Ethena的USDE：收入火箭，监管障碍和市场动态

Ethena Labs通过USDE逐渐增长了令人印象深刻的收入增长，寻求监管清晰度，并在解锁和转移景观的情况下面临市场压力。这是低点。

Ethena's USDe: Revenue Rockets, Regulatory Hurdles, and Market Dynamics

Ethena的USDE：收入火箭，监管障碍和市场动态

Ethena Labs is making waves, hitting impressive revenue milestones with its USDe synthetic dollar while simultaneously navigating the complex world of crypto regulation. From seeking clarity from the SEC to dealing with European regulatory pressures, Ethena's journey is anything but boring.

Ethena Labs正在浪潮，以USDE合成美元达到了令人印象深刻的收入里程碑，同时浏览了复杂的加密货币监管世界。从从SEC寻求清晰度到应对欧洲监管压力，Ethena的旅程并不无聊。

Ethena's Revenue Surge: A Deep Dive

Ethena的收入激增：深入潜水

Ethena Labs has seen impressive growth, reaching $290.2 million in total protocol revenue by July 9th, putting it in the big leagues alongside Tether and Circle. It only took 251 days to hit $100 million in cumulative revenue, making it the second-fastest protocol to reach this milestone. This revenue is primarily generated through a delta-neutral strategy, capitalizing on funding-rate spreads across exchanges, benefiting those staking sUSDe.

Ethena Labs的增长令人印象深刻，到7月9日，协议总收入达到2.902亿美元，将其与Tether和Circle一起进入了大联盟。仅花了251天的时间才达到1亿美元的累计收入，这使其成为达到这一里程碑的第二快速协议。这项收入主要是通过三角洲中立的战略产生的，利用了跨交易所的资金利率差异，使那些库存的苏斯德受益。

Daily fees averaged $3.1 million over the past month, fueled by traders minting and hedging USDe. While the revenue pace slowed a bit in May, it rebounded in early July, hitting $3.8 million per day as long-bias returned.

在过去一个月中，每日费用平均为310万美元，这是由贸易商铸造和对冲USDE推动的。虽然5月的收入速度有所放缓，但7月初反弹，随着长偏见返回，每天达到380万美元。

Seeking Clarity: Ethena and the SEC

寻求清晰：埃塞娜和SEC

Ethena isn't just focused on revenue; they're also proactively engaging with regulators. Ethena's legal team met with the SEC in July to discuss the classification of USDe, arguing that it functions as a payment instrument rather than a security. They emphasized that USDe holders don't rely on Ethena's efforts for profit, and redemption rights are tied to underlying reserves. However, Ethena acknowledges that USDe exists in a regulatory gray area since it can fluctuate slightly around $1 and lacks a legal promise of par redemption.

Ethena不仅专注于收入；他们还积极参与监管机构。 Ethena的法律团队于7月与SEC会面，讨论USDE的分类，认为它可以用作支付工具而不是安全性。他们强调说，USD持有人不依靠埃塞纳（Ethena）的努力来获利，赎回权与基本储备有关。但是，Ethena承认USDE存在于监管灰色区域中，因为它可能会略有波动略有1美元的波动，并且缺乏法律兑现的法律承诺。

Currently, Ethena is barred from US retail distribution pending formal guidance, relying on offshore funds and market-making desks for new dollar inflows.

目前，Ethena被禁止美国零售分销，等待正式指导，依靠新美元流入的离岸资金和营销台。

European Regulatory Roadblocks: The BaFin Saga

欧洲监管障碍：Bafin Saga

Ethena's journey hasn't been without its bumps. The German Federal Financial Supervisory Authority (BaFin) initially blocked USDe distribution in the European Union and EEA, leading to a 42-day redemption plan for USDe holders. This move followed BaFin's rejection of Ethena GmbH's application for MiCAR authorization and accusations of offering unregistered securities. While Ethena has resolved regulatory issues related to its German subsidiary, its future in the EU market remains uncertain.

埃塞娜（Ethena）的旅程并非没有颠簸。德国联邦金融监督管理局（BAFIN）最初阻止了欧盟和EEA中的USDE分布，从而为USDE持有人制定了42天的赎回计划。此举是在巴芬拒绝埃塞纳（Ethena GmbH）申请MICAR授权申请以及提供未注册证券的指控之后的。尽管Ethena解决了与其德国子公司有关的监管问题，但其在欧盟市场的未来仍然不确定。

Market Dynamics and ENA Token

市场动态和ENA令牌

The Ethena (ENA) market has faced some pressure recently, particularly with a $10 million unlock impacting its price. Key signals like the RSI indicate fading strength. The market's short-term direction hinges on how it responds to this unlock wave and whether new buying interest emerges. Ethena redirects 20% of gross fees to buy ENA on the open market, having burned 58 million tokens since February.

Ethena（ENA）市场最近面临一些压力，尤其是1000万美元解锁了其价格。 RSI之类的主要信号表示褪色的强度。市场的短期方向取决于它对这种解锁浪潮的反应以及新购买兴趣是否出现。 Ethena将收费的20％重定向在公开市场上购买，自2月以来烧毁了5800万个令牌。

Final Thoughts: Navigating the Crypto Seas

最终想法：浏览加密海洋

Ethena's story is a microcosm of the broader crypto landscape: innovation, rapid growth, regulatory scrutiny, and market volatility. Whether it's seeking SEC clarity, navigating European regulations, or managing market pressures, Ethena is clearly trying to position itself for long-term success. One thing's for sure: it will be interesting to watch what's next for Ethena!

Ethena的故事是更广泛的加密景观的缩影：创新，快速增长，监管审查和市场波动。无论是寻求SEC的清晰度，浏览欧洲法规还是管理市场压力，Ethena显然都在试图为长期成功定位自己。可以肯定的是：观看Ethena的下一步会很有趣！