{"id":699,"date":"2024-12-30T05:17:44","date_gmt":"2024-12-29T21:17:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=699"},"modified":"2024-12-30T05:17:44","modified_gmt":"2024-12-29T21:17:44","slug":"ethena%e5%af%b9defi%e6%9d%a5%e8%af%b4%e6%98%af%e4%b8%8d%e5%ae%9a%e6%97%b6%e7%82%b8%e5%bc%b9%e8%bf%98%e6%98%af%e6%95%91%e4%b8%96%e4%b8%bb%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.yunsiwang.com\/?p=699","title":{"rendered":"Ethena\u5bf9DeFi\u6765\u8bf4\u662f\u201c\u4e0d\u5b9a\u65f6\u70b8\u5f39\u201d\u8fd8\u662f\u201c\u6551\u4e16\u4e3b\u201d\uff1f"},"content":{"rendered":"<div>\n<div>\n<div>\n<div>\n<div>\n<div class=\"braft-output-content article-text\">\n<p>\u6587\u7ae0\u4f5c\u8005\uff1aDC | In SF<\/p>\n<p>\u6587\u7ae0\u7f16\u8bd1\uff1aBlock unicorn<\/p>\n<p>Ethena \u662f DeFi \u5386\u53f2\u4e0a\u6700\u6210\u529f\u7684\u534f\u8bae\u3002\u5927\u7ea6\u4e00\u5e74\u524d\uff0c\u5176\u603b\u9501\u4ed3\u91cf (TVL) \u4e0d\u5230 1000 \u4e07\u7f8e\u5143\uff0c\u800c\u5982\u4eca\u5df2\u589e\u957f\u81f3 55 \u4ebf\u7f8e\u5143\u3002\u5b83\u901a\u8fc7\u5404\u79cd\u65b9\u5f0f\u96c6\u6210\u5230\u591a\u4e2a\u534f\u8bae\u4e2d\uff0c\u4f8b\u5982@aave\u3001@SkyEcosystem\uff08IE Maker \/ Sparklend\uff09\u3001@MorphoLabs\u3001@pendle_fi\u548c@eigenlayer\u3002\u4e0e Ethena \u5408\u4f5c\u7684\u534f\u8bae\u5982\u6b64\u4e4b\u591a\uff0c\u4ee5\u81f3\u4e8e\u5728\u56de\u5fc6\u8d77\u53e6\u4e00\u4e2a\u5408\u4f5c\u4f19\u4f34\u65f6\uff0c\u6211\u4e0d\u5f97\u4e0d\u591a\u6b21\u66f4\u6362\u5c01\u9762\u3002\u5728 TVL \u6392\u540d\u524d\u5341\u7684\u534f\u8bae\u4e2d\uff0c\u6709\u516d\u4e2a\u4e0e Ethena \u5408\u4f5c\u6216\u672c\u8eab\u5c31\u662f Ethena\uff08Ethena \u6392\u540d\u7b2c\u4e5d\uff09\u3002\u5982\u679c Ethena \u5931\u8d25\uff0c\u8fd9\u5c06\u5bf9\u8bb8\u591a\u534f\u8bae\u4ea7\u751f\u6df1\u8fdc\u5f71\u54cd\uff0c\u5c24\u5176\u662fAAVE\u3001Morpho \u548c Maker\uff0c\u8fd9\u4e9b\u534f\u8bae\u5728\u529f\u80fd\u4e0a\u5c06\u9677\u5165\u4e0d\u540c\u7a0b\u5ea6\u7684\u8d44\u4e0d\u62b5\u503a\u3002\u4e0e\u6b64\u540c\u65f6\uff0cEthena \u901a\u8fc7\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u589e\u957f\uff0c\u663e\u8457\u63d0\u9ad8\u4e86\u6574\u4e2a DeFi \u7684\u4f7f\u7528\u7387\uff0c\u7c7b\u4f3c\u4e8e stETH \u5bf9\u4ee5\u592a\u574a DeFi \u7684\u5f71\u54cd\u3002\u56e0\u6b64\uff0cEthena \u662f\u5426\u6ce8\u5b9a\u4f1a\u6467\u6bc1\u6211\u4eec\u6240\u77e5\u7684 DeFi\uff0c\u8fd8\u662f\u5b83\u5c06 DeFi \u5e26\u5165\u65b0\u7684\u6587\u827a\u590d\u5174\uff1f\u8ba9\u6211\u4eec\u6df1\u5165\u63a2\u8ba8\u8fd9\u4e2a\u95ee\u9898\u3002<\/p>\n<h3>Ethena \u7a76\u7adf\u662f\u5982\u4f55\u8fd0\u4f5c\u7684\uff1f<\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/5e57abe7478b1d192a052ef5b1de73e81734943605567.jpeg\" alt=\"Ethena\u5bf9DeFi\u6765\u8bf4\u662f\u201c\u4e0d\u5b9a\u65f6\u70b8\u5f39\u201d\u8fd8\u662f\u201c\u6551\u4e16\u4e3b\u201d\uff1f image 0\"><\/p>\n<p>\u5c3d\u7ba1\u5df2\u7ecf\u63a8\u51fa\u4e00\u5e74\u591a\u4e86\uff0c\u4f46\u4eba\u4eec\u5bf9 Ethena \u7684\u5de5\u4f5c\u539f\u7406\u4ecd\u7136\u5b58\u5728\u666e\u904d\u7684\u8bef\u89e3\u3002\u8bb8\u591a\u4eba\u58f0\u79f0\u5b83\u662f\u65b0\u7684 Luna\uff0c\u7136\u540e\u62d2\u7edd\u8fdb\u4e00\u6b65\u9610\u8ff0\u3002\u4f5c\u4e3a\u4e00\u4e2a\u8b66\u544a\u8fc7 Luna \u7684\u4eba\uff0c\u6211\u53d1\u73b0\u8fd9\u4e00\u89c2\u70b9\u975e\u5e38\u7247\u9762\uff0c\u4f46\u540c\u65f6\u6211\u4e5f\u76f8\u4fe1\uff0c\u5927\u591a\u6570\u4eba\u5bf9 Ethena\u5982\u4f55\u8fd0\u4f5c\u7684\u7ec6\u8282\u7f3a\u4e4f\u8db3\u591f\u7684\u4e86\u89e3\u3002\u5982\u679c\u4f60\u8ba4\u4e3a\u81ea\u5df1\u5b8c\u5168\u4e86\u89e3 Ethena\u5982\u4f55\u7ba1\u7406Delta\u4e2d\u6027\u5934\u5bf8\u3001\u6258\u7ba1\u548c\u8d4e\u56de\uff0c\u8bf7\u8df3\u8fc7\u672c\u8282\uff0c\u5426\u5219\u8fd9\u662f\u5145\u5206\u7406\u89e3\u7684\u91cd\u8981\u9605\u8bfb\u6750\u6599\u3002<\/p>\n<p>\u603b\u4f53\u800c\u8a00\uff0cEthena \u50cf BTC \u4e00\u6837\uff0c\u4ece\u91d1\u878d\u6295\u673a\u548c\u52a0\u5bc6\u8d27\u5e01\u725b\u5e02\u4e2d\u83b7\u76ca\uff0c\u4f46\u5176\u65b9\u5f0f\u66f4\u52a0\u7a33\u5b9a\u3002\u968f\u7740\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u7684\u4e0a\u6da8\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u4ea4\u6613\u8005\u5e0c\u671b\u505a\u591a