Ethena 的 USDe 稳定币通过 Bybit 整合开辟新天地

5月7日，USDe在Bybit交易平台上市，成为首个融入中心化金融衍生品的非法币支持的稳定币。尽管其增长和市值在稳定币中排名第五，但 ENA 的价格自 4 月份创下历史新高以来已下跌近 40%。技术指标表明 ENA 存在潜在下行风险，未能突破修正模式且 RSI 出现看跌背离。

Ethena's USDe Stablecoin Breaks New Ground with Bybit Integration

Ethena 的 USDe 稳定币通过 Bybit 整合开辟新天地

May 8, 2024

2024 年 5 月 8 日

By [Author's Name]

作者：[作者姓名]

In a significant development for the burgeoning stablecoin market, Ethena has announced the integration of its USDe stablecoin with the popular Bybit exchange. This marks a milestone for USDe, becoming the first stablecoin outside of the established giants USDC and USDT to be integrated into centralized finance derivatives.

Ethena 宣布将其 USDe 稳定币与流行的 Bybit 交易所整合，这是新兴稳定币市场的一项重大发展。这对 USDe 来说具有里程碑意义，成为除老牌巨头 USDC 和 USDT 之外第一个融入中心化金融衍生品的稳定币。

Bybit's USDe Integration: Unlocking New Possibilities

Bybit 的 USDe 整合：释放新的可能性

Bybit's integration of USDe will allow it to be used as collateral for futures trading on BTC/ETH spot pairs, as well as within the exchange's Earn platform. This integration provides unique advantages for traders:

Bybit 与 USDe 的整合将使其能够用作 BTC/ETH 现货对以及交易所 Earn 平台内期货交易的抵押品。这种集成为交易者提供了独特的优势：

• Yield Capture: USDe holders can earn yield while trading margin perpetual futures on Bybit, a feature not available with other stablecoins. This can significantly improve capital efficiency for traders.
• Offsetting Funding Costs: The annual yield for USDe currently stands at 15.3%, offering traders the possibility of offsetting their funding rate costs.

Concerns and Considerations

收益捕获：USDe持有者可以在Bybit上交易保证金永续期货时赚取收益，这是其他稳定币不具备的功能。这可以显着提高交易者的资金效率。抵消资金成本：USDe的年收益率目前为15.3%，为交易者提供了抵消其资金费率成本的可能性。关注和考虑

Despite the positive developments, some concerns linger regarding USDe's ability to maintain consistent yield, particularly during negative funding rate periods. As a crypto-backed stablecoin that stakes ETH and BTC while employing short trades as a hedge, USDe's performance is subject to market conditions. The team has acknowledged that the earn rate from hedging was negative in 2022, raising doubts about its ability to sustain yields in a prolonged downtrend.

尽管取得了积极的进展，但人们对 USDe 维持稳定收益率的能力仍然存在一些担忧，特别是在负融资利率期间。作为一种加密货币支持的稳定币，它质押 ETH 和 BTC，同时利用空头交易作为对冲，USDe 的表现取决于市场状况。该团队承认，2022 年对冲收益率为负，令人怀疑其在长期下降趋势中维持收益率的能力。

Another concern stems from the similarities between USDe's arbitrage mechanism and the infamous UST, which notoriously collapsed in May 2022. However, it is worth noting that Bybit is the only exchange that offers perpetual futures trading for stETH, a key component of USDe's stabilization mechanism.

另一个担忧源于 USDe 的套利机制与臭名昭著的 UST 之间的相似之处，UST 于 2022 年 5 月崩溃。然而，值得注意的是，Bybit 是唯一一家提供 stETH 永续期货交易的交易所，stETH 是 USDe 稳定机制的关键组成部分。

Market Position and Comparison

市场地位及比较

Within the stablecoin market, USDe has established itself as the fifth largest, trailing USDT, USDC, DAI, and FDUSD. USDT continues to dominate the market with a massive 70% share, while USDe's market share is a modest 2.85% among Ethereum stablecoins. Notably, USDe is only present on the Ethereum blockchain, unlike other stablecoins that span multiple chains.

在稳定币市场中，USDe 已成为第五大稳定币市场，仅次于 USDT、USDC、DAI 和 FDUSD。 USDT 继续以 70% 的份额主导市场，而 USDe 在以太坊稳定币中的市场份额仅为 2.85%。值得注意的是，USDe 仅存在于以太坊区块链上，与跨多个链的其他稳定币不同。

Despite its smaller size, USDe has gained ground on DAI, the only other crypto-backed stablecoin on Ethereum. USDe's dominance relative to DAI has grown to 30%, while DAI holds 62%. Interestingly, DAI does not have a presence in futures platforms on centralized exchanges.

尽管 USDe 规模较小，但它已经超越了 DAI，DAI 是以太坊上唯一一种由加密货币支持的稳定币。 USDe 相对于 DAI 的主导地位已增至 30%，而 DAI 则占 62%。有趣的是，DAI 并没有出现在中心化交易所的期货平台中。

ENA Price Analysis: Mixed Signals and Bearish Outlook

ENA 价格分析：混合信号和看跌前景

ENA, Ethena's native token, has experienced significant volatility since its launch in December 2023. After a meteoric rise of over 400% in the first nine days, ENA encountered resistance and has been trading within a descending trendline.

Ethena 的原生代币 ENA 自 2023 年 12 月推出以来经历了大幅波动。在前 9 天飙升超过 400% 后，ENA 遇到阻力，一直在下降趋势线内交易。

While ENA briefly broke above this trendline on April 29, it failed to establish itself above the $0.90 horizontal resistance level. The failure to break out, coupled with a bearish divergence in the six-hour RSI, indicates a potential sell-off.

虽然 ENA 于 4 月 29 日短暂突破该趋势线，但未能突破 0.90 美元的水平阻力位。未能突破，加上六小时 RSI 的看跌背离，表明潜在的抛售。

A two-hour chart reveals that ENA has been trading within an ascending parallel channel since the beginning of May. However, a failed breakout attempt on May 7 has increased the risk of a breakdown below the channel midline.

两小时图表显示，自 5 月初以来，ENA 一直在上升平行通道内交易。然而，5 月 7 日的突破尝试失败增加了跌破通道中线的风险。

Conclusion

结论

The Bybit integration marks a significant step for Ethena and USDe, providing new opportunities for traders seeking yield and capital efficiency. However, concerns surrounding USDe's yield sustainability and arbitrage mechanism cast some uncertainty over its long-term prospects.

Bybit 的整合标志着 Ethena 和 USDe 迈出了重要一步，为寻求收益和资本效率的交易者提供了新的机会。然而，围绕 USDe 收益率可持续性和套利机制的担忧为其长期前景带来了一些不确定性。

As technical analysis suggests, ENA's price outlook remains negative, with a potential breakdown from the ascending channel looming. Overall, while the integration with Bybit offers potential benefits, traders should approach USDe with caution and carefully monitor market conditions to assess its stability and performance.

正如技术分析所示，ENA 的价格前景仍然负面，上升通道的潜在崩溃迫在眉睫。总体而言，虽然与 Bybit 的整合带来了潜在的好处，但交易者应谨慎对待 USDe，并仔细监控市场状况以评估其稳定性和表现。