Ethena Labs 提议添加 SOL 作为其 USDe 稳定币的支持资产

以其合成美元 USDe 闻名的去中心化金融协议 Ethena 可以将 Solana 的原生代币 SOL 作为稳定币的支持资产。

Decentralized finance protocol Ethena, known for its synthetic dollar stablecoin USDe, could onboard Solana’s native token SOL as a backing asset for the stablecoin.

以其合成美元稳定币 USDe 闻名的去中心化金融协议 Ethena 可以将 Solana 的原生代币 SOL 作为稳定币的支持资产。

The community is now considering an Oct. 10 proposal from Ethena Labs that suggests an allocation of USDe’s backing to SOL. The setup would utilize the same mechanics as the hedging mechanism in place with BTC and ETH perpetual futures.

社区目前正在考虑 Ethena Labs 于 10 月 10 日提出的提案，该提案建议将 USDe 的支持分配给 SOL。该设置将利用与 BTC 和 ETH 永续期货的对冲机制相同的机制。

According to the proposal, the allocation would be scaled in slowly given that SOL perpetual futures have a shorter history of trading, less liquidity, and relatively lower funding rate data.

根据提案，考虑到SOL永续合约交易历史较短、流动性较低、资金费率数据相对较低，配置规模将缓慢缩减。

Ethena first hinted at the potential inclusion of SOL as a backing asset for USDe in August, when the protocol rolled out USDe on the Solana network. Now that the proposal has officially been put forth to the governance forum, members of the Risk Committee — excluding Ethena Labs Research — must vote unanimously in favor of it to be approved.

Ethena 于 8 月份首次暗示可能将 SOL 作为 USDe 的支持资产，当时该协议在 Solana 网络上推出了 USDe。既然该提案已正式提交给治理论坛，风险委员会成员（不包括 Ethena Labs Research）必须一致投票赞成才能获得批准。

The Risk Committee will have seven days after this proposal’s publish date to deliberate and arrive at a decision, meaning a verdict on its approval is likely before the end of the week.

风险委员会将在该提案发布之日起 7 天内进行审议并做出决定，这意味着可能会在本周末之前就其批准做出决定。

The proposal also suggests considering Binance Liquid Staked SOL (BNSOL) and Bybit Liquid Staked SOL (bbSOL) to be added as a USDe backing asset. The tokens would be added in the same proportion as the overall SOL allocation as ETH Liquid Staking Tokens (LSTs) to the total ETH allocation within USDe’s overall backing.

该提案还建议考虑将 Binance Liquid Staked SOL (BNSOL) 和 Bybit Liquid Staked SOL (bbSOL) 添加为 USDe 支持资产。这些代币将以与 SOL 总体分配相同的比例作为 ETH 流动质押代币（LST）添加到 USDe 总体支持内的 ETH 总分配中。

“This has the potential to make Ethena one of the largest perp traders of SOL on the market and drive higher sUSDe APY,” said Seraphim Czecker, head of growth at Ethena Labs.

Ethena Labs 增长主管 Seraphim Czecker 表示：“这有可能使 Ethena 成为市场上最大的 SOL 永续交易商之一，并推动 sUSDe APY 上涨。”

According to Yash Agarwal, core contributor to the Superteam collective of Solana developers and creators, adding SOL as a backing asset to USDe could “be huge for the moneyness of SOL.”

Solana 开发者和创作者 Superteam 集体的核心贡献者 Yash Agarwal 表示，将 SOL 作为 USDe 的支持资产添加到 USDe 中可能“对 SOL 的经济效益来说是巨大的”。

Agarwal highlighted SOL’s $2 billion in open interest, which would make $200 million as collateral easy to scale into. The proposal’s authors estimate that this will be the initial target, with positions of between $100 million and $200 million representing 5-10% of SOL’s open interest.

Agarwal 强调了 SOL 的 20 亿美元未平仓合约，这将使 2 亿美元作为抵押品很容易扩大规模。该提案的作者估计，这将是最初的目标，头寸在 1 亿至 2 亿美元之间，占 SOL 未平仓合约的 5-10%。

Ethena currently represents 3% of BTC open interest and 9% of ETH open interest.

Ethena 目前占 BTC 未平仓合约的 3%，占 ETH 未平仓合约的 9%。