ENA持有人，退货和费率更改：嗡嗡声是什么？

Ethena的ENA速率变化即将到来！获取潜在的收益率分配，治理投票以及对ENA持有人的意义。

ENA Holders, Returns, and Rate Change: What's the Buzz?

ENA持有人，退货和费率更改：嗡嗡声是什么？

Ethena's got everyone talking! The potential activation of the ENA rate change is generating excitement among holders. Will we see those juicy yield distributions above 5%? Let's dive into the details.

Ethena让每个人都在说话！ ENA速率变化的潜在激活是在持有人之间引起兴奋。我们会看到这些多汁的产量分布以上超过5％吗？让我们研究细节。

The Road to Rate Change: A Timeline

费率变化的道路：时间表

Back in late 2024, Ethena laid out some ambitious goals: a USDe supply exceeding 6 billion, lifetime protocol revenue over US$250 million, and integration on four of the five largest centralized derivatives platforms. Fast forward to September 2025, and things are looking good! USDe is cruising with 12.1 billion in circulation, a healthy 30-day APY of 8.54% on sUSDe, and a reserve fund of around US$62 million. Plus, the integration condition is basically met, with top exchanges already onboard or in the final stages.

早在2024年底，埃塞纳（Ethena）提出了一些雄心勃勃的目标：USDE供应超过60亿美元，终身协议收入超过2.5亿美元，以及在五个最大的集中式衍生品平台中的四个集成。快进到2025年9月，情况看起来不错！ USDE的流通量为121亿，健康的30天APY为8.54％，储备金约为6200万美元。另外，基本上满足了集成条件，在板上或最后阶段已经有顶级交换。

Governance in Action: ENA Holders' Turn

行动中的治理：ENA持有人的转弯

The Ethena Foundation is prepping the implementation framework for a vote by ENA holders. This is where you, the holders, get to weigh in! The governance framework is designed to be flexible, allowing for distributions in non-cash forms if regulations or operations get tricky. Speaking of regulations...

Ethena基金会正在为ENA持有人投票的实施框架。这是您，持有人的权衡的地方！治理框架旨在灵活，如果法规或操作变得棘手，则可以以非现金形式发行。说法规...

Regulatory Winds: Navigating the Stablecoin Landscape

监管风：导航稳定景观

The regulatory landscape is always shifting. In the US, the GENIUS Act aims to set federal standards for payment stablecoins, demanding one-to-one reserves and OCC licensing. Across the pond, the Bank of England is considering requiring reserves in high-quality liquid assets for systemic stablecoins. These developments could influence how ENA distributions are structured, so stay tuned!

监管格局总是在变化。在美国，《天才法》旨在为付款稳定币设定联邦标准，要求一对一的储备和OCC许可。在整个池塘中，英格兰银行都在考虑需要在全身性稳定的高质量液体资产中储备。这些发展可能会影响ENA分布的结构，因此请继续关注！

The Big Picture: Stablecoins and Ethena's Model

大局：Stablecoins和Ethena的模型

The stablecoin market is still near its peak, providing solid liquidity for Ethena's model. Binance's listing of USDe spot pairs on September 9th further validates the

Stablecoin市场仍然接近其顶峰，为Ethena的模型提供了可靠的流动性。 Binance在9月9日对USDE现货对的上市进一步验证了