{"id":7536,"date":"2026-09-14T13:12:28","date_gmt":"2026-09-14T05:12:28","guid":{"rendered":"https:\/\/www.zgwlgc.com\/?p=7536"},"modified":"2026-09-14T13:12:28","modified_gmt":"2026-09-14T05:12:28","slug":"%e5%85%a8%e9%9d%a2%e8%a7%a3%e8%af%bbethena%ef%bc%9a%e6%96%b0%e4%b8%80%e4%bb%a3%e7%9a%84%e5%b8%81%e5%9c%88%e8%81%94%e5%82%a8","status":"publish","type":"post","link":"https:\/\/www.xztj168.com\/?p=7536","title":{"rendered":"\u5168\u9762\u89e3\u8bfbEthena\uff1a\u65b0\u4e00\u4ee3\u7684\u5e01\u5708\u8054\u50a8"},"content":{"rendered":"

\u4f5c\u8005\uff1a0xCousin<\/p>\n

\u4e00\u3001Ethena \u7684\u80cc\u540e\u662f\u8c01\uff1f<\/h3>\n

Ethena \u7684\u56e2\u961f\u6210\u5458<\/strong><\/p>\n

Ethena \u56e2\u961f\u6210\u5458\u80cc\u666f\u4e30\u5bcc\uff0c\u5728Crypto\u3001\u91d1\u878d\u548c\u79d1\u6280\u7b49\u9886\u57df\u62e5\u6709\u6df1\u539a\u7684\u4e13\u4e1a\u77e5\u8bc6\u548c\u5b9e\u8df5\u7ecf\u9a8c\u3002<\/p>\n

\u521b\u59cb\u4ebaG\uff08 Guy Young\uff09\u66fe\u5728\u4e00\u5bb6\u5e02\u503c 600 \u4ebf\u7f8e\u5143\u7684\u5bf9\u51b2\u57fa\u91d1\u5de5\u4f5c\uff0cLuna \u5012\u95ed\u540e\uff0c\u521b\u7acb\u4e86 Ethena\uff1bCOO Elliot Parker \u4e4b\u524d\u662f Paradigm \u7684\u4ea7\u54c1\u7ecf\u7406\uff0c\u4e5f\u66fe\u5728 Deribit \u5de5\u4f5c\u8fc7\uff1b\u4e9a\u592a\u533a\u673a\u6784\u589e\u957f\u4e3b\u7ba1Jane Liu\uff0c\u5386\u4efb Fundamental Labs \u6295\u8d44\u7814\u7a76\u4e3b\u7ba1\u3001Lido Finance \u673a\u6784\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u548c\u57fa\u91d1\u5173\u7cfb\u4e3b\u7ba1\u3002<\/p>\n

Ethena \u7684\u878d\u8d44\u60c5\u51b5<\/strong><\/p>\n

\u636e Rootdata \u4fe1\u606f\uff0cEthena \u5148\u540e\u8fdb\u884c\u4e86\u4e09\u8f6e\u878d\u8d44\uff0c\u7d2f\u8ba1\u878d\u8d44\u989d 1.195 \u4ebf\u7f8e\u5143\u3002\u9886\u6295\u673a\u6784\u4e3b\u8981\u5305\u62ec Dragonfly\u3001Maelstrom Capital\u3001Brevan Howard Digital\u3002<\/p>\n

Ethena\u5438\u5f15\u4e86\u4f17\u591a\u77e5\u540d\u6295\u8d44\u673a\u6784\u7684\u5173\u6ce8\u548c\u6295\u8d44\uff0c\u4e0d\u4ec5\u4e3a Ethena \u7684\u53d1\u5c55\u5e26\u6765\u4e86\u53ef\u89c2\u7684\u8d44\u91d1\uff0c\u4e5f\u4e3a Ethena \u7684\u4e1a\u52a1\u53d1\u5c55\u63d0\u4f9b\u4e86\u5b9d\u8d35\u7684\u884c\u4e1a\u8d44\u6e90\u3002Ethena \u7684\u6295\u8d44\u673a\u6784\u6db5\u76d6\u4e86\u4ea4\u6613\u6240\uff08YZi Labs\u3001OKX Ventures\u3001HTX Ventures\u3001Kraken Ventures\u3001Gemini Frontier Fund\u3001Deribit\u7b49\uff09\u3001\u505a\u5e02\u5546\uff08GSR\u3001Wintermute\u3001Galaxy Digital\u3001Amber Group \u7b49\uff09\u3001\u4f20\u7edf\u91d1\u878d\u80cc\u666f\u7684\u6295\u8d44\u673a\u6784\uff08Paypal Ventures\u3001Franklin Templeton\u3001F-Prime Capital\u7b49\uff09\u3002<\/p>\n

\u4e8c\u3001Ethena\u662f\u4ec0\u4e48\uff1f<\/h3>\n

\u4e00\u53e5\u8bdd\u6982\u62ec\uff0cEthena \u662f\u4e00\u79cd\u5408\u6210\u7f8e\u5143\uff08Synthetic Dollar\uff09\u534f\u8bae\uff0c\u5b83\u63a8\u51fa\u4e86\u7f8e\u5143\u7a33\u5b9a\u5e01USDe \u548c\u7f8e\u5143\u50a8\u84c4\u8d44\u4ea7 sUSDe\u3002USDe \u7684\u7a33\u5b9a\u6027\u7531\u52a0\u5bc6\u8d44\u4ea7\u548c\u76f8\u5e94\u7684 Delta \u4e2d\u6027\u5bf9\u51b2\uff08\u7a7a\u5934\u671f\u8d27\uff09\u5934\u5bf8\u652f\u6301\u3002<\/p>\n

