這幾天Ethena與Spark的合作提案有可能會助推USDe站上第三大穩定幣，筆者想透過本篇文章簡單解析一下這個提案
Spark是甚麼？
Spark是Sky(原MakerDAO)旗下專注於穩定幣流動性的借貸型subDAO，目前管理高達62億美元的穩定幣流動性
提案對於Spark有什麼影響
根據提案文檔資料，過去Spark主要透過Morpho借貸來獲得USDe曝險，在風險管理的考量下，曝險的比例相對較小。
透過這次直接與Ethena合作，將有利於Spark：
獲得更好的收益率(與sUSDe有關)風險變得更可控(Ethena將提供短於七天的贖回時間)操作性更高(可以直接透過Ethena合約將USDC部屬到USDe和sUSDe)
提案對於Ethena有什麼影響
將會獲得高達11億美元流動性注入到USDe及sUSDe(目前USDe市值58億美元)新增的流動性能使Ethena獲得更多操作空間，有利於賺取收益新增的流動性將能助推USDe市值進一步提高，可能超過第三大穩定幣DAI
總結
雖然此合作案對於散戶參與者而言直接關聯性較小(與ENA幣價、空投的關聯性較低)，但是多數用戶是藉由穩定幣USDe、sUSDe參與Ethena生態，因此了解Ethena整體發展及穩定幣USDe的現況還是很重要。
畢竟沒有人會想再經歷一次穩定幣協議崩盤、穩定幣價格脫錨吧！
這些合作案都再再的顯示Ethena逐漸在多鏈的市場中成為底層根基，這也使得USDe要遭遇極端問題的可能性降低，對於我們散戶投資者來說，能增加我們安心持有USDe的信心。

題外話，最近一段時間追蹤Ethena的動態後，真心感覺到這個團隊在商業模型運作跟精進的能力很強。從我新創孵化的經驗來看，我對Ethena的信賴程度提高不少，後續也還會持續跟進它的更新(我覺得是一個很好的商業案例)，有興趣的夥伴，歡迎Follow、一起討論！
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※想參與Ethena第三季ENA空投的夥伴可以使用我的code：
eu54u
※以上內容皆不構成投資建議，請用戶根據自身的風險承受能力進行操作，DYOR謹慎參與投資市場。
※附圖取自Spark Mirror
#ethena_labs #Spark #USDe $ENA

Ethena Labs is revolutionizing decentralized finance with its innovative USDe, a synthetic dollar protocol built entirely on Ethereum. By offering a bank-free solution, Ethena Labs is paving the way for a more stable, scalable, and decentralized financial future.
🌟 Why USDe is a Game-Changer
1️⃣ Crypto-Native Stability: Designed to maintain stability without dependence on traditional banks.
2️⃣ Scalability: Leveraging Ethereum's infrastructure for seamless global adoption.
3️⃣ Decentralized Innovation: Trustless and accessible to everyone, empowering the next-gen financial system.
💡 What Sets Ethena Labs Apart?
Eliminates reliance on centralized financial systems.
Builds a scalable and inclusive monetary ecosystem for crypto users.
Bridges the gap between traditional finance and cutting-edge DeFi solutions.
The Future of Decentralized Money
With USDe, Ethena Labs isn’t just creating another stablecoin—they’re shaping a vision of financial freedom for the digital age. As $ENA rises by 17.03%, it’s clear Ethena Labs is becoming a key player in the DeFi space.
Are you ready to embrace the future of decentralized finance?
#EthenaLabs #USDe #DeFi #Ethereum #CryptoInnovation

