Ethena的USDE：收入火箭，監管障礙和市場動態

Ethena Labs通過USDE逐漸增長了令人印象深刻的收入增長，尋求監管清晰度，並在解鎖和轉移景觀的情況下面臨市場壓力。這是低點。

Ethena's USDe: Revenue Rockets, Regulatory Hurdles, and Market Dynamics

Ethena的USDE：收入火箭，監管障礙和市場動態

Ethena Labs is making waves, hitting impressive revenue milestones with its USDe synthetic dollar while simultaneously navigating the complex world of crypto regulation. From seeking clarity from the SEC to dealing with European regulatory pressures, Ethena's journey is anything but boring.

Ethena Labs正在浪潮，以USDE合成美元達到了令人印象深刻的收入里程碑，同時瀏覽了複雜的加密貨幣監管世界。從從SEC尋求清晰度到應對歐洲監管壓力，Ethena的旅程並不無聊。

Ethena's Revenue Surge: A Deep Dive

Ethena的收入激增：深入潛水

Ethena Labs has seen impressive growth, reaching $290.2 million in total protocol revenue by July 9th, putting it in the big leagues alongside Tether and Circle. It only took 251 days to hit $100 million in cumulative revenue, making it the second-fastest protocol to reach this milestone. This revenue is primarily generated through a delta-neutral strategy, capitalizing on funding-rate spreads across exchanges, benefiting those staking sUSDe.

Ethena Labs的增長令人印象深刻，到7月9日，協議總收入達到2.902億美元，將其與Tether和Circle一起進入了大聯盟。僅花了251天的時間才達到1億美元的累計收入，這使其成為達到這一里程碑的第二快速協議。這項收入主要是通過三角洲中立的戰略產生的，利用了跨交易所的資金利率差異，使那些庫存的蘇斯德受益。

Daily fees averaged $3.1 million over the past month, fueled by traders minting and hedging USDe. While the revenue pace slowed a bit in May, it rebounded in early July, hitting $3.8 million per day as long-bias returned.

在過去一個月中，每日費用平均為310萬美元，這是由貿易商鑄造和對沖USDE推動的。雖然5月的收入速度有所放緩，但7月初反彈，隨著長偏見返回，每天達到380萬美元。

Seeking Clarity: Ethena and the SEC

尋求清晰：埃塞娜和SEC

Ethena isn't just focused on revenue; they're also proactively engaging with regulators. Ethena's legal team met with the SEC in July to discuss the classification of USDe, arguing that it functions as a payment instrument rather than a security. They emphasized that USDe holders don't rely on Ethena's efforts for profit, and redemption rights are tied to underlying reserves. However, Ethena acknowledges that USDe exists in a regulatory gray area since it can fluctuate slightly around $1 and lacks a legal promise of par redemption.

Ethena不僅專注於收入；他們還積極參與監管機構。 Ethena的法律團隊於7月與SEC會面，討論USDE的分類，認為它可以用作支付工具而不是安全性。他們強調說，USD持有人不依靠埃塞納（Ethena）的努力來獲利，贖回權與基本儲備有關。但是，Ethena承認USDE存在於監管灰色區域中，因為它可能會略有波動略有1美元的波動，並且缺乏法律兌現的法律承諾。

Currently, Ethena is barred from US retail distribution pending formal guidance, relying on offshore funds and market-making desks for new dollar inflows.

目前，Ethena被禁止美國零售分銷，等待正式指導，依靠新美元流入的離岸資金和營銷台。

European Regulatory Roadblocks: The BaFin Saga

歐洲監管障礙：Bafin Saga

Ethena's journey hasn't been without its bumps. The German Federal Financial Supervisory Authority (BaFin) initially blocked USDe distribution in the European Union and EEA, leading to a 42-day redemption plan for USDe holders. This move followed BaFin's rejection of Ethena GmbH's application for MiCAR authorization and accusations of offering unregistered securities. While Ethena has resolved regulatory issues related to its German subsidiary, its future in the EU market remains uncertain.

埃塞娜（Ethena）的旅程並非沒有顛簸。德國聯邦金融監督管理局（BAFIN）最初阻止了歐盟和EEA中的USDE分佈，從而為USDE持有人制定了42天的贖回計劃。此舉是在巴芬拒絕埃塞納（Ethena GmbH）申請MICAR授權申請以及提供未註冊證券的指控之後的。儘管Ethena解決了與其德國子公司有關的監管問題，但其在歐盟市場的未來仍然不確定。

Market Dynamics and ENA Token

市場動態和ENA令牌

The Ethena (ENA) market has faced some pressure recently, particularly with a $10 million unlock impacting its price. Key signals like the RSI indicate fading strength. The market's short-term direction hinges on how it responds to this unlock wave and whether new buying interest emerges. Ethena redirects 20% of gross fees to buy ENA on the open market, having burned 58 million tokens since February.

Ethena（ENA）市場最近面臨一些壓力，尤其是1000萬美元解鎖了其價格。 RSI之類的主要信號表示褪色的強度。市場的短期方向取決於它對這種解鎖浪潮的反應以及新購買興趣是否出現。 Ethena將收費的20％重定向在公開市場上購買，自2月以來燒毀了5800萬個令牌。

Final Thoughts: Navigating the Crypto Seas

最終想法：瀏覽加密海洋

Ethena's story is a microcosm of the broader crypto landscape: innovation, rapid growth, regulatory scrutiny, and market volatility. Whether it's seeking SEC clarity, navigating European regulations, or managing market pressures, Ethena is clearly trying to position itself for long-term success. One thing's for sure: it will be interesting to watch what's next for Ethena!

Ethena的故事是更廣泛的加密景觀的縮影：創新，快速增長，監管審查和市場波動。無論是尋求SEC的清晰度，瀏覽歐洲法規還是管理市場壓力，Ethena顯然都在試圖為長期成功定位自己。可以肯定的是：觀看Ethena的下一步會很有趣！