\"\u5168\u9762\u89e3\u8bfbEthena\uff1a\u65b0\u4e00\u4ee3\u7684\u5e01\u5708\u8054\u50a8\"<\/p>\n

\u4ece\u9879\u76ee\u4f7f\u547d\u6765\u770b\uff0cEthena\u65e8\u5728\u901a\u8fc7\u7a33\u5b9a\u5e01 USDe\u8ba9 CeFi\u3001DeFi\u3001TradFi \u4e09\u4e2a\u9886\u57df\u7684\u8d44\u91d1\u8054\u7cfb\u5728\u4e00\u8d77\uff0c\u540c\u65f6Ethena \u6355\u83b7\u8fd9\u4e09\u4e2a\u9886\u57df\uff08\u4ea4\u6613\u6240\u3001\u94fe\u4e0a\u3001\u4f20\u7edf\u91d1\u878d\uff09\u7684\u8d44\u91d1\u5229\u7387\u5dee\uff0c\u4ece\u800c\u7ed9\u5ba2\u6237\u63d0\u4f9b\u66f4\u591a\u6536\u76ca\uff0c\u5982\u679cUSDe \u89c4\u6a21\u53d1\u5c55\u5230\u8db3\u591f\u5927\u4e5f\u53ef\u80fd\u4f1a\u63a8\u52a8 DeFi\u3001CeFi\u3001TradFi \u4e4b\u95f4\u7684\u8d44\u672c\u548c\u5229\u7387\u8d8b\u540c\u3002<\/p>\n

\u7a33\u5b9a\u5e01USDe\u7684\u673a\u5236<\/strong><\/p>\n

\u94f8\u9020\/\u8d4e\u56de\u673a\u5236\uff1aUSDe \u7684\u94f8\u9020\/\u8d4e\u56de\u53ea\u6709\u5217\u5165\u767d\u540d\u5355\u7684\u4e24\u4e2a\u72ec\u7acb\u6cd5\u4eba\u94f8\u5e01\u8005\uff08Ethena GmbH\u3001Ethena BVI Limited\uff09\u624d\u6709\u8d44\u683c\u8fdb\u884c\u94f8\u9020\u548c\u8d4e\u56de\u3002\u94f8\u5e01\u8005\u9700\u8981\u4ee5BTC\/ETH\/ETH LSTs\/ USDT\/USDC \u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u4e0e USDe Mint and Redeem Contract\u4ea4\u4e92\u3002\u5982\u4e0b\u56fe\uff1a<\/p>\n

\"\u5168\u9762\u89e3\u8bfbEthena\uff1a\u65b0\u4e00\u4ee3\u7684\u5e01\u5708\u8054\u50a8\"<\/p>\n