Disclaimer: This article is for educational purposes only. The information provided does not constitute advice or recommendation for investment or trading. Please seek professional advice before taking financial risks.
Key Takeaways
✅ Ethena is a synthetic dollar protocol built on Ethereum. Its stablecoin, USDe, is backed by cryptocurrency collateral and short futures positions.
✅ ENA, Ethena's native token, is used as a governance token by its community.
✅ Ethena employs blockchain, smart contracts, and price oracles to maintain price stability and operate without intermediaries.
✅ Ethena’s goal is to provide decentralized, transparent, and scalable crypto-native money to address centralization risks and improve global accessibility.
What Is Ethena?
🌐 Ethena is a blockchain project focused on creating decentralized synthetic assets. Its goal is to provide an alternative to centralized stablecoins like USDT and USDC, which rely on traditional banking systems.
Unlike traditional stablecoins, Ethena’s decentralized system eliminates reliance on middlemen, using smart contracts and blockchain technology to ensure transparency, security, and censorship resistance.
Project Vision
Ethena envisions a trustless, censorship-resistant financial system where users can access stable assets without relying on intermediaries.
Key Problems Ethena Solves:
🔒 Centralization Risks: Removes reliance on third parties, reducing vulnerability to regulation and censorship.
📖 Transparency: Ensures full traceability with blockchain technology.
💰 DeFi Needs: Provides stable assets for seamless integration into decentralized finance ecosystems.
🌍 Global Accessibility: Offers financial solutions for regions with limited banking access.
How Does Ethena Work?
Ethena employs innovative blockchain technologies to create and maintain its synthetic assets, USDe and ENA.
1️⃣ Synthetic Assets
🪙 USDe is a stablecoin pegged 1:1 to the US dollar. Unlike traditional stablecoins, it maintains stability through decentralized mechanisms.
2️⃣ Collateralization
To mint USDe, users deposit cryptocurrency as collateral. The system employs overcollateralization to safeguard against market volatility.
For example:
Deposit $150 worth of USDT.Receive $100 worth of USDe tokens.The extra $50 collateral acts as a safety net for price fluctuations.
3️⃣ Price Stability Mechanism
Ethena leverages price oracles to monitor the market and maintain the 1:1 peg. These decentralized systems adjust supply and demand as needed to stabilize USDe.
4️⃣ Smart Contracts
All operations are automated via smart contracts, ensuring a trustless system with no human intervention.
5️⃣ Decentralized Governance
ENA token holders participate in governance through a decentralized autonomous organization (DAO). They vote on proposals to improve the system or adjust parameters.
Closing Thoughts
Ethena offers a decentralized alternative to traditional stablecoins, solving challenges like centralization, lack of transparency, and limited access to financial systems.
Its reliance on blockchain, smart contracts, and oracles demonstrates the potential of decentralized solutions for a resilient financial future. However, its success will depend on adoption and its ability to navigate regulatory and market challenges.
📚 Further Reading:
What Is a Stablecoin?Why Do Stablecoins Depeg?What Is Tether (USDT)?
📢 Disclaimer: Digital assets are volatile. Always consult financial professionals before investing.
🌟 #Ethena 🌐 #USDe 🪙 #Stablecoin 💡 #DeFi 🚀 #ENA
$ENA $ETH $XRP

Porquê a $ENA pode se tornar um novo ouro no mercado de Criptomoedas? Existem muitas Criptomoedas disponíveis e qual motivo traria a ENA para essa comparação?

Várias moedas são lançadas a todo momento, mas os projetos não resolvem problemas tão emergentes, no caso da ENA (Ethena), existe um grande projeto por trás, o Dólar USDE, que possivelmente vai ajudar a resolver os problemas em torno do USDT (Tether) principal stablecoin, que é alvo de diversas autoridades por alegação de falta de transparência sobre suas reservas (lastro), exatamente a solução entregue no USDE.
O USDE é visto como uma Stablecoin mais elaborada, uma vez que é lastreada em operações no próprio mercado de Criptomoedas, sem depender de uma caixa físico, fugindo dos entraves do sistema bancário tradicional.
Como funciona o Dólar Ethena USDE?
Cada vez que é feita uma reserva em um ativo, por exemplo o BTC, é feita uma operação contrária no próprio ativo para garantir a paridade de preços, ou seja, se investirem 1B USDE em BTC, emitindo uma operação de vendas (contrária) em Futuros para compensar a reserva caso a moeda caia de preço, e isso acontece de forma automática. Uma Criptomoeda estável que não depende de lastro no sistema bancário tradicional tem um apelo muito forte a quem pretende reduzir burocracias e manter o anonimato. É exatamente o que faltava no mundo das criptomoedas.
USDT pode ser rastreado com muita facilidade, ao contrário do USDE
Aqui entra a ENA, pois com o aumento da escalabilidade do ecossistema USDE, a ENA se torna a principal reserva de valor do sistema, sendo usada tanto em Spot quanto no mercado Futuros, fazendo ficar cada vez mais conhecida e robusta, um verdadeiro OURO DIGITAL. Com o passar do tempo, ENA terá um volume de circulação sempre nas alturas. Os grandes investidores já estão começando a sentir confiança no projeto, então essa reserva se tornará crescente de forma consistente, sendo praticamente impossível retornar ao valor de lançamento, o que garante proteção aos investidores de longo prazo que estão entrando e segurando seus ativos pensando em 10, 20, 30 ou até 100x de valorização.
Faça sua própria análise e invista com sabedoria!
Deus abençoe você e sua família! 🙌🏼
#Binance #BTC #ENA #ETHENA #USDE