BTC \u548c ETH\uff0c\u800c\u613f\u610f\u505a\u7a7a\u7684\u4ea4\u6613\u8005\u8d8a\u6765\u8d8a\u5c11\u3002\u7531\u4e8e\u4f9b\u6c42\u5173\u7cfb\uff0c\u505a\u7a7a\u7684\u4ea4\u6613\u8005\u7531\u505a\u591a\u7684\u4ea4\u6613\u8005\u652f\u4ed8\u8d39\u7528\u3002\u8fd9\u610f\u5473\u7740\u4ea4\u6613\u8005\u53ef\u4ee5\u6301\u6709 BTC\uff0c\u540c\u65f6\u505a\u7a7a\u76f8\u540c\u6570\u91cf\u7684 BTC\uff0c\u4ece\u800c\u5b9e\u73b0\u4e00\u4e2a\u4e2d\u6027\u5934\u5bf8\uff0c\u5373\u5f53 BTC \u4ef7\u683c\u4e0a\u6da8\u65f6\uff0c\u591a\u7a7a\u5934\u5bf8\u7684\u76c8\u4e8f\u76f8\u4e92\u62b5\u6d88\uff0c\u800c\u4ea4\u6613\u8005\u4ecd\u80fd\u8d5a\u53d6\u5229\u7387\u6536\u5165\u3002Ethena \u7684\u8fd0\u4f5c\u5b8c\u5168\u57fa\u4e8e\u8fd9\u4e00\u673a\u5236\uff1b\u5b83\u5229\u7528\u52a0\u5bc6\u5e02\u573a\u4e2d\u7f3a\u4e4f\u590d\u6742\u6295\u8d44\u8005\u7684\u73b0\u72b6\uff0c\u8fd9\u4e9b\u6295\u8d44\u8005\u66f4\u5e0c\u671b\u901a\u8fc7\u8d5a\u53d6\u6536\u76ca\u800c\u4e0d\u662f\u7b80\u5355\u5730\u505a\u591a BTC \u6216 ETH \u6765\u83b7\u5229\u3002<\/p>\n<p>\u7136\u800c\uff0c\u8fd9\u4e00\u7b56\u7565\u7684\u4e00\u4e2a\u91cd\u5927\u98ce\u9669\u5728\u4e8e\u4ea4\u6613\u6240\u7684\u6258\u7ba1\u98ce\u9669\uff0c\u8fd9\u5728 FTX\u7684\u5d29\u6e83\u53ca\u5176\u5bf9\u7b2c\u4e00\u4ee3 Delta\u4e2d\u6027\u7ba1\u7406\u8005\u7684\u5f71\u54cd\u4e2d\u5f97\u5230\u4e86\u4f53\u73b0\u3002\u4e00\u65e6\u4ea4\u6613\u6240\u5012\u95ed\uff0c\u6240\u6709\u8d44\u91d1\u53ef\u80fd\u90fd\u4f1a\u4e22\u5931\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u4efb\u51ed\u4e3b\u6d41\u7ba1\u7406\u8005\u5982\u4f55\u9ad8\u6548\u5b89\u5168\u5730\u7ba1\u7406\u8d44\u672c\uff0c\u5374\u56e0 FTX \u7684\u5012\u95ed\u800c\u53d7\u5230\u5de8\u5927\u8d1f\u9762\u5f71\u54cd\uff0c\u6700\u660e\u663e\u7684\u4f8b\u5b50\u662f @galoiscapital\uff0c\u800c\u8fd9\u5e76\u4e0d\u662f\u4ed6\u4eec\u7684\u9519\u3002\u4ea4\u6613\u6240\u98ce\u9669\u662f\u4fc3\u4f7f