Ethena的ENA：收费激发一场革命？

深入探索埃塞纳（Ethena）的ena代币，探索其收费机制，最近的激增和潜在的纳斯达克列表上市。这是Defi的下一件大事吗？

Ethena's ENA is making waves! With its innovative fee-sharing mechanism and potential Nasdaq listing, is this the future of DeFi?

Ethena的Ena浪潮！凭借其创新的收费机制和潜在的纳斯达克列表，这是Defi的未来吗？

ENA: Fee-Sharing and DeFi Dominance

ENA：收费和Defi优势

Ethena's native token, ENA, has been on a wild ride, surging thanks to on-chain activity and the much-anticipated activation of its fee-sharing mechanism. The protocol's unique synthetic dollar strategy, combining USDe and BlackRock-backed USDtb, is also fueling this growth, positioning Ethena as a key player in the decentralized finance (DeFi) space.

埃塞纳（Ethena）的本地令牌恩娜（Ena）一直在疯狂骑行，这要归功于链上的活动和备受期待的收费机制的激活。该协议独特的合成美元策略，结合了USDE和BlackRock Bask Bask Bask Bask Bask Bask Bastb，也在推动这一增长，将Ethena定位为分散融资（DEFI）领域的关键参与者。

The Fee-Sharing Factor

收费因素

The fee-sharing mechanism is a major catalyst for ENA's recent performance. With technical thresholds being met, the activation of this mechanism could redefine how token holders engage with the protocol's economics. This feature gives holders a share of the revenue generated by the protocol.

收费机制是ENA最近表现的主要催化剂。在达到技术阈值时，这种机制的激活可以重新定义令牌持有人如何与协议的经济学互动。此功能为持有人提供了协议产生的收入的份额。

Institutional Interest Heats Up

机构兴趣加剧

StablecoinX, backed by the Ethena Foundation, is planning a $360 million ENA buyback and eyeing a Nasdaq listing. This move signals growing Wall Street interest in crypto treasury strategies, with institutional investors looking beyond Bitcoin and Ethereum and into stablecoins and DeFi governance tokens.

由Ethena Foundation支持的Stablecoinx计划将获得3.6亿美元的ENA回购，并关注纳斯达克股票。此举表明，华尔街对加密货币策略的兴趣不断增加，机构投资者超越了比特币和以太坊，进入了稳定的股份和法律政府令牌。

StablecoinX plans to raise $360 million through a private investment round. The fund will execute a structured buyback, purchasing $5 million worth of ENA per day for the next six weeks directly from public exchanges, representing nearly 8% of ENA’s current circulating supply. This shows confidence in ENA's long-term value.

Stablecoinx计划通过私人投资筹集3.6亿美元。该基金将执行结构化的回购，在接下来的六周内，每天从公共交流中购买价值500万美元的ENA，占ENA当前循环供应的近8％。这表明对ENA的长期价值有信心。

Challenges and Opportunities

挑战和机遇

While Ethena's recent success is impressive, challenges remain. These include maintaining competitive spreads in DeFi markets and ensuring the smooth activation of the fee-sharing mechanism. However, with its innovative funding-rate harvesting strategy and growing institutional support, Ethena is well-positioned for sustained growth.

尽管Ethena最近的成功令人印象深刻，但仍然存在挑战。这些包括保持在Defi市场中的竞争价差以及确保收费分享机制的平稳激活。然而，凭借其创新的资金利率收获策略和制度支持的增长，埃塞纳（Ethena）凭借良好的持续增长而定位。

Ethena's core protocol has gained attention for its innovative funding-rate harvesting strategy. The protocol holds spot positions in major cryptocurrencies while shorting equivalent perpetual futures contracts to capture positive funding rates across exchanges. This model generates consistent yield while maintaining market-neutral positions, offering stability to its $6 billion stablecoin, USDe.

Ethena的核心协议因其创新的资金收获策略而引起了人们的关注。该协议在主要加密货币中占据现货地位，同时缩短等效永久期货合约以捕获整个交易所的正面融资率。该模型在保持市场中立地位的同时产生一致的收益率，从而达到了其60亿美元Stablecoin USDE的稳定性。

My Take: ENA is One to Watch

我的看法：ENA是一个值得关注的人

Ethena's ENA is not just another DeFi token. Its innovative approach to stablecoins, combined with growing institutional interest, makes it a standout in the crowded crypto space. The StablecoinX buyback and potential Nasdaq listing could further legitimize Ethena, attracting even more mainstream investors. Ethena is definitely one to watch.

Ethena的ENA不仅是另一个Defi代币。它对稳定剂的创新方法，再加上日益增长的机构兴趣，使其在拥挤的加密货币领域中脱颖而出。 Stablecoinx的回购和潜在的纳斯达克列表可以进一步使Ethena合法化，从而吸引更多主流投资者。埃特纳绝对是一个值得关注的人。

Final Thoughts

最后的想法

StablecoinX’s $360 million ENA buyback and its planned Nasdaq listing mark a pivotal moment for the Ethena ecosystem, bridging the gap between decentralized finance and traditional capital markets. It highlights the growing confidence in stablecoin protocols as critical infrastructure within the digital asset landscape.

Stablecoinx的3.6亿美元回购及其计划的纳斯达克列表标志着Ethena生态系统的关键时刻，弥合了分散的金融与传统资本市场之间的差距。它突出了对稳定方案的信心日益增长，作为数字资产格局中关键基础设施的信心。

So, is Ethena's ENA the real deal? Only time will tell, but things are looking pretty bullish right now!

那么，Ethena的Ena是真正的交易吗？只有时间会说明，但是现在情况看起来很看好！