Ethena（ENA）和其合成美元USDe正试图为去中心化金融（DeFi）领域提供新的解决方案，通过稳定性、去中心化和收益生成的特性，推动加密货币的普及和应用。
1. USDe的核心特点
USDe是一种锚定美元的合成稳定币，目标是在加密市场中提供稳定性。其主要特点包括：
稳定性：USDe通过Delta对冲策略保持与美元的1:1挂钩。这一策略利用以太坊衍生品市场的空头头寸来抵消价格波动，从而维持其稳定性。收益生成：用户不仅能通过质押以太坊获得稳定的收益，还能从Delta对冲活动中的资金费率和基差收益中获益。这使得USDe类似于“互联网债券”，既提供稳定性，也为投资者创造收益机会。
2. Ethena协议如何运作？
Ethena协议通过以太坊区块链构建了一个去中心化的稳定货币系统：
铸造USDe：用户将以太坊或其衍生品（如stETH）作为抵押，系统会自动建立Delta中性头寸以确保USDe的稳定性。Delta对冲机制：这一策略通过建立与抵押资产等值的空头头寸，实时对冲市场波动，从而保障USDe与美元的稳定挂钩。风险管理：Ethena采用多样化的对冲策略，并通过场外结算机制管理资产，降低了外部平台风险。

3. USDe的用途
USDe不仅是一种稳定币，也在多个DeFi应用中扮演重要角色：
交易媒介：它可以作为去中心化交易中的交易媒介，避免其他加密货币常见的高波动性问题。储蓄与投资工具：用户通过质押以太坊或其他数字资产生成USDe，获得稳定的收益，类似传统的债券投资。DeFi应用：USDe可作为抵押品用于借贷、放贷或流动性提供，进一步增强了其在DeFi生态系统中的重要性。
4. USDe与其他稳定币的对比
与市场上其他稳定币（如USDT、USDC）相比，USDe在多个方面具有显著的优势：
稳定机制：USDe通过Delta对冲机制维持稳定，而传统稳定币通常依赖法币储备来维持价值，这可能存在不确定性。去中心化：USDe运行在去中心化的Ethena协议上，确保没有单一实体控制其发行或赎回过程。收益生成：USDe为持有者提供内在收益，而大多数其他稳定币需要借助外部平台来实现收益。可扩展性与效率：基于以太坊的USDe能够高效集成进各种DeFi协议，具有更好的可扩展性。

5. Ethena的潜力
Ethena和USDe的创新性不仅在于它们提供了一种稳定的货币形式，还通过提供收益机会、去中心化运作和提高系统效率，推动了DeFi的进一步发展。随着DeFi生态系统的扩展，USDe可能成为去中心化金融基础设施的重要组成部分，尤其在跨境支付、储蓄和投资等领域具有巨大的应用前景。
总之，Ethena（ENA）和USDe的推出标志着DeFi领域的一次重要创新，它不仅为加密货币用户提供了稳定的交易媒介，还为投资者提供了稳定收益的机会，推动了去中心化金融的普及和发展。
洞察市场节奏，才是掌控财富的开始！跟紧老谭，提前布局，让下一个巅峰，属于你的账户！关注老谭，绝不让机会溜走！
#ENA #DEFİ #USDe #Ethena #纳斯达克100指数宣布纳入微策略 $ENA $ETH $SOL

