Ethereal Exchange 旨在通过 USDe 集成提供高速 DEX 性能

Ethereal 旨在充当现货和永续期货 DEX，利用 Ethena Network 的功能并利用 USDe 作为其主要稳定币。

A recent proposal in the Ethena governance community has attracted interest, as Ethereal Exchange wants approval to build a new decentralized exchange (DEX) based on the USDe stablecoin, with the goal of integrating it into the Ethena hedging engine and liquidity management system.

Ethena 治理社区最近的一项提案引起了人们的兴趣，因为 Ethereal Exchange 希望获得批准建立一个基于 USDe 稳定币的新去中心化交易所（DEX），目标是将其集成到 Ethena 对冲引擎和流动性管理系统中。

The proposal contains a special offer for existing ENA token holders, offering a 15% allocation of any new Ethereal governance tokens if the integration is accepted. This campaign intends to align the Ethena and Ethereal communities, resulting in reciprocal advantages and increased acceptance of USDe within the decentralized finance (DeFi) ecosystem.

该提案包含针对现有 ENA 代币持有者的特别优惠，如果接受整合，则为任何新的 Ethereal 治理代币提供 15% 的分配。该活动旨在使 Ethena 和 Ethereal 社区保持一致，从而实现互惠互利，并提高 USDe 在去中心化金融 (DeFi) 生态系统中的接受度。

A new proposal was made on Ethena governance a few hours ago

几个小时前提出了关于 Ethena 治理的新提案

Ethereal Exchange is requesting the community approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity Their proposal includes a 15% commitment of…

Ethereal Exchange 正在请求社区批准推出基于 USDe 的新现货和永续交易所，并集成到 Ethena 对冲引擎和流动性中。他们的提案包括 15% 的承诺……

— Ethena Labs (@ethena_labs) September 30, 2024

— Ethena Labs (@ethena_labs) 2024 年 9 月 30 日

Ethereal Aims to Deliver High-Speed DEX Performance with USDe Integration

Ethereal 旨在通过 USDe 集成提供高速 DEX 性能

Ethereal is designed to act as a spot and perpetual futures DEX, leveraging the Ethena Network’s features and utilizing USDe as its primary stablecoin. With the connection, Ethereal wants to create a completely on-chain platform for managing spot and derivative positions that support USDe.

Ethereal 旨在充当现货和永续期货 DEX，利用 Ethena Network 的功能并利用 USDe 作为其主要稳定币。通过这种连接，Ethereal 希望创建一个完全链上的平台，用于管理支持 USDe 的现货和衍生品头寸。

According to the proposal, Ethereal’s architecture is meant to handle up to 1 million operations per second with a latency of less than 20 ms, putting it on pace with some of the fastest centralized exchanges available.

根据该提案，Ethereal 的架构旨在每秒处理多达 100 万次操作，延迟小于 20 毫秒，使其与一些最快的集中式交易所保持同步。

This high degree of performance is designed to compete with centralized exchanges (CEXs) while retaining features like cross-margin, liquidity automation, and portfolio margin, all while assuring self-custody and flexibility.

这种高水平的性能旨在与中心化交易所（CEX）竞争，同时保留全仓保证金、流动性自动化和投资组合保证金等功能，同时确保自我托管和灵活性。

The Ethena community has voiced a mix of enthusiasm and skepticism regarding the plan. On the one side, the integration of Ethereal might greatly increase the growth and demand for USDe within the Ethena ecosystem, potentially opening up new trading opportunities and passive revenue streams.

Ethena 社区对该计划表达了热情和怀疑的态度。一方面，Ethereal 的整合可能会大大增加 Ethena 生态系统内对 USDe 的增长和需求，从而有可能开辟新的交易机会和被动收入流。

Community Concerns Rise Over Transparency and Potential Integration Benefits

社区对透明度和潜在整合优势的担忧加剧

On the other hand, several community members have expressed worries about the Ethereal team’s lack of openness, advocating a fully named team and their backgrounds before committing.

另一方面，一些社区成员对 Ethereal 团队缺乏开放性表示担忧，主张在承诺之前有一个完整的团队名称及其背景。

Given the project’s minimal social media presence and lack of a well-established reputation in the DeFi industry, the request came from a newly created account, which increased the level of mistrust.

鉴于该项目在社交媒体上的存在率极低，并且在 DeFi 行业中缺乏良好的声誉，该请求来自一个新创建的账户，这增加了不信任程度。

If the integration is permitted, Ethereal might provide significant benefits to the Ethena ecosystem, including decentralization and improved transparency. This would allow USDe to run independently of any central authority, giving users a more open understanding of how the stablecoin is sustained and backed.

如果允许集成，Ethereal 可能会给 Ethena 生态系统带来重大好处，包括去中心化和提高透明度。这将使 USDe 能够独立于任何中央机构运行，让用户对稳定币如何维持和支持有更开放的理解。

The DEX might become a native platform within the Ethena chain, using abundant liquidity and setting a precedent for additional USDe-based applications. This relationship has the potential to shift Ethena from being an asset issuer to a platform for broader financial innovation.

DEX 可能会成为 Ethena 链内的原生平台，利用丰富的流动性，并为其他基于 USDe 的应用程序树立先例。这种关系有可能将 Ethena 从资产发行者转变为更广泛的金融创新平台。

The Ethena Labs community is likely to vote on the proposal soon. Ethereal’s request involves Ethena community support to serve as a platform for performing hedging transactions, subject to a suitable technical examination by Ethena’s staff.

Ethena Labs 社区可能很快就会对该提案进行投票。 Ethereal 的请求涉及 Ethena 社区的支持，作为执行对冲交易的平台，但需接受 Ethena 工作人员进行适当的技术检查。

Moreover, Ethereal intends to utilize the Ethena Network's technical assistance for deployment and integration with the Ethena hedging engine.

此外，Ethereal 打算利用 Ethena Network 的技术援助来部署和与 Ethena 对冲引擎集成。

Despite some reservations, the Ethereal Exchange project offers the prospect of increasing liquidity and adoption for USDe, with intentions to become a key component of the Ethena network.

尽管存在一些保留，Ethereal Exchange 项目为 USDe 提供了增加流动性和采用的前景，旨在成为 Ethena 网络的关键组成部分。

On the other hand, CNF previously reported that Ethena Labs has launched sENA. sENA allows users to maintain liquidity with staked ENA, opening up opportunities across a variety of DeFi apps and platforms.

另一方面，CNF 此前曾报道 Ethena Labs 已推出 sENA。 sENA 允许用户通过质押的 ENA 来维持流动性，从而为各种 DeFi 应用程序和平台提供机会。

Meanwhile, as of writing, its native token, ENA, is trading around $0.3972 after gaining 12.02% over the last 24 hours. This impressive performance has brought ENA to the top of today’s top gainers list.

与此同时，截至撰写本文时，其原生代币 ENA 在过去 24 小时内上涨 12.02% 后，目前交易价格约为 0.3972 美元。这一令人印象深刻的表现使 ENA 跻身今日涨幅榜榜首。