Ethena \u534f\u8baeUSDe Mint and Redeem Contract V1\u7684\u7b2c\u4e00\u7b14 USDe \u94f8\u9020<\/pre>\n
\"\u5168\u9762\u89e3\u8bfbEthena\uff1a\u65b0\u4e00\u4ee3\u7684\u5e01\u5708\u8054\u50a8\"<\/p>\n
\u8fd1\u671f\u57fa\u4e8e Ethena \u534f\u8baeUSDe Mint and Redeem Contract V2\u7684\u4e00\u7b14USDe \u94f8\u9020<\/p>\n
\"\u5168\u9762\u89e3\u8bfbEthena\uff1a\u65b0\u4e00\u4ee3\u7684\u5e01\u5708\u8054\u50a8\"<\/p>\n
\u8fd9\u662f\u4e00\u7b14 USDe\u8d4e\u56de USDT \u7684\u8bb0\u5f55<\/pre>\n
\u5728\u94f8\u9020\/\u8d4e\u56de\u65f6\uff0cBacking Assets \u7684\u5b9a\u4ef7\u662f\u7531\u591a\u4e2a\u4e0d\u540c\u6765\u6e90\u83b7\u53d6\u5e76\u6301\u7eed\u9a8c\u8bc1\uff0c\u5305\u62ec CeFi Exchange\u3001DeFi Exchange\u3001OTC Markets \u4ee5\u53ca Pyth \u548c RedStone \u7b49 Oracle\uff0c\u4ee5\u786e\u4fdd\u5b9a\u4ef7\u7684\u6b63\u786e\u5408\u7406\u3002<\/p>\n
\"\u5168\u9762\u89e3\u8bfbEthena\uff1a\u65b0\u4e00\u4ee3\u7684\u5e01\u5708\u8054\u50a8\"<\/p>\n
USDe\u7a33\u5b9a\u6027\u4fdd\u6301\u673a\u5236\uff1a\u4e3a\u786e\u4fdd USDe \u7684\u7a33\u5b9a\u6027\uff0c\u5173\u952e\u5728\u4e8e\u5bf9\u51b2\u6389Backing Assets\u7684\u4ef7\u683c\u6ce2\u52a8\u3002Ethena \u91c7\u53d6\u7684\u662f\u6267\u884c\u81ea\u52a8\u5316\u3001\u7a0b\u5e8f\u5316\u7684 Delta \u4e2d\u6027\u7b56\u7565\u3002<\/p>\n
sUSDe \u7684\u6536\u76ca\u6765\u6e90<\/strong><\/p>\n
sUSDe \u7684\u6536\u76ca\uff0c\u6765\u6e90\u4e8e Ethena \u5bf9\u62b5\u62bc\u54c1\u7684\u5904\u7f6e\u3002<\/p>\n
Ethena\u63a5\u6536\u5230\u62b5\u62bc\u54c1\u65f6\uff0c\u53ef\u4ee5\u5c06\u5176\u4f5c\u4e3a\u7a33\u5b9a\u5e01\u6301\u6709\uff0c\u8d5a\u53d6\u56fa\u5b9a\u7684\u5b58\u6b3e\u5229\u7387\uff1b<\/p>\n
\u4e5f\u53ef\u4ee5\u901a\u8fc7\u6258\u7ba1\u4eba\u59d4\u6258\u7ed9\u9009\u5b9a\u7684 CEX\uff0c\u5728 CEX \u4e2d\u8bbe\u7acb\u7a7a\u6295\u671f\u8d27\u5934\u5bf8\u5bf9\u51b2 Backing Assets \u7684\u4ef7\u683c\u6ce2\u52a8\uff0c\u540c\u65f6\u8d5a\u53d6\u8d44\u91d1\u8d39\u7387\uff1b<\/p>\n
Backing Assets \u73b0\u8d27\u5982\u679c\u662f ETH\uff0c\u8fd8\u53ef\u4ee5\u8fdb\u884c Staking\uff0c\u8d5a\u53d6 ETH Staking APR\u3002<\/p>\n
\u8fd9\u4e9b\u6536\u76ca\u4f1a\u5728\u7528\u6237\u53d6\u6d88\u8d28\u62bcsUSDe \u8d4e\u56de USDe\u65f6\uff0c\u4ee5\u8fd4\u8fd8\u7528\u6237\u66f4\u591a USDe \u7684\u5f62\u5f0f\u5206\u914d\u7ed9\u7528\u6237\u3002<\/p>\n
\u7a33\u5b9a\u5e01\uff08USDe\/sUSDe\/iUSDe\uff09\u7684\u7528\u9014<\/strong><\/p>\n
\u5728 DeFi \u9886\u57df\uff1a<\/p>\n
    \n
  • USDe\/sUSDe\u4f5c\u4e3a AAVE\u3001Spark \u7b49\u501f\u8d37\u534f\u8bae\u5e73\u53f0\u7684\u62b5\u62bc\u54c1\uff1b<\/li>\n
  • USDe\/sUSDe\u4f5c\u4e3a Perps DEX\u7b49\u5e73\u53f0\u7684\u4fdd\u8bc1\u91d1\u62b5\u62bc\u54c1\uff1b<\/li>\n
  • USDe\/sUSDe\u4f5c\u4e3a Stablecoin \u534f\u8bae\u7684\u62b5\u62bc\u54c1\uff1b<\/li>\n
  • USDe\/sUSDe\u4f5c\u4e3a \u5229\u7387\u4e92\u6362\u534f\u8bae\u7684\u57fa\u7840\u8d44\u4ea7\uff1b<\/li>\n
  • USDe \u4f5c\u4e3aSpot DEX \u4e2d\u7684\u8ba1\u4ef7\u8d27\u5e01\uff08\u7ec4\u6210\u4ea4\u6613\u5bf9\uff09\uff1b<\/li>\n<\/ul>\n
