Ethena Foundation的费用转换：激活ENA持有人的奖励

Ethena Foundation会加快激活费用开关，并可能将ENA转换为承重资产。获取改变游戏改变的举动的最新消息！

Ethena Foundation's Fee Switch: Activating Rewards for ENA Holders

Ethena Foundation的费用转换：激活ENA持有人的奖励

Hold on to your hats, crypto enthusiasts! The Ethena Foundation is about to shake things up with the activation of its fee switch. This could mean big changes for ENA token holders, potentially turning governance rights into cold, hard yield. Let's dive into what's happening.

抓住您的帽子，加密爱好者！ Ethena Foundation将随着费用转换的激活而动摇。这可能意味着对于ENA代币持有人来说，可能会将治理权利变成寒冷，艰难的收益率。让我们深入了解正在发生的事情。

What's the Buzz About?

嗡嗡声是什么？

The Ethena Foundation, the brains behind the Ethena governance, is prepping to propose the activation of the fee switch to the governance. Originally proposed by Wintermute, this fee switch would redirect a portion of the protocol fees to ENA holders. The Risk Committee's success metrics have been met.

埃塞纳（Ethena）基金会（Ethena Foundation）是乙烯治理背后的大脑，正在准备提议将费用转换为治理的激活。此费用转换最初是由Wintermute提出的，将将部分协议费用的一部分重新定向到ENA持有人。风险委员会的成功指标已得到满足。

Metrics Achieved: A Green Light for the Fee Switch

实现的指标：费用开关的绿灯

What metrics, you ask? Well, back in November, the committee outlined some goals: a circulating USDe supply exceeding $6 billion, cumulative protocol revenue over $250 million, and USDe integrated on four of the top five centralized exchanges (ranked by derivatives volume). Guess what? They nailed it!

你问什么指标？好吧，早在11月，委员会就概述了一些目标：散发的USDE供应超过60亿美元，累计协议收入超过2.5亿美元，USDE集成在前五名的五个集中式交易所中的四项（由衍生工具量排名）。猜怎么着？他们钉了！

USDe's Meteoric Rise

USD的迅速崛起

USDe's market cap is sitting pretty at almost $14 billion, having skyrocketed over 150% in the last couple of months. That puts it in the big leagues, ranking as the third-largest stablecoin behind the titans, USDC and USDT.

USDE的市值靠近140亿美元，在过去的几个月中飙升了150％以上。这将其列入了大联盟，排名是仅次于Titans，USDC和USDT的第三大稳定币。

ENA's Uptrend and Market Cap Milestone

ENA的上升和市值里程碑

ENA is on a roll, too, up 226% over the past year and trading around $0.70. While it's still shy of its all-time high, its market cap hit a new peak of $5.6 billion just last week. Token unlocks explain the difference between the price and market cap performance.

ENA也在过去的一年中增长226％，交易约为0.70美元。尽管它仍然远远超过了其历史最高水平，但上周的市值达到了56亿美元的新峰值。令牌解锁说明价格和市值绩效之间的差异。

The Fee Switch Framework Nears Finalization

费用开关框架接近最终确定

The Risk Committee is currently reviewing the technical details of the fee switch mechanism. Once finalized, ENA holders will vote on the framework through the protocol’s governance system. Approval would initiate dividend distribution to ENA holders, reinforcing long-term value.

风险委员会目前正在审查费用转换机制的技术细节。一旦完成，ENA持有人将通过协议的治理系统对该框架进行投票。批准将向ENA持有人发起股息分配，从而增强长期价值。

Binance Integration Validates USDe

Binance集成验证USDE

Binance announced full integration of Ethena’s stablecoin USDe across its platform. The partnership includes USDe spot trading pairs, futures margin collateral, and access via Binance Earn.

Binance在其平台上宣布了Ethena的Stablecoin USDE的完全集成。该合作伙伴关系包括USDE -Spot Trading对，期货保证金抵押品以及通过Binance Eart的访问。

Strategic Expansion and Capital Raise

战略扩张和资本筹集

Ethena subsidiary StablecoinX Inc. raised $530 million in PIPE financing, bringing its total to $895 million. The entity plans to accumulate over 3 billion ENA tokens and has initiated a $310 million buyback program to reduce the circulating supply and align shareholder interests.

Ethena子公司Stablecoinx Inc.筹集了5.3亿美元的管道融资，总计达到8.95亿美元。该实体计划累积超过30亿个ENA代币，并启动了一项耗资3.1亿美元的回购计划，以减少循环供应并使股东利益保持一致。

Revenue-Sharing Tokens Gain Market Favor

收入共享代币获得市场青睐

The crypto market is increasingly favoring tokens with revenue-sharing and buyback mechanisms. The upcoming governance vote will determine whether ENA joins this cohort of yield-generating assets.

加密市场越来越喜欢以收入分享和回购机制的代币。即将进行的治理投票将决定ENA是否加入了这一产生产生的资产的同类。

My Take: A Potential Game Changer

我的看法：一个潜在的游戏改变者

Personally, I think this fee switch activation could be a game-changer for ENA. If the governance vote goes through, ENA holders could see real returns, transforming the token from a governance tool into a yield-generating asset. The potential for increased demand and price appreciation is definitely there.

就个人而言，我认为这种费用转换激活可能是ENA的游戏规则改变者。如果治理投票通过，ENA持有人可以看到真实的回报，将令牌从治理工具转变为产生产生的资产。肯定有增加需求和价格升值的潜力。

The Bottom Line

底线

The activation of Ethena's fee switch is a big deal. It's all eyes on the upcoming governance vote. Will ENA holders get the green light to start earning? Stay tuned, folks, because this could be the start of something beautiful... or at least, something profitable!

Ethena费用转换的激活很重要。这全是即将举行的治理投票。 ENA持有人会开始绿灯开始赚钱吗？众所周知，众所周知，因为这可能是美丽的事物的开始……或者至少是有利可图的！