来源:Ethena Labs;编译:陶朱,金色财经
Source: Ethena Labs; edited by Tauju, Gold Book
今天标志着 USDe 的增长和使用与 $ENA 更加紧密地结合在一起迈出了重要的一步。Ethena 将开始在 Ethena 生态系统中逐步为 $ENA 引入更多实用功能,首先是推出 $ENA 的通用质押功能。
Today marks an important step towards closer integration between the growth and use of USDE and $ENA. Ethena will begin to introduce more practical functions into the Ethena ecosystem, starting with the introduction of $ENA's universal pledge function.
i) Ethena 生态系统中 $ENA 的当前用例;
(i) Current examples of $ENA in the Ethena ecosystem;
ii) 引入 $ENA 和 $USDe 的通用再质押;
(ii) Introduction of universal remals for $ENA and $USDE;
iii) Symbiotic 中 $ENA 再质押池的潜在奖励;
(iii) Potential incentive for $ENA re-mortgage pool in Symbiotic;
iv) 从第 1 季开始,对未归属 ENA 的用户进行锁定要求,立即减少未来 $ENA 通胀。
iv) Starting with season 1, locking requirements for users who are not part of the ENA to reduce inflation in the future at $ENA immediately.
目前,$ENA 的使用方式如下:
Currently, $ENA is used as follows:
i) 锁定在 Ethena 中,以提高潜在的未来回报。这旨在激励从更多雇佣资本池中向更符合 Ethena 长期增长的用户转移价值。这种重新分配的规模与用户持有的 USDe 数量成线性关系。因此,随着 USDe 供应的增长,对长期一致的生态系统成员施加的潜在隐含 $ENA 持有要求也会随着这种增长而扩大。目前,锁定的 ENA 池持有约 2.9 亿 ENA。
i) Locked in Ethena to enhance potential future returns. This is intended to stimulate the transfer of value from more corporate capital pools to users that are more in line with Ethena’s long-term growth. The scale of this redistribution is linear to the number of USDEs held by users. So, as USDe supplies grow, the potential implicit USENA holding requirements for long-term consistent members of the ecosystem will grow with this increase.
ii) 锁定在 Pendle Finance PT-ENA 中,用户可以以 PT-ENA 的形式获得目前约为 75% 的固定 APY,YT-ENA 购买者可以获得积分分配,并且能够通过仅持有 1 YT=1 ENA 来满足相对于其 USDe 持有量的最低 ENA 持有量。目前,PT-ENA 池持有约 1.6 亿 ENA。
ii) Locked in the Pendle Finance PT-ENA, users can obtain a fixed APP of about 75% currently in the form of PT-ENA, YT-ENA purchasers can obtain a fractional distribution and can meet the minimum ENA holdings relative to their USDE holdings by holding only 1 YT=1 ENA. Currently, the PT-ENA pool holds about 160 million ENAs.
iii) 将 $ENA 纳入 Ethena 系统并增加实用性的下一阶段将利用通用的再质押池来质押 $ENA。第一个用例是依靠基于 LayerZero DVN 的消息传递系统为 USDe 的跨链转移提供经济安全性。这是与即将推出的 Ethena Chain 和基于该链构建的金融应用程序相关的多层基础设施中的第一层,这些应用程序将利用并受益于再质押的 $ENA 模块。
(iii) The next phase of integrating $ENA into the Ethena system and increasing its utility will use the common re-mortage pool to pledge $ENA. The first example is to rely on the LayerZero DVN-based messaging system to provide economic security for USDE's cross-chain transfer. This is the first level of the multi-layer infrastructure associated with the forthcoming Ethena Chain and the financial applications based on the chain, which will take advantage of and benefit from the re-molding of the $ENA module.
有关该链的更多详细信息,请参阅此处详细介绍的 Ethena 2024 路线图帖子。
For more detailed information on the chain, please refer to the Ethena 2024 road map post, which is detailed here.