    \u5728 CeFi \u9886\u57df\uff1a<\/p>\n
      \n
    • USDe \u4f5c\u4e3a CEXs \u4e2d\u7684\u8ba1\u4ef7\u8d27\u5e01\uff08\u7ec4\u6210\u4ea4\u6613\u5bf9\uff09\uff1b<\/li>\n<\/ul>\n
      \u5728 TradFi \u9886\u57df\uff1a<\/p>\n
        \n
      • iUSDe \u662f Ethena \u9488\u5bf9 TradFi \u5e02\u573a\u63a8\u51fa\u7684\u7a33\u5b9a\u5e01\uff0c\u5141\u8bb8\u53d7\u76d1\u7ba1\u7684\u4f20\u7edf\u516c\u53f8\u8ba4\u8d2d\uff0c\u4ece\u800c\u8ba9\u8fd9\u4e9b\u4f20\u7edf\u6295\u8d44\u673a\u6784\u5728\u6ca1\u6709\u63a5\u89e6 Crypto \u7684\u72b6\u51b5\u4e0b\uff0c\u5c06 Crypto \u5e02\u573a\u7684\u9ad8\u6536\u76ca\u7387\u63d0\u4f9b\u7ed9\u4f20\u7edf\u5ba2\u6237\u3002<\/li>\n<\/ul>\n
        \u4e09\u3001Ethena\u7684\u521b\u65b0\u70b9<\/h3>\n
        Delta \u4e2d\u6027\u7b56\u7565\u5bf9\u51b2 Backing Assets \u7684\u4ef7\u683c\u6ce2\u52a8<\/strong><\/p>\n
        \u5f88\u591a\u4ee5Crypto Assets \u4e3a Backing Assets \u7684\u7a33\u5b9a\u5e01\u9879\u76ee\u6700\u7ec8\u8d44\u4e0d\u62b5\u503a\u5bfc\u81f4\u6c47\u7387\u8131\u94a9\uff0c\u5173\u952e\u5728\u4e8e\u6ca1\u6709\u5bf9\u51b2\u6389 Backing Assets \u7684\u4ef7\u683c\u6ce2\u52a8\u3002Ethena \u662f\u9996\u4e2a\u4ee5 Delta-Hedging \u7b97\u6cd5\u548c\u6267\u884c\u6a21\u578b\uff0c\u5bf9 Backing Assets \u6267\u884c\u81ea\u52a8\u5316\u3001\u7a0b\u5e8f\u5316 Delta \u4e2d\u6027\u5bf9\u51b2\u7684\u9879\u76ee\uff0c\u4f7f\u6295\u8d44\u7ec4\u5408\u7684 Delta \u503c\u63a5\u8fd1 0\u3002\u867d\u7136\u65e9\u671f Ethena \u7684 Delta-Hedging \u7b97\u6cd5\u548c\u6267\u884c\u6a21\u578b\u662f\u4e2a\u9ed1\u76d2\uff0c\u80fd\u5426\u957f\u671f\u6301\u7eed\u5b9e\u73b0 Delta \u4e2d\u6027\u7ed3\u679c\u662f\u4e2a\u6f5c\u5728\u98ce\u9669\u70b9\uff0c\u8fd9\u4e2a\u7a33\u5b9a\u6027\u4fdd\u6301\u673a\u5236\u662f\u4e2a\u521b\u65b0\u3002\u540e\u671f\u53ef\u80fd\u4f1a\u8f6c\u5411\u5f00\u653e\u5f0f RFQ \u6a21\u578b\uff0c\u5c4a\u65f6\u5404\u8def\u505a\u5e02\u5546\u90fd\u53ef\u4ee5\u4ecb\u5165\u7ade\u4e89\u6267\u884c\u5bf9\u51b2\u7684\u4efb\u52a1\u3002<\/p>\n
        \u6b63\u5e38\u60c5\u51b5\u4e0b\uff0cUSDe \u8d4e\u56de\u65f6\uff0c\u6309\u71671 USDe = 1 USDC \u7684\u57fa\u51c6\u8d4e\u56de\uff1b\u5047\u5982\u5bf9\u51b2\u673a\u5236\u6ca1\u6709\u53d1\u6325\u4f5c\u7528\uff0c\u6216\u8005\u5bf9\u51b2\u671f\u8d27\u5934\u5bf8\u7684\u8d44\u91d1\u8d39\u7387\u6709\u4e8f\u635f\uff0c\u5bfc\u81f4\u8d44\u4ea7\u50a8\u5907\u4ef7\u503c\u964d\u4f4e\u3002\u5219 USDe \u6301\u6709\u8005\u8d4e\u56de\u65f6\u7684\u62a5\u4ef7\u5c06\u5305\u62ec\u76f8\u5e94\u51cf\u5c11\u4ee5\u53cd\u6620\u8d4e\u56de\u4ef7\u683c\u7684\u6309\u6bd4\u4f8b\u51cf\u5c11\uff0c\u5e76\u4e14\u5411\u7528\u6237\u663e\u793a\u7684\u62a5\u4ef7\u5305\u62ec 10 \u4e2a\u57fa\u70b9\u7684\u8865\u507f\u8d39\u7528\u3002<\/p>\n
        \u8fdc\u9ad8\u4e8e\u591a\u6570\u7a33\u5b9a\u5e01\u9879\u76ee\u7684\u8d44\u672c\u6548\u7387<\/strong><\/p>\n
