Ethena Labs：建立互联网的货币基础设施

Ethena不仅仅是建立更好的稳定币，还建立了互联网的货币基础设施

Author: Tindorr , Crypto KOL

作者：Tindorr，加密KOL

Compiled by: Felix, PANews

编译者：菲利克斯，潘努斯

It used to be thought that Ethena was just a stablecoin protocol - a synthetic dollar (USDe) that provided a stable yield and some nice integrations.

过去，人们认为乙烯只是一种稳定的协议 - 一种合成美元（USDE），提供了稳定的产量和一些不错的整合。

When Ethena Labs founder G announced Ethena’s “convergence” roadmap in January this year, he did not realize what was about to happen.

当Ethena Labs创始人G在今年1月宣布Ethena的“融合”路线图时，他没有意识到即将发生的事情。

But as my research progressed, I gradually realized that my thinking was too narrow.

但是随着我的研究进展，我逐渐意识到我的思想太狭窄了。

Ethena is not just building a better stablecoin, it is building the monetary infrastructure of the Internet: a system that combines the capital efficiency of cryptocurrency with the regulatory trust layer of traditional finance.

Ethena不仅建立了更好的稳定稳定性，还建立了Internet的货币基础设施：将加密货币的资本效率与传统金融的监管信任层相结合的系统。

$ENA is becoming the face of this shift.

$ ena正成为这一转变的面貌。

Rather than chasing a single narrative, Ethena now touches nearly every major macro vertical:

Ethena现在没有追逐单个叙事，而是几乎触及了每个主要的宏观垂直行业：

It’s about the confluence of multi-billion dollar trends — stablecoin monetization, RWA tokenization, and the rise of on-chain financial infrastructure.

这是关于数十亿美元趋势的汇合 - Stablecoin货币化，RWA令牌化以及链上金融基础设施的兴起。

Here’s a breakdown of why Ethena may be the protocol best positioned to capture it all, from the release of the roadmap and the progress made since.

这是为什么Ethena可能是路线图的发布以及此后取得的进度来捕获所有方案的分解。

1. Ethena’s Stablecoin: The Liquidity Engine That Drives Everything

1。埃塞纳（Ethena）的Stablecoin：驱动一切的流动性引擎

While most protocols only issue one stablecoin, Ethena has built an integrated stablecoin system - each asset plays a different role depending on market conditions or user characteristics, but all are driven by the same underlying engine.

虽然大多数协议仅发出一个稳定的稳定性，但Ethena构建了一个集成的Stablecoin系统 - 每个资产都取决于市场条件或用户特征，但所有资产都由相同的基础引擎驱动。

USDe: The third largest stablecoin (market cap $4.81 billion)

USDE：第三大Stablecoin（市值48.1亿美元）

USDe is the synthetic dollar that starts it all.

USDE是开始全部启动的合成美元。

USDe is the base layer of DeFi liquidity. With a supply of over $4.8 billion, it thrives in risk-on markets - leveraging the perpetual funding premium to generate sustainable on-chain returns.

USDE是Defi流动性的基础层。它的供应超过48亿美元，它在风险市场市场中蓬勃发展 - 利用永久性资金溢价来产生可持续的链上回报。

This is not just passive capital, this is efficient liquidity, plugged into every major DeFi stack.

这不仅是被动资本，而且是有效的流动性，插入了每个主要的Defi堆栈中。

USDtb: 8th largest stablecoin (market cap $1.44 billion)

USDTB：第八大Stablecoin（市值14.4亿美元）

USDtb comes into play when yields fall or volatility spikes.

当跌倒或波动性尖峰时，USDTB就会发挥作用。

USDtb is backed by tokenized U.S. Treasuries backed by BlackRock’s BUIDL fund, providing a safe-haven and yielding alternative for traditional finance (TradFi) users.

USDTB得到了由BlackRock的Buidl基金支持的令牌美国国债的支持，为传统金融（TradFI）用户提供了避风港和替代方案。

It enhances the resilience of the Ethena system and balances the dynamic returns of USDe and the stability of Treasury levels.