质押的 $ENA 和 $sUSDe 将成为即将到来的时代在 Symbiotic 中存入的第一批新资产,初始 LST 上限已在一小时内全部填满。
The pledge of $ENA and $sUSDE will be the first new assets deposited in Symbiotic in the coming era, with the initial LST ceiling fully filled within one hour.
已在此处创建锁定 $ENA 的 Dune 仪表板:
Dune dashboard locked in $ENA has been created here:
Ethena 将首先与 Symbiotic 和 LayerZero 一起试行通用再质押框架,以寻求确保基于 Ethena 的资产(包括 $USDe 和 $sUSDe)的跨链转移。这些转移通过 LayerZero DVN 网络进行验证,该网络通过 Symbiotic 内质押的 $ENA 进行保护。
Ethena will first test the Universal Remand Framework with Symbiotic and LayerZero to seek to ensure cross-chain transfers of Ethena-based assets (including $USDE and $SUSDE). These transfers are validated through the LayerZero DVN network, which protects them through the Symbiotic pledge of $ENA.
该模块还将包括构建一个通用框架,为 LayerZero 生态系统合作伙伴启动再质押的 DVN,这些合作伙伴使用一致的代币来提供经济安全和 DVN 运营商选择。
The module will also include the development of a common framework for the launch of a re-mortgage DVN for the LayerZero Ecosystem Partners, who use consistent tokens to provide economic security and the DVN operator option.
有关 LayerZero DVN 的更多详细信息,请参阅此处的文档。
For more details about LayerZero DVN, please refer to the document here.
虽然基于 Ethena 的跨链转移将通过质押的 $ENA 进行保护,但 Ethena 将通过 $USDe 和 $sUSDe 为通用再质押用例提供独特的价值主张,供其他系统和协议作为基础资产使用。
While cross-chain transfers based on Ethena will be protected through the pledge of $ENA, Ethena will provide unique value propositions for generic re-encumbrances through $USDE and $sUSDE for other systems and protocols as underlying assets.
$USDe/$sUSDe 提供两种不同的资产特质,与利用 $ETH 作为基础再质押资产相比,它们可以解锁独特的潜在用例:
$USDE/$sUSDE provides two different asset traits that can unlock unique potential cases when compared to using $ETH as a base for re-prising assets:
i) 不相关:与美元“挂钩”的相对稳定资产通常与波动性加密资产不相关,在需要发生削减的时期,美元相对于 ETH 的稳定性是压力时刻的重要品质 - 当您最需要再质押的安全性时。
i) Not relevant: Relatively stable assets “linked” to the United States dollar are usually not associated with volatile cryptographic assets, and the stability of the United States dollar vis-à-vis ETH is an important quality in times of pressure - when you most need the security of the pledge.
ii) 可持续的实际回报:目前尚不清楚 AVS 如何能够为数十亿美元的再质押资本提供真正的非通胀收益,而不会让过多的代币奖励成为收益的大部分。使用 $sUSDe,自成立以来,其实际收益在结构上高于任何基于美元的资产,通过减少对通胀奖励的需求来弥合再质押者和消耗安全性的系统之间的资本成本差距,从而独特地解决了这个问题。
(ii) Sustainable real returns: it is not clear how AVS can provide a real non-inflationary return on billions of dollars of re-pricing capital without allowing too many token incentives to be the bulk of the proceeds. Using $sUSDE, since its inception, its real gains have been structurally higher than any dollar-based asset, bridging the capital cost gap between re-servers and consumer safety systems by reducing the demand for inflation incentives, thus resolving the problem uniquely.
在 ETH LST 上限在几天内填满后,$ENA 和 $sUSDe 将成为下一个时代可质押的下一个合格资产。
After the ETH LST cap is filled in a few days, $ENA and $SUSDE will be the next eligible asset to be pledged in the next era.