        \u4e2d\u5fc3\u5316\u7a33\u5b9a\u5e01\uff0c\u50cf USDT\u3001USDC \u8fd9\u7c7b\u6cd5\u5e01\u62b5\u62bc\u578b\u7a33\u5b9a\u5e01\uff0c\u53d7\u4f20\u7edf\u91d1\u878d\u76d1\u7ba1\u5f71\u54cd\u5f88\u5927\uff0c\u800c\u4e14\u62b5\u62bc\u8d44\u4ea7\u4e3b\u8981\u662f\u6cd5\u5e01\uff0c\u57fa\u672c\u4ee5\u4e70\u7f8e\u56fd\u56fd\u503a\u548c\u50a8\u84c4\u4e3a\u4e3b\uff0c\u4e5f\u6709\u4e2d\u5fc3\u5316\u5355\u70b9\u98ce\u9669\uff0c\u8d44\u672c\u6548\u7387\u4e0d\u9ad8\u3002<\/p>\n
        \u53bb\u4e2d\u5fc3\u5316\u7a33\u5b9a\u5e01\uff0c\u50cf MakerDAO \u7684 DAI\u7b49\uff0c\u4e00\u822c\u9700\u8981 120%-150% \u7684\u8d85\u989d\u62b5\u62bc\uff0c\u5982\u679c\u8003\u8651\u89c4\u907f\u88ab\u6e05\u7b97\u7684\u5b89\u5168\u8fb9\u9645\uff0c\u5b9e\u9645\u62b5\u62bc\u7387\u53ef\u80fd\u8981\u8d85\u8fc7 200%\uff0c\u8d44\u672c\u6548\u7387\u8f83\u4f4e\uff0c\u4e14\u5728\u5e02\u573a\u6781\u7aef\u6ce2\u52a8\u65f6\uff0c\u5ba2\u6237\u7684\u62b5\u62bc\u8d44\u4ea7\u82e5\u88ab\u6e05\u7b97\u4f1a\u9020\u6210\u989d\u5916\u7684\u6e05\u7b97\u635f\u5931\u3002<\/p>\n
        Ethena \u7684 USDe\uff0c\u5728\u8d44\u4ea7\u62b5\u62bc\u7387\u4e0a\uff0c\u5df2\u7ecf\u8d8b\u8fd1\u4e8e1USD\uff1a1 USDe\uff0c\u540c\u65f6\u8f85\u4ee5 Delta \u4e2d\u6027\u7b56\u7565\u5bf9\u51b2\u4ef7\u683c\u6ce2\u52a8\uff0c\u8d44\u672c\u6548\u7387\u5f88\u9ad8\uff0c\u4e14\u7a33\u5b9a\u6027\u4e5f\u6709\u4fdd\u969c\u3002<\/p>\n
        \u66f4\u4e3a\u5173\u952e\u7684\u662f\uff0cEthena \u7684\u5b9a\u4f4d\u8ba9\u7a33\u5b9a\u5e01\u8d5b\u9053\u5185\u7684\u5176\u4ed6\u9879\u76ee\uff0c\u4e5f\u53ef\u4ee5\u6210\u4e3a Ethena \u7684\u5408\u4f5c\u4f19\u4f34\u3002\u6bd4\u5982 Sky\u3001Frax\u3001Usual \u90fd\u5df2\u7ecf\u5728\u4ed6\u4eec\u81ea\u5df1\u7684\u4ea7\u54c1\u4e2d\u7ec4\u5408\/\u878d\u5408\u4e86 Ethena \u7684\u4ea7\u54c1\u3002<\/p>\n
        OES\u6258\u7ba1\u6a21\u5f0f\u786e\u4fdd\u8d44\u4ea7\u5b89\u5168<\/strong><\/p>\n
        Ethena\u76ee\u524d\u4e0e\u591a\u4e2a\u6258\u7ba1\u4eba\u5408\u4f5c\uff0c\u5305\u62ec Copper\u3001Ceffu\u3001Cobo\u3002\u5408\u4f5c\u91c7\u53d6OES\uff08Off-Exchange Settlement\uff09\u6a21\u5f0f\uff0c\u8fd9\u79cd\u6a21\u5f0f\u4e0bbacking assets \u4e0d\u9700\u8981\u79bb\u5f00\u94fe\u4e0a\u94b1\u5305\uff0c\u6240\u4ee5\u4e0d\u9700\u8981\u62c5\u5fc3 CEX \u7684\u98ce\u9669\uff1b\u4e5f\u4e0d\u9700\u8981\u62c5\u5fc3\u6258\u7ba1\u4eba\u7684\u98ce\u9669\uff0c\u56e0\u4e3a\u6258\u7ba1\u4eba\u4e5f\u6ca1\u6cd5\u5355\u72ec\u63a7\u5236\u8fd9\u4e9b\u6258\u7ba1\u8d44\u4ea7\u3002 \u4ee5\u6258\u7ba1\u4eba\u4e3aCooper\u65f6\u4e3a\u4f8b\uff0c\u8fd9\u4e9bbacking assests\u662f\u4fdd\u5b58\u5728\u4e00\u4e2a\u573a\u5916\u4fdd\u9669\u5e93\u4e2d\uff0cEthena\u3001Cooper\u3001\u573a\u5916\u4fdd\u9669\u5e93\u5206\u522b\u6301\u6709\u4e00\u4e2a\u5bc6\u94a5\uff0c\u9700\u8981\u4e24\u65b9\u7b7e\u540d\u624d\u53ef\u4ee5\u6267\u884c\u4ea4\u6613\uff1b\u6216\u8005\u662f\u4fdd\u5b58\u5728\u7834\u4ea7\u8fdc\u7a0b\u4fe1\u6258\uff08bankruptcy-remote trust\uff09\u4e2d\u3002<\/p>\n