Ethena\u9009\u62e9\u4f7f\u7528@CopperHQ\u548c@CeffuGlobal\u7684\u91cd\u8981\u539f\u56e0\u4e4b\u4e00\u3002\u8fd9\u4e9b\u6258\u7ba1\u670d\u52a1\u63d0\u4f9b\u5546\u4f5c\u4e3a\u503c\u5f97\u4fe1\u8d56\u7684\u4e2d\u95f4\u4eba\uff0c\u8d1f\u8d23\u6301\u6709\u8d44\u4ea7\u5e76\u534f\u52a9 Ethena\u4e0e\u4ea4\u6613\u6240\u7684\u4e92\u52a8\uff0c\u540c\u65f6\u907f\u514d\u5c06 Ethena\u66b4\u9732\u4e8e\u4ea4\u6613\u6240\u7684\u6258\u7ba1\u98ce\u9669\u3002\u4ea4\u6613\u6240\u53cd\u8fc7\u6765\u53ef\u4ee5\u4f9d\u8d56 Copper \u548c Ceffu\uff0c\u56e0\u4e3a\u5b83\u4eec\u4e0e\u6258\u7ba1\u673a\u6784\u6709\u6cd5\u5f8b\u534f\u8bae\u3002\u603b\u76c8\u4e8f\uff08\u5373 Ethena \u9700\u8981\u652f\u4ed8\u7ed9\u505a\u591a\u4ea4\u6613\u8005\u7684\u91d1\u989d\uff0c\u6216\u505a\u591a\u4ea4\u6613\u8005\u6b20 Ethena \u7684\u91d1\u989d\uff09\u7531 Copper \u548c Ceffu \u5b9a\u671f\u7ed3\u7b97\uff0cEthena \u6839\u636e\u8fd9\u4e9b\u7ed3\u7b97\u7ed3\u679c\u7cfb\u7edf\u6027\u5730\u91cd\u65b0\u5e73\u8861\u5176\u5934\u5bf8\u3002\u8fd9\u79cd\u6258\u7ba1\u5b89\u6392\u6709\u6548\u5730\u964d\u4f4e\u4e86\u4ea4\u6613\u6240\u76f8\u5173\u98ce\u9669\uff0c\u540c\u65f6\u786e\u4fdd\u4e86\u7cfb\u7edf\u7684\u7a33\u5b9a\u6027\u548c\u53ef\u6301\u7eed\u6027\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/c79e80ffcac45459b4a8bc3c680c57d11734943605688.jpeg\" alt=\"Ethena\u5bf9DeFi\u6765\u8bf4\u662f\u201c\u4e0d\u5b9a\u65f6\u70b8\u5f39\u201d\u8fd8\u662f\u201c\u6551\u4e16\u4e3b\u201d\uff1f image 1\"><\/p>\n<p>\u94f8\u9020\u548c\u8d4e\u56de USDe \/ sUSDe \u76f8\u5bf9\u7b80\u5355\u3002\u53ef\u4ee5\u4f7f\u7528 USDC \u6216\u5176\u4ed6\u4e3b\u8981\u8d44\u4ea7\u8d2d\u4e70\u6216\u94f8\u9020 USDe\u3002USDe \u53ef\u4ee5\u88ab\u8d28\u62bc\u4ee5\u751f\u6210 sUSDe\uff0c\u800c sUSDe \u4f1a\u8d5a\u53d6\u6536\u76ca\u3002sUSDe \u968f\u540e\u53ef\u4ee5\u901a\u8fc7\u652f\u4ed8\u76f8\u5e94\u7684\u6389\u671f\u8d39\u7528\u51fa\u552e\u5230\u5e02\u573a\uff0c\u6216\u8005\u8d4e\u56deUSDe\u3002\u8d4e\u56de\u8fc7\u7a0b\u901a\u5e38\u9700\u8981\u4e03\u5929\u3002USDe \u968f\u540e\u53ef\u4ee5\u4ee5 1:1 \u7684\u6bd4\u4f8b\u5151\u6362\u4e3a\u652f\u6301\u8d44\u4ea7\uff08\u5bf9\u5e94 $1 \u7684\u4ef7\u503c\uff09\u3002\u8fd9\u4e9b\u652f\u6301\u8d44\u4ea7\u6765\u81ea\u8d44\u4ea7\u50a8\u5907\u4ee5\u53ca Ethena \u4f7f\u7528\u7684\u62b5\u62bc\u54c1\uff08\u4e3b\u8981\u662f BTC \u548c ETH\/ETH \u7684\u884d\u751f\u54c1\uff09\u3002\u9274\u4e8e\u90e8\u5206 USDe\u5e76\u672a\u88ab\u8d28\u62bc\uff08\u5176\u4e2d\u8bb8\u591a\u88ab\u7528\u4e8e Pendle \u6216 AAVE\uff09\uff0c\u7531\u652f\u6301\u8fd9\u4e9b\u672a\u8d28\u62bc USDe \u7684\u8d44\u4ea7\u4ea7\u751f\u7684\u6536\u76ca\u5e2e\u52a9\u589e\u5f3a\u4e86 sUSDe \u7684\u6536\u76ca\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/c1f0e0433ac29a370518acd95b235e0a1734943605751.jpeg\" alt=\"Ethena\u5bf9DeFi\u6765\u8bf4\u662f\u201c\u4e0d\u5b9a\u65f6\u70b8\u5f39\u201d\u8fd8\u662f\u201c\u6551\u4e16\u4e3b\u201d\uff1f image 2\"><\/p>\n<p>\u8fc4\u4eca\u4e3a\u6b62\uff0cEthena \u80fd\u591f\u76f8\u5bf9\u8f7b\u677e\u5730\u5904\u7406\u5927\u91cf\u7684\u63d0\u6b3e\u548c\u5b58\u6b3e\uff0c\u5c3d\u7ba1\u6709\u65f6 USDe-USDC \u7684\u6ed1\u70b9\u9ad8\u8fbe0.30%\uff0c\u8fd9\u4e2a\u6ed1\u70b9\u5bf9\u4e8e\u7a33\u5b9a\u5e01\u6765\u8bf4\u662f\u76f8\u5bf9\u8f83\u9ad8\u7684\uff0c\u4f46\u8fdc\u8fdc\u6ca1\u6709\u8fbe\u5230\u663e\u8457\u7684\u8131\u94a9\u7a0b\u5ea6\uff0c\u4e5f\u8fdc\u6ca1\u6709\u5bf9\u501f\u8d37\u534f\u8bae\u6784\u6210\u5371\u9669\uff0c\u90a3\u4e48\u4e3a\u4ec0\u4e48\u4eba\u4eec\u5982\u6b64\u62c5\u5fc3\u5462\uff1f<\/p>\n<p>\u597d\u5427\uff0c\u5982\u679c\u6709\u5927\u91cf\u63d0\u6b3e\u9700\u6c42\uff0c\u6bd4\u5982\u8bf4 50%<\/p>\n<h3>\u5982\u4f55\u4f7f Ethena \u201c\u5931\u8d25\u201d\u5462\uff1f<\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/ff0a08ed943318fd7314ca4859d89a351734943606121.jpeg\" alt=\"Ethena\u5bf9DeFi\u6765\u8bf4\u662f\u201c\u4e0d\u5b9a\u65f6\u70b8\u5f39\u201d\u8fd8\u662f\u201c\u6551\u4e16\u4e3b\u201d\uff1f image 3\"><\/p>\n<p>\u9274\u4e8e\u6211\u4eec\u73b0\u5728\u5df2\u7ecf\u4e86\u89e3 Ethena\u7684\u6536\u76ca\u5e76\u4e0d\u662f\u201c\u865a\u5047\u201d\u7684\uff0c\u4ee5\u53ca\u5b83\u5728\u66f4\u7ec6\u5fae\u7684\u5c42\u9762\u4e0a\u662f\u5982\u4f55\u8fd0\u4f5c\u7684\uff0c\u90a3\u4e48 