Ethena（ENA）激增：费用奖励和合成美元的未来

Ethena的Ena令牌正在为Stakers带来收费，并对USDE的需求激增。这是合成美元的未来，还是监管风暴云聚集？

Ethena (ENA) Surge: Fee Rewards and the Future of Synthetic Dollars

Ethena（ENA）激增：费用奖励和合成美元的未来

Ethena's ENA token is on a roll, fueled by a hot market, big project news, and the buzz around tokenizing real-world assets. The introduction of fee rewards for sENA stakers is adding another layer of excitement. Let's dive into what's driving this surge.

Ethena的ENA令牌正在滚动，这是由于热门市场，大型项目新闻以及围绕现实世界中的嗡嗡声所推动的。为Sena Stakers引入费用奖励正在增加另一层兴奋。让我们深入了解这一激增的原因。

The Perfect Storm for Ethena

埃特纳的完美风暴

The crypto market is showing signs of life, with Bitcoin leading the charge and institutional money flowing back into ETFs. Ethena has capitalized on this momentum with several key announcements:

加密货币市场正在显示生命的迹象，比特币带领了指控和机构资金回到ETF中。 Ethena在这一势头上利用了几个关键公告：

• StablecoinX Investment: A whopping $360 million private investment deal for StablecoinX, aiming to bridge Wall Street and crypto with the ticker "USDE" on Nasdaq.
• ENA Buyback Program: A $260 million buyback program to reduce the available supply and boost investor confidence.
• USDe Growth: Ethena's synthetic dollar, USDe, has ballooned past $6.12 billion in supply, driven by attractive yields.
• RWA Tokenization: Ethena is making a play for tokenizing Real-World Assets (RWAs), launching the Converge blockchain with Securitize.
• Exchange Listings: Getting listed on major exchanges like Upbit has increased ENA's visibility and trading volume.

Fee Switch Activated for sENA Stakers

塞纳·斯塔克斯（Sena Stakers）激活的费用转换

The Ethena Foundation has approved a "fee switch," allowing sENA stakers to earn a portion of the protocol's revenue. The Risk Committee is working out the details, with expectations to finalize the plan by the end of November 2024. This gives stakers a real financial incentive, aligning their success with the protocol's health.

Ethena基金会批准了“费用转换”，使Sena Stakers可以赚取该协议收入的一部分。风险委员会正在制定细节，并期望在2024年11月底完成该计划。这使Stakers具有真正的经济激励，使他们的成功与协议的健康状况保持一致。

How USDe Works: A Synthetic Dollar

USDE的工作方式：合成美元

USDe is a synthetic dollar backed by crypto assets like staked Ethereum (stETH) and Bitcoin (BTC). It maintains its peg through a delta-hedging strategy, opening short perpetual futures positions to balance the portfolio's value. Yields come from staking rewards and profits from perpetual futures markets.

USDE是一项合成美元，以加密资产为支持，例如固定以太坊（Steth）和比特币（BTC）。它通过三角洲围困策略维持其钉子，开放了短暂的永久期货立场，以平衡投资组合的价值。产量来自永久期货市场的存放奖励和利润。

Risks and Regulatory Concerns

风险和监管问题

USDe's design isn't without risks. "Funding Risk" arises if funding rates go negative for extended periods. Ethena has built a reserve fund to mitigate this. "Counterparty Risk" is another concern, as the system relies on centralized exchanges. Ethena spreads its assets across multiple exchanges and uses Off-Exchange Settlement (OES) providers to reduce this risk. The elephant in the room is the specter of Terra/Luna, but supporters argue USDe is different because it's backed by external assets, not a self-referential system.

USDE的设计并非没有风险。如果延长的资金率为负数，则会出现“资金风险”。 Ethena建立了一个储备金来减轻这种情况。由于系统依赖集中式交流，“对手风险”是另一个问题。 Ethena将其资产传播到多次交易所，并使用非交换定居点（OES）提供商来降低这种风险。房间里的大象是Terra/Luna的幽灵，但支持者认为USDE是不同的，因为它是由外部资产的支持，而不是自指的系统。

Regulatory scrutiny is also increasing. Germany's BaFin shut down Ethena's local operations, citing MiCA compliance issues. The U.S.'s GENIUS Act could also pose challenges. Because USDe is synthetic and yield-generating, it faces potential scrutiny from both the SEC and the CFTC.

监管审查也在增加。德国的巴芬以云母合规性问题为由，关闭了埃塞纳（Ethena）的当地业务。美国的天才法案也可能构成挑战。由于USDE是合成的和产生的，因此它面临SEC和CFTC的潜在审查。

ENA's Price Momentum

ENA的价格动力

Recently, the Ethena (ENA) price surged over 20%, crossing the $0.50 mark for the first time since February. Crypto analyst @hariskhantrader has identified ENA as a promising breakout candidate, noting a positive technical indicator. The chart now targets a key resistance area between $0.80 and $0.95, suggesting further upside.

最近，Ethena（ENA）的价格飙升了20％以上，自2月以来首次超过了0.50美元。加密分析师@hariskhantrader已将ENA确定为有前途的突破候选人，并指出了积极的技术指标。该图表现在以$ 0.80至0.95美元之间的关键阻力区域的目标，这表明进一步上涨。

StablecoinX and Institutional Interest

Stablecoinx和机构利益

The emergence of StablecoinX, a new corporate entity, signals growing institutional confidence in Ethena. Powered by a $360 million increase in funds, StablecoinX will actively hold ENA and benefit from its DeFi usage. The company will list on Nasdaq under the symbol "USDE" in late 2025.

新公司实体Stablecoinx的出现标志着对Ethena的机构信心越来越大。由3.6亿美元增加的资金支持，StableCoinx将积极持有ENA并受益于其折衷使用情况。该公司将于2025年底在纳斯达克列出符号“ USDE”。

The Future of Ethena

埃塞纳的未来

Ethena is making serious moves in the crypto space, but it also faces challenges. Regulatory clarity and risk management will be crucial for its long-term success. As BlockDAG gains traction and the crypto landscape evolves, Ethena will need to keep innovating to stay ahead.

Ethena在加密货币领域采取了严重的行动，但它也面临着挑战。监管清晰度和风险管理对于其长期成功至关重要。随着Blockdag的吸引力和加密货币景观的发展，Ethena将需要继续创新才能保持领先地位。

So, is Ethena the real deal? Only time will tell. But for now, buckle up and enjoy the ride! It's gonna be a wild one.

那么，Ethena是真正的交易吗？只有时间会证明。但是现在，搭扣并享受旅程！这将是一个疯狂的人。