Ethena Labs 整合比特币以提高 USDe 稳定性和收益率

Ethena Labs 是备受争议的合成美元产品 USDe 的开发商，该公司正在扩大其策略，将做空比特币 (BTC) 期货纳入其中。此举旨在提高用户收益并进一步增加 USDe 发行量，自 1 月份推出以来，USDe 发行量已超过 20 亿美元。目前，Ethena 通过做空以太坊 (ETH) 期货和收取资金费率产生了 37% 的年收益率，但 BTC 的加入预计将提供更大的可扩展性和流动性。

Ethena Labs to Enhance USDe Stability and Yield Generation with Bitcoin Integration

Ethena Labs 将通过比特币整合增强 USDe 的稳定性和收益率

Ethena Labs, the platform behind the synthetic dollar stablecoin, USDe, has announced a significant update that will incorporate Bitcoin (BTC) into its cash-and-carry yield generation strategy. This move is expected to enhance the safety and scalability of USDe while boosting yields for users.

合成美元稳定币 USDe 背后的平台 Ethena Labs 宣布了一项重大更新，将把比特币 (BTC) 纳入其现金持有收益生成策略中。此举预计将增强 USDe 的安全性和可扩展性，同时提高用户的收益。

Background: USDe and Its Yield Generation Mechanism

背景：USDe及其收益率生成机制

Since its launch in January, Ethena's USDe has gained significant traction, with over $2 billion in issuance and growing demand. The platform has achieved consistent yield generation by shorting Ether (ETH) futures and collecting funding rates. Funding rates are periodic payments that compensate long or short traders based on the difference between the prices in the perpetual contract markets and spot prices.

自 1 月份推出以来，Ethena 的 USDe 获得了巨大的关注，发行量超过 20 亿美元，需求不断增长。该平台通过做空以太坊（ETH）期货和收取资金费率实现了稳定的收益生成。资金费率是根据永续合约市场价格与现货价格之间的差异对多头或空头交易者进行补偿的定期付款。

Integrating Bitcoin for Enhanced Stability

整合比特币以增强稳定性

Ethena's developers believe that adding Bitcoin to the mix will provide multiple benefits to USDe holders. Firstly, the additional layer of hedging will mitigate the risks associated with ETH futures markets and enhance the stability of USDe. Secondly, the increased liquidity and scalability of Bitcoin derivative markets offer greater capacity for USDe issuance and growth.

Ethena 的开发人员认为，将比特币添加到其中将为 USDe 持有者带来多重好处。首先，额外的对冲层将降低与 ETH 期货市场相关的风险并增强 USDe 的稳定性。其次，比特币衍生品市场流动性和可扩展性的增强为USDe的发行和增长提供了更大的能力。

"With $25 billion of BTC open interest readily available for Ethena to delta hedge, the capacity for USDe to scale has increased over 2.5 times," Ethena developers remarked in an official announcement.

Ethena 开发者在一份官方声明中表示：“随着 Ethena 可以随时使用价值 250 亿美元的 BTC 未平仓合约进行 Delta 对冲，USDe 的扩容能力已增加了 2.5 倍以上。”

Yield Optimization in a Favorable Market Environment

有利市场环境下的产量优化

The current bullish market, characterized by high funding rates, provides an ideal environment for optimizing USDe's scalability. While Bitcoin does not offer a native staking yield, the current funding rates of over 30% outweigh the potential staking returns of 3-4%.

当前以高融资利率为特征的牛市为优化 USDe 的可扩展性提供了理想的环境。虽然比特币不提供原生质押收益率，但目前超过 30% 的融资利率超过了 3-4% 的潜在质押回报。

Mechanism of Yield Generation

产量产生机制

On the Ethena platform, users can deposit stablecoins to mint USDe, which can then be staked to earn additional yield. Staked USDe can also be utilized on other decentralized finance (DeFi) platforms for further yield generation.

在 Ethena 平台上，用户可以存入稳定币来铸造 USDe，然后可以将其质押以赚取额外收益。质押的 USDe 还可以用于其他去中心化金融（DeFi）平台，以进一步产生收益。

Ethena's yield generation strategy utilizes a futures mechanism similar to a "cash and carry" trade. Users initiate a long position in Bitcoin by minting USDe with stablecoins. Simultaneously, the platform sells the equivalent amount of Bitcoin through futures contracts. This strategy aims to neutralize directional exposure to Bitcoin's price movements and generate revenue solely from funding payments.

Ethena 的收益生成策略利用类似于“现金套利”交易的期货机制。用户通过用稳定币铸造 USDe 来建立比特币多头头寸。同时，该平台通过期货合约出售等量的比特币。该策略旨在抵消比特币价格变动的定向风险，并仅通过资金支付产生收入。

Market Response

市场反应

The announcement of Bitcoin integration has been met with positive sentiment from the cryptocurrency community. However, Ethena's native token, ENA, has experienced a slight decline in value, potentially reflecting broader market conditions.

比特币整合的宣布引起了加密货币社区的积极情绪。然而，Ethena 的原生代币 ENA 的价值略有下降，可能反映了更广泛的市场状况。

Conclusion

结论

Ethena Labs' integration of Bitcoin into its yield generation strategy represents a significant step towards enhancing the stability and scalability of USDe. The move is expected to attract new users and increase demand for the synthetic dollar stablecoin. As the DeFi ecosystem continues to evolve, Ethena's innovative approach provides a compelling solution for yield generation and stablecoin utilization.

Ethena Labs 将比特币整合到其收益生成策略中，代表着朝着增强 USDe 的稳定性和可扩展性迈出了重要一步。此举预计将吸引新用户并增加对合成美元稳定币的需求。随着 DeFi 生态系统的不断发展，Ethena 的创新方法为收益生成和稳定币利用提供了引人注目的解决方案。