Ethena 的 USDe 穩定幣透過 Bybit 整合開闢新天地

5月7日，USDe在Bybit交易平台上市，成為首個融入中心化金融衍生性商品的非法幣支持的穩定幣。儘管其成長和市值在穩定幣中排名第五，但 ENA 的價格自 4 月創下歷史新高以來已下跌近 40%。技術指標顯示 ENA 有潛在下行風險，未能突破修正模式且 RSI 出現看跌背離。

Ethena's USDe Stablecoin Breaks New Ground with Bybit Integration

Ethena 的 USDe 穩定幣透過 Bybit 整合開闢新天地

May 8, 2024

2024 年 5 月 8 日

By [Author's Name]

作者：[作者姓名]

In a significant development for the burgeoning stablecoin market, Ethena has announced the integration of its USDe stablecoin with the popular Bybit exchange. This marks a milestone for USDe, becoming the first stablecoin outside of the established giants USDC and USDT to be integrated into centralized finance derivatives.

Ethena 宣布將其 USDe 穩定幣與流行的 Bybit 交易所整合，這是新興穩定幣市場的一項重大發展。這對 USDe 來說具有里程碑意義，成為除老牌巨頭 USDC 和 USDT 之外第一個融入中心化金融衍生品的穩定幣。

Bybit's USDe Integration: Unlocking New Possibilities

Bybit 的 USDe 整合：釋放新的可能性

Bybit's integration of USDe will allow it to be used as collateral for futures trading on BTC/ETH spot pairs, as well as within the exchange's Earn platform. This integration provides unique advantages for traders:

Bybit 與 USDe 的整合將使其能夠用作 BTC/ETH 現貨對以及交易所 Earn 平台內期貨交易的抵押品。這種集成為交易者提供了獨特的優勢：

• Yield Capture: USDe holders can earn yield while trading margin perpetual futures on Bybit, a feature not available with other stablecoins. This can significantly improve capital efficiency for traders.
• Offsetting Funding Costs: The annual yield for USDe currently stands at 15.3%, offering traders the possibility of offsetting their funding rate costs.

Concerns and Considerations

收益捕獲：USDe持有者可以在Bybit上交易保證金永續期貨時賺取收益，這是其他穩定幣不具備的功能。這可以顯著提高交易者的資金效率。

Despite the positive developments, some concerns linger regarding USDe's ability to maintain consistent yield, particularly during negative funding rate periods. As a crypto-backed stablecoin that stakes ETH and BTC while employing short trades as a hedge, USDe's performance is subject to market conditions. The team has acknowledged that the earn rate from hedging was negative in 2022, raising doubts about its ability to sustain yields in a prolonged downtrend.

儘管取得了積極的進展，但人們對 USDe 維持穩定收益率的能力仍然存在一些擔憂，特別是在負融資利率期間。作為一種加密貨幣支持的穩定幣，它質押 ETH 和 BTC，同時利用空頭交易作為對沖，USDe 的表現取決於市場狀況。團隊承認，2022 年對沖收益率為負，令人懷疑其在長期下降趨勢中維持收益率的能力。

Another concern stems from the similarities between USDe's arbitrage mechanism and the infamous UST, which notoriously collapsed in May 2022. However, it is worth noting that Bybit is the only exchange that offers perpetual futures trading for stETH, a key component of USDe's stabilization mechanism.

另一個擔憂源於USDe 的套利機制與臭名昭著的UST 之間的相似之處，UST 於2022 年5 月崩潰。 stETH 是USDe 穩定機制的關鍵組成部分。

Market Position and Comparison

市場地位及比較

Within the stablecoin market, USDe has established itself as the fifth largest, trailing USDT, USDC, DAI, and FDUSD. USDT continues to dominate the market with a massive 70% share, while USDe's market share is a modest 2.85% among Ethereum stablecoins. Notably, USDe is only present on the Ethereum blockchain, unlike other stablecoins that span multiple chains.

在穩定幣市場中，USDe 已成為第五大穩定幣市場，僅次於 USDT、USDC、DAI 和 FDUSD。 USDT 繼續以 70% 的份額主導市場，而 USDe 在以太坊穩定幣中的市場份額僅為 2.85%。值得注意的是，USDe 僅存在於以太坊區塊鏈上，與跨多個鏈的其他穩定幣不同。

Despite its smaller size, USDe has gained ground on DAI, the only other crypto-backed stablecoin on Ethereum. USDe's dominance relative to DAI has grown to 30%, while DAI holds 62%. Interestingly, DAI does not have a presence in futures platforms on centralized exchanges.

儘管 USDe 規模較小，但它已經超越了 DAI，DAI 是以太坊上唯一一種由加密貨幣支援的穩定幣。 USDe 相對於 DAI 的主導地位已增至 30%，而 DAI 則佔 62%。有趣的是，DAI 並沒有出現在中心化交易所的期貨平台。

ENA Price Analysis: Mixed Signals and Bearish Outlook

ENA 價格分析：混合訊號與看跌前景

ENA, Ethena's native token, has experienced significant volatility since its launch in December 2023. After a meteoric rise of over 400% in the first nine days, ENA encountered resistance and has been trading within a descending trendline.

Ethena 的原生代幣 ENA 自 2023 年 12 月推出以來經歷了大幅波動。

While ENA briefly broke above this trendline on April 29, it failed to establish itself above the $0.90 horizontal resistance level. The failure to break out, coupled with a bearish divergence in the six-hour RSI, indicates a potential sell-off.

雖然 ENA 於 4 月 29 日短暫突破該趨勢線，但未能突破 0.90 美元的水平阻力位。未能突破，加上六小時 RSI 的看跌背離，表明潛在的拋售。

A two-hour chart reveals that ENA has been trading within an ascending parallel channel since the beginning of May. However, a failed breakout attempt on May 7 has increased the risk of a breakdown below the channel midline.

兩小時圖表顯示，自 5 月初以來，ENA 一直在上昇平行通道內交易。然而，5 月 7 日的突破嘗試失敗增加了跌破通道中線的風險。

Conclusion

結論

The Bybit integration marks a significant step for Ethena and USDe, providing new opportunities for traders seeking yield and capital efficiency. However, concerns surrounding USDe's yield sustainability and arbitrage mechanism cast some uncertainty over its long-term prospects.

Bybit 的整合標誌著 Ethena 和 USDe 邁出了重要一步，為尋求收益和資本效率的交易者提供了新的機會。然而，圍繞 USDe 收益率可持續性和套利機制的擔憂為其長期前景帶來了一些不確定性。

As technical analysis suggests, ENA's price outlook remains negative, with a potential breakdown from the ascending channel looming. Overall, while the integration with Bybit offers potential benefits, traders should approach USDe with caution and carefully monitor market conditions to assess its stability and performance.

正如技術分析所示，ENA 的價格前景仍然負面，上升通道的潛在崩盤迫在眉睫。總體而言，雖然與 Bybit 的整合帶來了潛在的好處，但交易者應謹慎對待 USDe，並仔細監控市場狀況以評估其穩定性和表現。