        \u878d\u5408\u4f20\u7edf\u91d1\u878d\u505a\u5927\u505a\u5f3aUSDe<\/strong><\/p>\n
        Ethena\u901a\u8fc7\u7a33\u5b9a\u5e01 USDe\u8ba9 CeFi\u3001DeFi\u3001TradFi \u4e09\u4e2a\u9886\u57df\u7684\u8d44\u91d1\u8054\u7cfb\u5728\u4e00\u8d77\uff0c\u901a\u8fc7\u6355\u83b7\u8fd9\u4e09\u4e2a\u9886\u57df\uff08\u4ea4\u6613\u6240\u3001\u94fe\u4e0a\u3001\u4f20\u7edf\u91d1\u878d\uff09\u7684\u8d44\u91d1\u5229\u7387\u5dee\uff0c\u53ef\u4ee5\u7ed9\u5ba2\u6237\u5e26\u6765\u66f4\u9ad8\u6536\u76ca\u7387\u3002<\/p>\n
        \"\u5168\u9762\u89e3\u8bfbEthena\uff1a\u65b0\u4e00\u4ee3\u7684\u5e01\u5708\u8054\u50a8\"<\/p>\n
        TradFi \u4e2d\u4e00\u822c\u6ca1\u6709\u592a\u591a\u9ad8\u6536\u76ca\u7387\u7684\u4ea7\u54c1\uff0c\u4f46\u662f\u4f4e\u6536\u76ca\u7387\u7684\u56fa\u5b9a\u6536\u76ca\u5e02\u573a\u89c4\u6a21\u975e\u5e38\u5e9e\u5927\u3002Crypto \u9886\u57df\uff0c\u7531\u4e8e\u7528\u6237\u7684\u6760\u6746\u4ea4\u6613\u9700\u6c42\uff0c\u5e26\u6765\u4e86\u66f4\u591a\u5bf9\u8d27\u5e01\uff08\u7f8e\u5143\u7a33\u5b9a\u5e01\uff09\u7684\u9700\u6c42\uff0c\u4ece\u800c\u8ba9 Crypto \u884c\u4e1a\u65f6\u5e38\u5b58\u5728\u201d\u65e0\u98ce\u9669\u201c\u7684\u9ad8\u6536\u76ca\u7387\u673a\u4f1a\u3002<\/p>\n
        Ethena \u5145\u5f53\u4e86\u4e00\u4e2a\u6865\u6881\u7684\u4f5c\u7528\uff0c\u878d\u5408\u4f20\u7edf\u91d1\u878d\u505a\u5927\u505a\u5f3a USDe\u3002\u5f53\u7f8e\u8054\u50a8\u5229\u7387\u5f88\u4f4e\u65f6\uff08\u6216\u8005\u8bf4\u964d\u606f\u5468\u671f\uff09\uff0cCrypto \u7684\u4ea4\u6613\u4f1a\u66f4\u52a0\u6d3b\u8dc3\uff0c Crypto \u5e02\u573a\u7684\u6c38\u7eed\u5408\u7ea6\u8d44\u91d1\u8d39\u7387\u4e5f\u4f1a\u6bd4\u8f83\u9ad8\uff0cEthena\u7528\u4e8eDelta \u5bf9\u51b2\u7684\u7a7a\u5934\u671f\u8d27\u5934\u5bf8\u53ef\u4ee5\u8d5a\u53d6\u66f4\u591a\u7684\u8d44\u91d1\u8d39\u7387\u3002\u4ece\u800c\u51fa\u73b0\u4e00\u4e2a\u73b0\u8c61\u2014\u2014\u4f20\u7edf\u91d1\u878d\u7684\u6536\u76ca\u7387\u5f88\u4f4e\u7684\u65f6\u5019\uff0c \u5ba2\u6237\u901a\u8fc7 Ethena\u53cd\u800c\u53ef\u4ee5\u83b7\u5f97\u66f4\u9ad8\u7684\u6536\u76ca\u7387\u3002<\/p>\n
        \u56e0\u6b64\uff0ciUSDe\u53ef\u4ee5\u6ee1\u8db3\u4f20\u7edf\u91d1\u878d\u5ba2\u6237\u5728\u4f4e\u5229\u7387\u65f6\u671f\u7684\u8d44\u4ea7\u914d\u7f6e\u9700\u6c42\u3002\u8fd9\u53ef\u80fd\u4e5f\u662f Franklin Templeton \u548c Fidelity Investments \u65d7\u4e0b\u98ce\u6295\u673a\u6784 F-Prime Capital \u53bb\u5e74 12 \u6708\u6295\u8d44 Ethena\u6218\u7565\u8f6e 1 \u4ebf\u7f8e\u5143\u7684\u4e00\u90e8\u5206\u539f\u56e0\u3002\u6b64\u5916\uff0cEthena \u4e0e BlackRock BUIDL \u5408\u4f5c\u63a8\u51fa\u7684 USDtb\uff0c\u4e5f\u53ef\u80fd\u4f1a\u63a8\u52a8\u5927\u91cf\u8d44\u91d1\u4ece TradFi \u6d41\u5165 Ethena \u8fdb\u800c\u6d41\u5165 Crypto\u5e02\u573a\u3002<\/p>\n
        \u56db\u3001\u9879\u76ee\u53d1\u5c55\u73b0\u72b6<\/h3>\n