在 Symbiotic 中质押的 $ENA 将获得以下奖励:
The pledge of $ENA in Symbiotic will be rewarded with the following:
最高 Ethena 乘数,每天每 ENA 30 倍;
Highest Ethena multiplier, 30 times per ENA per day;
Symbiotic 积分;
Symbiotic integral;
Mellow 积分;
Mellow credits;
未来潜在的 LayerZero RFP 分配(如果分配给 Ethena);
Potential future LayerZero RFP allocation (if allocated to Ethena);
$ENA 池将于 6 月 26 日星期三上线。
$ENA pool will be available on Wednesday, 26 June.
正如 2024 年路线图中所述,Ethena Chain 将专注于在 $USDe 上构建金融应用程序和基础设施,作为系统内的 gas 代币和支点资产。
As stated in the 2024 road map, Ethena Chain will focus on the construction of financial applications and infrastructure on $USde as a gas token and feeder asset in the system.
我们的观点是,加密原生货币是圣杯和杀手级应用,而美元是每个金融应用的命脉。
Our view is that the original currency of encryption is a Grail and killer class application, while the dollar is the lifeblood of every financial application.
再质押的 $ENA 将为以下应用提供针对这些用例的通用安全性:
A further pledge of $ENA will provide general security for these applications:
现货 AMM;
(a) AMM on-the-spot;
永久 DEX;
Permanent DEX;
收益交易;
(a) Proceeds trading;
货币市场;
(a) The currency market;
低额抵押借贷;
Low mortgage lending;
链上主要经纪商;
The main broker on the chain;
期权和结构性产品。
(c) Future options and structural products.
以及链上的基础设施解决方案,例如:
and chain-based infrastructure solutions, such as:
跨链转移;
Cross-chain transfer;
预言机提供商;
Prophecies providers;
共享序列器;
Sharing of sequencers;
数据可用性解决方案
Data availability solutions
作为回报,他们可能有资格在以后自行决定从这些协议的潜在未来空投中受益。
In return, they may be entitled to decide at a later stage to benefit from the potential future airdrops of these agreements.
随着围绕 USDe 资产的生态系统和用例的增长,$ENA 的效用将作为帮助保护生态系统的资产而增长。
As ecosystems and usages around USDE assets grow, the utility of $ENA will grow as assets that help protect ecosystems.
自 6 月 17 日起,任何通过空投获得 $ENA 的用户(例如,从 Shard Campaign 空投中收到的受归属条件约束的部分)都需要锁定至少 50% 的可领取 $ENA,这些 $ENA 来自第一部分概述的三个选项之一。
As of June 17, any user who obtains $ENA by air drop (e.g. the portion of the attribution condition received from the Shald Campaign airdrop) needs to lock in at least 50 per cent of the receiptable $ENA, which comes from one of the three options outlined in Part One.
如果不这样做,将导致用户所有未归属的 $ENA(归属于相关钱包)被重新分配给其他用户,这些用户将 $ENA 锁定在 i) Ethena 锁定、ii) Pendle(任何链)上的 PT-ENA 或 iii) Symbiotic Restaking 中。随着生态系统中出现更多 $ENA 用例,为此目的锁定 $ENA 的选项也可能会扩展。
Failure to do so will result in the reallocation of all unbelonged $ENA (a related
需要明确的是:上述内容的目的是激励 $ENA 持有者从雇佣资本重新调整为长期一致的用户。
What needs to be made clear is that the purpose of the above-mentioned elements is to motivate the holders of $ENA to move from employing capital to long-term consistent users.
当用户在 6 月 23 日领取他们的下一个每周 ENA 归属时,将明确上述说明。从那时起,至少 50% 的新归属 ENA 需要锁定在上述选项中,否则用户将失去未归属的 ENA。
This description is made clear when users receive their next weekly ENA belonging on June 23. Since then, at least 50% of new ENA belongings need to be locked in the above options, otherwise the user will lose the unbelonged ENA.
由于不满足上述条件而被没收的 $ENA 不会被基金会、团队或投资者保留 - 它仅用于造福与生态系统保持一致的用户。
Forfeiture of $ENA due to non-fulfilment of the above-mentioned conditions will not be retained by foundations, teams or investors - it will be used only for the benefit of users who are consistent with the ecosystem.
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