Ethena，USDH Race和Blackrock：Defi Dynamics的紐約分鐘

Ethena在Blackrock的Buidl支持下發行Hyperliquid的USDH，點燃了一場Defi Stablecoin種族，儘管鯨魚活動，ENA仍表現出彈性。

Yo, crypto fam! The DeFi scene is poppin' with Ethena Labs throwin' its hat in the ring to issue Hyperliquid's USDH stablecoin. It's a high-stakes game with BlackRock's BUIDL fund in the mix, so let's break it down, New York style.

喲，加密貨幣。 Defi場景是Poppin'，Ethena Labs將其帽子扔在戒指上，以發行Hyperliquid的USDH Stablecoin。這是一款與貝萊德（Blackrock）的Buidl Fund一起使用的高風險遊戲，所以讓我們將其分解為紐約風格。

The USDH Hustle: Ethena vs. Everybody

USDH Hustle：Ethena與所有人

Hyperliquid wants its own stablecoin, USDH, and the competition is fierce. Ethena's pitch? Back USDH entirely with USDtb, a stablecoin fueled by BlackRock's BUIDL fund and supported by Anchorage Digital. They're even offering 95% of the net revenue back to the Hyperliquid community through HYPE token buys and ecosystem development. Talk about a power move!

Hyperliquid想要自己的穩定幣，USDH，比賽很激烈。 Ethena的球場？完全由USDTB返回，USDTB是由BlackRock的Buidl基金推動的，並得到了Anchorage Digital的支持。他們甚至通過大肆宣傳的購買和生態系統開發提供了95％的淨收入返還到超流利社區的淨收入。談論動力移動！

But hold up, Ethena ain't the only player. Paxos, Frax Finance, and Agora are also vying for the USDH crown, each with their own backing and governance strategies. It's a validator-driven process, so the community gets a say before a gas auction seals the deal. This could generate serious revenue for HYPE holders while shaking up Circle's USDC dominance.

但是堅持下去，Ethena並不是唯一的球員。 Paxos，Frax Finance和Agora也正在爭奪USDH冠軍，每個王室都有自己的支持和治理策略。這是一個以驗證器為導向的過程，因此社區在煤氣拍賣會達成協議之前就獲得了發言權。這可能會為炒作持有人帶來大量收入，同時搖晃Circle的USDC優勢。

Ethena's ENA: Whale Games and Bull Flags

Ethena的ENA：鯨魚游戲和公牛旗

Ethena's native token, ENA, is making waves too. Binance listed their USDe stablecoin, marking a major milestone. But it ain't all sunshine and roses. Whales are sellin' off big chunks of ENA, creating some serious headwinds. We're talking millions of dollars worth of tokens hitting the exchanges.

埃塞納（Ethena）的本地代幣埃娜（Ena）也在引起海浪。 Binance列出了他們的USDE Stablecoin，標誌著一個主要的里程碑。但這並不是所有的陽光和玫瑰。鯨魚從大部分ena中出售，造成了一些嚴重的逆風。我們正在談論價值數百萬美元的代幣進行交流。

Despite the whale activity, ENA's showing resilience. Retail and mid-tier investors are sopping up those sales, and technical analysis points to a potential bullish trend. Cup-and-handle formations, bull flag patterns – the charts are lookin' good. But keep an eye on those resistance levels, folks!

儘管進行了鯨魚活動，但ENA表現出彈性。零售和中層投資者正在吸引這些銷售，技術分析指出了潛在的看漲趨勢。杯形編隊，牛旗圖案 - 圖表看起來不錯。但是，請密切關注這些阻力水平，伙計們！

BlackRock's DeFi Flex

貝萊德的Defi Flex

BlackRock's involvement is a big deal. Their head of digital assets, Robert Mitchnick, is all in on Ethena’s USDtb, highlighting its institutional-grade cash management and on-chain liquidity. BlackRock bring credibility and institutional interest to the table, and that's what the industry needs.

貝萊德的參與很重要。他們的數字資產負責人羅伯特·米奇尼克（Robert Mitchnick）全都介紹了Ethena的USDTB，強調了其機構現金管理和鏈上流動性。貝萊德為餐桌帶來了信譽和機構利益，這就是行業所需要的。

My Two Cents: Ethena's Got Game

我的兩分錢：Ethena的遊戲

Here's my take: Ethena's play to be the USDH issuer, backed by BlackRock, is smart. The stablecoin race is heating up, and Ethena is positioning itself as a serious contender. The ENA token has potential, but those whale sales are a concern.

這是我的看法：Ethena的戲劇是由Blackrock支持的USDH發行人很聰明。 Stablecoin種族正在加熱，埃塞納（Ethena）將自己定位為嚴肅的競爭者。 ENA令牌有潛力，但是這些鯨魚的銷售是一個問題。

The listing of USDe on Binance is a validation of the protocol. The community will play a key role in the adoption of Ethena in the long-term, because of the potential revenue for HYPE holders. I believe Ethena and BlackRock's partnership can be a winning combination if they can navigate the challenges of whale activity and market volatility.

USD在二元上的列表是對協議的驗證。由於炒作持有人的潛在收入，社區將在長期的採用中發揮關鍵作用。我認為，如果Ethena和BlackRock的合作夥伴關係可以應對鯨魚活動和市場波動的挑戰，則可以成為成功的組合。

The Bottom Line

底線

So there you have it. Ethena, the USDH race, BlackRock – it's a whirlwind of DeFi drama and opportunity. Keep your eyes peeled, stay informed, and remember, in the world of crypto, anything can happen. Peace out!

所以你有。 Ethena，USDH比賽，Blackrock - 這是Defi戲劇和機會的旋風。讓您的眼睛剝落，了解並記住，在加密貨幣世界中，任何事情都可能發生。和平！