        Ethena \u7684 USDe\u5df2\u7ecf\u6210\u4e3a\u7b2c\u4e09\u5927\u7f8e\u5143\u7a33\u5b9a\u5e01\u3002\u622a\u81f3 2025 \u5e74 3 \u6708 7 \u65e5\uff0cUSDe \u7684\u53d1\u884c\u91cf\u5df2\u7ecf\u8fbe\u5230 55\u4ebf+\u7f8e\u5143\uff0c\u4ec5\u6b21\u4e8e USDT \u548c USDC\u3002Transfer Volume \u6392\u540d\u7b2c\u56db\uff0c\u4ec5\u6b21\u4e8e USDT\u3001USDC\u3001DAI\u3002\u4f46 Active Addresses \u6570\u91cf\u8f83\u5c11\uff0c\u4ec5\u6709 1612 \u4e2a\uff0cC \u7aef\u5e94\u7528\u573a\u666f\u6709\u5f85\u6269\u5c55\u3002Ethena\u7684\u8425\u6536\u4e5f\u53d1\u5c55\u8fc5\u901f\uff0c\u662f\u4ec5\u6b21\u4e8e Pump.fun \u7684\u7b2c\u4e8c\u5feb\u8fbe\u5230 1 \u4ebf\u7f8e\u5143\u6536\u5165\u7684\u52a0\u5bc6\u8d27\u5e01\u521d\u521b\u516c\u53f8\u3002<\/p>\n
        Ethena\u5df2\u6210\u4e3a\u8bb8\u591a DeFi \u534f\u8bae\u7684\u5173\u952e\u57fa\u77f3\u3002Pendle \u7684 TVL \u4e2d\u8d85\u8fc7 50% \u5f52\u56e0\u4e8e Ethena\uff1bSky \u7ea625% \u6536\u5165\u5f52\u56e0\u4e8e Ethena\uff1bMorpho \u7684 TVL \u4e2d\u7ea6 30% \u7684\u6536\u76ca\u6765\u81ea\u5229\u7528 Ethena \u8d44\u4ea7\uff1bEthena \u662fAave\u4e0a\u589e\u957f\u6700\u5feb\u7684\u65b0\u8d44\u4ea7\uff1b\u5927\u591a\u6570 \u57fa\u4e8e EVM \u7684 Perps \u90fd\u96c6\u6210\u4e86 USDe \u62b5\u62bc\u54c1\uff1b<\/p>\n
        Ethena\u6b63\u56f4\u7ed5 USDe \u6253\u9020\u751f\u6001\u3002\u6839\u636eEthena\u5b98\u7f51\u516c\u5f00\u4fe1\u606f\uff0c2025 \u5e74 Q1 \u5c06\u63a8\u51fa\u4e24\u4e2a\u9879\u76ee\u2014\u2014\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u5e73\u53f0 Ethereal \u548c \u94fe\u4e0a\u4ea4\u6613\u534f\u8bae Derive\uff08\u652f\u6301\u671f\u6743\u3001\u6c38\u7eed\u548c\u73b0\u8d27\u4ea4\u6613\uff09\u3002\u5728\u5916\u90e8\u5408\u4f5c\u65b9\u9762Ethena \u8d70\u5f97\u4e5f\u5f88\u7a33\uff0c\u4e0e\u8d1d\u83b1\u5fb7\u5408\u4f5c\u63a8\u51fa\u4e86 USDtb\uff0c\u53c8\u4e0e\u7279\u6717\u666e\u5bb6\u65cf DeFi \u9879\u76ee World Liberty Financial \u8fbe\u6210\u5408\u4f5c\u3002<\/p>\n
        Ethena \u4e5f\u5b58\u5728\u4e00\u4e9b\u98ce\u9669\u70b9\uff1a<\/p>\n
        USDe \u7684\u6838\u5fc3\u6536\u76ca\u4e0d\u7a33\u5b9a\u2014\u2014\u524d\u9762\u8bb2\u4e86USDe\u6709\u4e09\u5927\u6536\u76ca\u6765\u6e90\uff0c\u4e00\u662f Backing Stablecoin \u7684\u5b58\u6b3e\u5229\u7387\u6536\u76ca\uff0c\u4e8c\u662f\u7a7a\u5934\u671f\u8d27\u5934\u5bf8\u7684\u8d44\u91d1\u8d39\u7387\u6536\u76ca\uff0c\u4e09\u662fBacking Assets \u4e2d ETH \u7684\u8d28\u62bc\u6536\u76ca\u3002\u5176\u4e2d\u671f\u8d27\u5934\u5bf8\u7684\u8d44\u91d1\u8d39\u5728\u718a\u5e02\u4e2d\u53ef\u80fd\u4f1a\u51fa\u73b0\u6301\u7eed\u7684\u8d1f\u8d44\u91d1\u8d39\u7387\uff0c\u5bfc\u81f4USDe \u6536\u76ca\u4e8f\u7a7a\u3002<\/p>\n
        CEX\u7684ADL\u673a\u5236\u53ef\u80fd\u5bfc\u81f4 Delta \u4e2d\u6027\u7b56\u7565\u5931\u6548\u2014\u2014\u56e0\u4e3a CEX \u6709\u81ea\u52a8\u53bb\u6760\u6746\uff08ADL\uff09\u673a\u5236\uff0c\u53ef\u80fd\u5728\u7279\u5b9a\u65f6\u671f\u5f71\u54cd Ethena \u7684 Delta \u4e2d\u6027\u7b56\u7565\u3002<\/p>\n