隨著前美國總統川普在新一次大選獲勝，基於川普選前的親加密貨幣言論、立場，幣市隨之迎來大漲並突破新高。可見本輪牛市週期中，政治深刻牽動著幣市發展，並隨之產生所謂「政治概念幣」的新主題類別。
恰逢Ethena(ENA)近期兩則消息，分別是川普團隊的WLFI宣布與Ethena建立合作關係、Grayscale將ENA納入2025 Q1 TOP20代幣清單，本文想從這兩件事討論Ethena(ENA)的發展潛力：
1.川普團隊WLFI與Ethena合作案

World Liberty Financial作為川普支持的專案，自從九月成立以來，每次的合作官宣都會帶動相連幣種大幅波動，我認為可以說，加密貨幣用戶已經將WLFI的合作官宣投射為政治概念幣的評判依據。
關於這次與Ethena的合作案，主要是想將sUSDe引入WLFI的Aave抵押資產。
簡單來說，對於Aave及WLFI而言，能收獲Ethena USDe用戶的流動性；對Ethena而言則是能擴展USDe的使用場景。
對此，Ethena已經承諾會提供WLFI的USDe獲取第三季ENA空投積分的支援。
不管最終提案有沒有通過，根據Ethena、WLFI的發言，似乎已經確定合作是必然。
除此之外，WLFI也已經投資Ethena的ENA代幣，不能看出它確實想凸顯自己對於Ethena專案的支持。

筆者：
針對此合作案，我認為WLFI確實製造Ethena具備政治概念幣的形象，比起沒有合作關係的專案代幣，Ethena鍍上一層「潛在監管利好」的模樣。
但對於一般投資者而言，我認為除了關注合作案的進展及政治概念幣的強弱形象外，更該注意的是WLFI如何處理投資Ethena的資金，例如繼續買進、持續買進，還是賣出？
往後的操作，都有可能會對Ethena(ENA)走勢產生潛在影響。
2.Grayscale 2025Q1 TOP20納入ENA

作為元祖級的合規加密貨幣產品提供商，Grayscale對於Crypto的態度始終都給人種中規中矩的感覺，也因此其看好的代幣常被視為具有監管合規能力強的特性。
灰度這次更新TOP20清單，納入六種新代幣分別是HYPE、ENA、VIRTUAL、JUP、JTO、GRASS，移除TON、NEAR、STACKS、MAKER、UMA、CELO。
這份清單會影響灰度製造的加密貨幣指數，從這次的公告中，其提及三個因素是這次清單構成的考量重點：大選及監管對產業的影響、去中心化人工智慧、Solana生態發展。

筆者：
Ethena被納入這份清單，我認為又大大強化Ethena具備政治概念幣的形象，使其成為合規型的公司基於政治、監管因素所認可的代幣。
此外，近期也逐漸掀起追逐「政治正確」幣種的風潮，例如灰度、CB等美國機構所認可的幣種清單，能被納入它們的合格清單之中，絕對是潛在利好。

總結
綜合以上所述內容，我認為Ethena確實逐漸塑造出政治正確的形象。當然這都處於影響心理認可的潛在因素，去中心化金融本身就與傳統金融有分庭抗禮的態勢，建基於defi的Ethena到底能不能獲得正式的監管認可仍不好說。
但是不可否認的是，在穩定幣的競爭中，Ethena的USDe確實有強大的成長能力，正逐步的撼動USDT、USDC的地位。在這樣的背景下，只要Ethena能透過適當的措施將其轉化為ENA利好的因素，相信ENA還是有很大的成長空間。
另外Ethena也動作頻頻的提升整體協議的健康度、發展能力，讓人越來越看好Ethena的發展空間，期待看到Ethena專案方將各式因素都成功轉化為ENA的上漲條件！

難得透過資訊面、合作面來探討Ethena(ENA)，歡迎大家一起討論自己的看法！
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※想參與Ethena第三季空投活動賺取ENA的夥伴可以使用我的code：
eu54u
※以上內容皆不構成投資建議，請用戶根據自身的風險承受能力進行操作，DYOR謹慎參與投資市場。
※附圖取自Ethena社群推文、灰度研究報告
#EthenaLabs #WLFI #Grayscale #ENA走势分析 #USDe $ENA