quick detour. ZORA (not directly related to Ethena but still relevant to the market) saw a price surge after getting listed on Upbit, a major South Korean exchange. This shows how a big exchange listing can pump up a token's price. It's all about visibility and credibility, baby!

好吧，又繞了一個彎。 ZORA（與 Ethena 沒有直接關係，但仍與市場相關）在韓國主要交易所 Upbit 上市後，價格飆升。這表明大型交易所上市可以如何推高代幣的價格。這一切都與知名度和可信度有關，寶貝！

The Broader Market Crash: Who's Feeling the Pain?

更廣泛的市場崩盤：誰感受到了痛苦？

While Ethena and ZORA were making moves, other tokens were getting wrecked. SPX6900, Mantle (MNT), and Morpho (MORPHO) all took double-digit percentage hits. This highlights a key point: in a market crash, newer, lower-liquidity tokens get hit the hardest. So, be careful out there, folks!

當 Ethena 和 ZORA 採取行動時，其他代幣正在遭到破壞。 SPX6900、Mantle (MNT) 和 Morpho (MORPHO) 的命中率均達到兩位數。這凸顯了一個關鍵點：在市場崩盤中，較新的、流動性較低的代幣受到的打擊最為嚴重。所以，各位，出門在外一定要小心！

My Two Satoshis

我的兩個中本聰

Ethena's rally is a testament to its innovative approach to stablecoins and its ability to weather the storm. The expansion to Conduit is a strategic masterstroke, and the project's resilience during the USDe de-pegging event is impressive. However, it's important to remember that the crypto market is volatile, and nothing is guaranteed. Keep an eye on those token unlocks and broader market trends. As for Ethena vs. Blazpay, it's a battle of different strategies, and only time will tell who comes out on top.

Ethena 的上漲證明了其穩定幣的創新方法及其抵御風暴的能力。向 Conduit 的擴張是一項戰略主線，該項目在 USDe 脫鉤事件期間的恢復能力令人印象深刻。然而，重要的是要記住，加密市場是不穩定的，並且沒有任何保證。密切關注這些代幣的解鎖和更廣泛的市場趨勢。至於 Ethena 與 Blazpay，這是一場不同策略的戰鬥，只有時間才能證明誰能勝出。

The Takeaway

外賣

So, there you have it. Ethena's price rally is a bright spot in an otherwise gloomy market. Whether it can keep up the momentum remains to be seen, but for now, it's a project worth watching. And remember, folks, always do your own research, stay safe out there, and don't invest more than you can afford to lose. Peace out!

所以，你就知道了。 Ethena 的價格上漲是原本黯淡的市場中的一個亮點。它是否能保持這種勢頭還有待觀察，但就目前而言，這是一個值得關注的項目。請記住，伙計們，一定要做好自己的研究，保持安全，不要投資超過你能承受的損失。平安歸來！