        \u5408\u4f5c\u4f19\u4f34\u53ef\u80fd\u5e26\u6765\u6d41\u52a8\u6027\u98ce\u9669\u2014\u2014Bybit \u662f USDe \u91c7\u7528\u7387\u6700\u9ad8\u7684\u4ea4\u6613\u6240\uff0c\u9ad8\u5cf0\u65f6\u671f\u6301\u6709\u8fd1 7 \u4ebf USDe\u3002\u540c\u65f6\uff0c \u4e0e Bybit \u5173\u7cfb\u5bc6\u5207\u7684Layer2 Mantle\uff08Bybit\u8054\u5408\u521b\u59cb\u4eba\u521b\u7acb\u7684 BitDAO \u4e0e Mantle \u751f\u6001\u7cfb\u7edf\u5408\u5e76\uff09\u662f USDe\u4f9b\u5e94\u91cf\u7b2c\u4e8c\u5927\u7684\u94fe\u3002\u6b64\u6b21 Bybit \u88ab\u9ed1\u5ba2\u76d7\u5e01\u4e8b\u4ef6\uff0c\u5f15\u53d1\u4e86\u8d85\u8fc7 1.2 \u4ebf\u7f8e\u5143\u7684 USDe \u8d4e\u56de\u9700\u6c42\uff0cEthena \u76ee\u524d\u6709 19 \u4ebf\u7f8e\u5143\u7684 Backing Assets \u662fLiquid Stables\uff0c\u56e0\u6b64\u8db3\u4ee5\u8986\u76d6\u8fd9\u4e9b\u7a81\u7136\u5de8\u589e\u7684\u8d4e\u56de\u9700\u6c42\u3002\u4f46\u6ca1\u6cd5\u6392\u9664\u672a\u6765\u53ef\u80fd\u51fa\u73b0\u8d85\u8fc7\u5176 Liquid Stables \u50a8\u5907\u7684\u5de8\u91cf\u96c6\u4e2d\u8d4e\u56de\uff0c\u4ece\u800c\u5e26\u6765\u77ed\u671f\u7684\u6d41\u52a8\u6027\u98ce\u9669\u3002<\/p>\n
        \u4e94\u3001Ethena\uff08ENA\uff09\u6295\u8d44\u4ef7\u503c<\/h3>\n
        ENA \u76ee\u524d FDV 5.6B\uff0c\u6d41\u901a\u5e02\u503c 2B\u3002Ethena \u5171\u8fdb\u884c\u4e86\u4e09\u8f6e\u878d\u8d44\uff0c\u878d\u8d44\u91d1\u989d\u5206\u522b\u4e3a6M\u300114M\u3001100M\uff0c\u5176\u4e2d\u7b2c\u4e8c\u8f6e\u4f30\u503c\u4e3a 3 \u4ebf\u7f8e\u5143\uff0c\u76ee\u524d\u7684\u5e01\u4ef7\u4ecd\u670918\u500d+\u6536\u76ca\u3002<\/p>\n
        \"\u5168\u9762\u89e3\u8bfbEthena\uff1a\u65b0\u4e00\u4ee3\u7684\u5e01\u5708\u8054\u50a8\"<\/p>\n
        2025 \u5e74 5 \u6708 5 \u65e5\u4e4b\u524d\uff0c\u6d41\u901a\u7684 Token \u4e3b\u8981\u662f2% \u7684Binance Launchpool\uff0c\u6b64\u5916\u8fd8\u6709\u57fa\u91d1\u4f1a\u548c\u56e2\u961f\u4efd\u989d\u5904\u4e8e\u7ebf\u6027\u89e3\u9501\u4e2d\u30024 \u6708\u4efd\uff0c\u5c06\u6709\u90e8\u5206 OTC \u8d2d\u4e70\u7684\u4efd\u989d\u5f00\u59cb\u89e3\u9501\uff0c\u6210\u672c\u4ef7\u7ea6\u4e3a 0.25U\uff1b5 \u6708 5 \u65e5\u5f00\u59cb\uff0c\u6bcf\u4e2a\u6708\u5c06\u589e\u52a0\u6295\u8d44\u673a\u6784\u7684\u4efd\u989d\u7ebf\u6027\u89e3\u9501 7800w+ENA\/\u6708\u3002<\/p>\n
        \"\u5168\u9762\u89e3\u8bfbEthena\uff1a\u65b0\u4e00\u4ee3\u7684\u5e01\u5708\u8054\u50a8\"<\/p>\n
        \u8fd1\u671f Crypto \u5e02\u573a\u6574\u4f53\u56de\u8c03\uff0cENA\u8868\u73b0\u5f88\u5f31\u3002BTC\u81ea\u9ad8\u70b9\u56de\u8c03\u4e8625%\uff0cETH\u81ea\u9ad8\u70b9\u56de\u8c03\u4e8650%\uff0cENA\u81ea\u9ad8\u70b9\u56de\u8c03\u4e86\u7ea6 70%\u3002\u4e0a\u8ff0ENA Token \u5373\u5c06\u89e3\u9501\u7684\u5229\u7a7a\uff0c\u53ef\u80fd\u5df2\u7ecf\u6bd4\u8f83\u5145\u5206\u5730\u4f53\u73b0\u5728\u5f53\u524d\u5e01\u4ef7\u4e2d\u4e86\u3002<\/p>\n
        \u7efc\u5408\u800c\u8a00\uff0cEthena\u77ed\u4e2d\u671f\u5e01\u4ef7\u627f\u538b\uff0c\u9879\u76ee\u6838\u5fc3\u4e1a\u52a1\u6709\u957f\u671f\u4ef7\u503c\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
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