CZ的遗产：Yzi Labs，Ethena和Stablecoins的未来 - 纽约的观点

探索Yzi Labs对Ethena的USDE Stablecoin的投资加深，以及对数字美元基础设施的更广泛影响。 CZ的影响力继续塑造加密景观。

CZ's Legacy: YZi Labs, Ethena, and the Future of Stablecoins – A New York Perspective

CZ的遗产：Yzi Labs，Ethena和Stablecoins的未来 - 纽约的观点

Changpeng Zhao (CZ) may have stepped down from Binance, but his influence on the crypto world, particularly through YZi Labs' strategic investments, remains undeniable. The latest focus? Ethena Labs and its USDe stablecoin, a rising star aiming to challenge the dominance of giants like USDT and USDC.

Changpeng Zhao（CZ）可能已经辞职了，但他对加密货币世界的影响，尤其是通过Yzi Labs的战略投资，仍然是不可否认的。最新的重点？ Ethena Labs及其USDE Stablecoin是一位崛起的明星，旨在挑战USDT和USDC等巨人的统治地位。

YZi Labs Doubles Down on Ethena: A Bet on Decentralized Dollars

Yzi Labs在Ethena上翻了一番：押注分散的美元

YZi Labs, formerly Binance Labs, is deepening its commitment to Ethena, signaling strong belief in the project's potential. Their investment aims to accelerate the adoption of USDe, Ethena's synthetic stablecoin, across both centralized (CeFi) and decentralized (DeFi) platforms. This isn't just about profit; it's about building a more open and scalable digital dollar infrastructure. They want to improve efficiency and liquidity in the entire financial ecosystem.

Yzi Labs（以前是Binance Labs）正在加深对Ethena的承诺，表明对项目潜力的强烈信念。他们的投资旨在加快在集中式（CEFI）和分散的（DEFI）平台的USDE（Ethena的合成Stablecoin）的采用。这不仅仅是利润；这是关于建立更开放和可扩展的数字美元基础架构。他们希望提高整个金融生态系统的效率和流动性。

Think of it like this: YZi Labs is planting seeds for a future where digital dollars are as easy to use and widely accepted as traditional currencies. They are investing in the picks and shovels needed for the digital gold rush.

这样想：Yzi Labs正在为未来种植种子，在该种子中，数字美元易于使用，并且被广泛接受为传统货币。他们正在投资数字淘金热所需的选秀权和铲子。

USDe: The Anti-Establishment Stablecoin

USDE：反建立稳定的

What makes USDe so special? Unlike traditional stablecoins backed by fiat reserves, USDe uses a synthetic design, relying on collateral paired with perpetual futures contracts. This allows it to generate consistent yield, a major draw for investors. With a market cap soaring past $14 billion, USDe is quickly becoming the third-largest USD-denominated crypto asset, trailing only Tether (USDT) and Circle’s USDC.

是什么让USD如此特别？与以菲亚特储备为支持的传统稳定币不同，USD使用合成设计，依靠与永久期货合约配对的附带。这使其能够产生一致的收益率，这是投资者的主要吸引力。由于市值超过140亿美元，USDE迅速成为第三大$ USD的加密资产，仅落后于Tether（USDT）和Circle的USDC。

The CZ Connection: From Binance to Ethena

CZ连接：从binance到Ethena

The connection to CZ is key. His early backing of Ethena through Binance Labs' Incubation Program provided crucial early momentum. Now, YZi Labs continues to champion the project, pushing for its integration into new platforms like Aster, a decentralized perpetuals exchange. It's like CZ is still subtly shaping the market from behind the scenes.

与CZ的连接是关键。他通过Binance Labs的孵化计划对Ethena的早期支持提供了至关重要的早期势头。现在，Yzi Labs继续倡导该项目，并将其集成到诸如Aster，这是一个分散的永久交流之类的新平台。就像CZ仍在幕后巧妙地塑造市场。

Aster: The DEX Challenger Backed by CZ's Shadow

Aster：由CZ的阴影支持的Dex挑战者

Speaking of Aster, this new DEX is making waves. Following a mention by CZ, ASTER surged by over 350% in a single day. While Hyperliquid currently dominates the DEX landscape, ASTER's innovative features, like hidden orders, and CZ's indirect support suggest it could become a serious contender.

说到阿斯特，这个新的葡萄酒正在浪潮。在CZ提到后，Aster一天在一天中飙升了350％以上。尽管超流动性目前占主导地位，但Aster的创新功能（如隐藏的订单）以及CZ的间接支持表明它可能会成为严重的竞争者。

The Regulatory Landscape: Navigating the GENIUS Act

监管景观：导航《天才法》

The US GENIUS Act, aimed at regulating stablecoins, adds another layer of complexity. Mega Matrix, for example, is strategically accumulating Ethena's ENA governance token to benefit from on-chain revenue mechanisms, indirectly capturing yield while avoiding direct exposure to USDe and potential regulatory pitfalls. It’s a savvy move in a complex legal environment.

旨在调节稳定蛋白的美国天才法案增加了另一层复杂性。例如，巨型矩阵在战略上积累了埃塞纳（Ethena）的ENA治理令牌，以从链接收入机制中受益，间接捕获产量，同时避免直接接触USDE和潜在的监管陷阱。在复杂的法律环境中，这是一个精明的举动。

Final Thoughts: The Future is Decentralized (Maybe)

最终想法：未来是分散的（也许）

The rise of Ethena and the continued influence of CZ through YZi Labs highlight a growing trend towards decentralized finance and alternative stablecoin models. While the regulatory landscape remains uncertain, one thing is clear: the crypto world is constantly evolving, and those who adapt and innovate will be the ones who thrive. Keep your eyes peeled and your wits sharp, folks! The game is afoot.

乙烯的兴起以及CZ通过YZI实验室的持续影响突出了朝着分散的金融和替代稳定模型的增长趋势。尽管监管格局仍然不确定，但很明显：加密世界在不断发展，而适应和创新的人将是那些蓬勃发展的人。伙计们，让您的眼睛剥皮，智慧敏锐！游戏正在进行中。