它增强了乙烯系统的弹性，并平衡了USDE的动态回报和库存水平的稳定性。

Today, both assets are ranked among the top ten stablecoins, and Ethena has secured its place at the heart of crypto liquidity.

如今，这两种资产都列为前十名稳定的稳定者，Ethena在加密流动性的核心中占据了一席之地。

2. sUSDe: The engine driving Ethena’s expansion

2。SUSDE：发动机驱动Ethena的扩展

By staking USDe, you can get sUSDe, the yield version of Ethena's synthetic dollar. Supported by protocol revenue, sUSDe has become the core driver of Ethena's integration and liquidity growth.

通过存放USDE，您可以获得Ethena合成美元的收益版本Susde。在协议收入的支持下，苏斯德已成为埃塞纳整合和流动性增长的核心驱动力。

As the market warms up, the annualized yield has rebounded to around 8%, and sUSDe has once again become one of the most combinatorial and reliable on-chain sources of income in DeFi.

随着市场的变暖，年度化收益率已经反弹至8％左右，Susde再次成为DEFI中最合并和可靠的链链收入来源之一。

Here’s how it works:

这是其工作原理：

1. Pendle and Aave: Maximizing returns and capital efficiency

1。Pendleand Aave：最大化回报和资本效率

In Pendle and Aave, USDe/sUSDe has gradually become the preferred stablecoin for fixed income, lending, and leverage cycles:

在Pendle和Aave中，USDE/SUSDE已逐渐成为固定收益，贷款和利用周期的首选稳定者：

In the image above, Aave and Pendle users can efficiently borrow USDe at 0% interest and convert it to sUSDe to maximize returns. This is a core use case that drives sUSDe's integration and liquidity.

在上图中，AAVE和PENDLE用户可以以0％的利息有效地借入USDE，并将其转换为SUSDE以最大化退货。这是驱动苏斯德集成和流动性的核心用例。

2. Hyperliquid x HyperEVM: New territory for USDe

2。超流动X HypereVM：USDE的新领域

Ethena’s move into Hyperliquid Exchange and HyperEVM kicks off significant distribution:

埃塞纳（Ethena）进入超流动交易所和HypereVM的大量分布：

In short: Ethena is embedding into Hyperliquid’s native liquidity layer, the fastest growing ecosystem.

简而言之：Ethena嵌入了超级流动性的本地流动性层，这是增长最快的生态系统。

3. TON + Telegram: Internet Currency for One Billion Users

3.吨 +电报：10亿用户的互联网货币

The biggest unlock?

最大的解锁？

Providing savings accounts to Telegram’s 1 billion+ users through the integration of Ethena x TON.

通过集成Ethena X Ton为Telegram的10亿用户提供储蓄帐户。

Ethena is more than just a DeFi application, it is becoming the native savings layer for emerging markets and mobile-first users around the world.

Ethena不仅仅是一个Defi应用程序，它正在成为全球新兴市场和移动优先用户的本地储蓄层。

sUSDe is a scalable yield layer

萨斯德是一个可扩展的产量层

From efficient DeFi strategies (Pendle, Aave) to the trading volume of centralized exchanges (Hyperliquid) and the scale of Web2 (TON), sUSDe is driving Ethena's transformation from the protocol layer to the currency layer.

从高效的Defi策略（Pendle，AAVE）到集中式交换的交易量（超流动）和Web2（TON）的规模，Susde正在推动Ethena从协议层转换为货币层。

Clearly, Ethena has become a savings engine for millions of users.

显然，Ethena已成为数百万用户的储蓄引擎。

4. Ethereal: Native perpetual and spot DEX built on Ethena

4。空灵：基于ethena建立的本地永久和斑点dex

Ethereal is the first mainstream application launched on the Ethena network. It is a next-generation spot and perpetual DEX with deep liquidity and institutional-grade execution.

Ethereal是在Ethena网络上启动的第一个主流应用程序。这是一个下一代的地点和永久性的敏捷性，具有深厚的流动性和机构的执行。

It is fully powered by Ethena's ecosystem:

它完全由Ethena的生态系统提供动力：

Progress is currently good: more than

进度目前很好：不仅仅是