Ethena \u7684\u4e3b\u8981\u771f\u5b9e\u62c5\u5fe7\u662f\u4ec0\u4e48\uff1f\u57fa\u672c\u4e0a\u6709\u4ee5\u4e0b\u51e0\u79cd\u60c5\u51b5\u3002\u9996\u5148\uff0c\u8d44\u91d1\u5229\u7387\u53ef\u80fd\u4f1a\u53d8\u4e3a\u8d1f\u6570\uff0c\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u5982\u679c Ethena \u7684\u4fdd\u9669\u57fa\u91d1\uff08\u76ee\u524d\u7ea6\u4e3a5000\u4e07\u7f8e\u5143\uff0c\u8db3\u4ee5\u627f\u53d7\u5f53\u524d TVL\u4e0b\u7684 1%\u7684\u6ed1\u70b9\/\u8d44\u91d1\u635f\u5931\uff09\u4e0d\u8db3\u4ee5\u8986\u76d6\u635f\u5931\uff0cEthena \u6700\u7ec8\u5c06\u4f1a\u4e8f\u635f\u800c\u4e0d\u662f\u76c8\u5229\u3002\u8fd9\u4e2a\u60c5\u51b5\u4f3c\u4e4e\u76f8\u5bf9\u4e0d\u592a\u53ef\u80fd\uff0c\u56e0\u4e3a\u5927\u591a\u6570\u7528\u6237\u5728\u6536\u76ca\u964d\u4f4e\u65f6\u53ef\u80fd\u4f1a\u505c\u6b62\u4f7f\u7528 USDe\uff0c\u8fd9\u5728\u8fc7\u53bb\u4e5f\u6709\u53d1\u751f\u8fc7\u3002<\/p>\n<p>\u53e6\u4e00\u4e2a\u98ce\u9669\u662f\u6258\u7ba1\u98ce\u9669\uff0c\u5373 Copper \u6216 Ceffu \u8bd5\u56fe\u7528 Ethena \u7684\u94b1\u6765\u8fd0\u4f5c\u7684\u98ce\u9669\u3002\u6258\u7ba1\u4eba\u4e0d\u5b8c\u5168\u63a7\u5236\u8d44\u4ea7\u8fd9\u4e00\u4e8b\u5b9e\u51cf\u8f7b\u4e86\u8fd9\u4e00\u98ce\u9669\u3002\u4ea4\u6613\u6240\u6ca1\u6709\u7b7e\u540d\u6743\u9650\uff0c\u4e5f\u65e0\u6cd5\u63a7\u5236\u6301\u6709\u57fa\u7840\u8d44\u4ea7\u7684\u4efb\u4f55\u94b1\u5305\u3002Copper \u548c Ceffu \u90fd\u662f\u201c\u7efc\u5408\u201d\u94b1\u5305\uff0c\u8fd9\u610f\u5473\u7740\u6240\u6709\u673a\u6784\u7528\u6237\u7684\u8d44\u91d1\u90fd\u6df7\u5408\u5728\u70ed\/\u6e29\/\u51b7\u94b1\u5305\u4e2d\uff0c\u5e76\u4e14\u6709\u6cbb\u7406\uff08\u5373\u63a7\u5236\uff09\u548c\u4fdd\u9669\u7b49\u591a\u79cd\u98ce\u9669\u9632\u8303\u63aa\u65bd\u3002\u4ece\u6cd5\u5f8b\u89d2\u5ea6\u6765\u770b\uff0c\u8fd9\u662f\u7834\u4ea7\u9694\u79bb\u4fe1\u6258\u7684\u7ed3\u6784\uff0c\u56e0\u6b64\u5373\u4f7f\u6258\u7ba1\u65b9\u7834\u4ea7\uff0c\u6258\u7ba1\u65b9\u6240\u6301\u6709\u7684\u8d44\u4ea7\u4e5f\u4e0d\u5c5e\u4e8e\u6258\u7ba1\u65b9\u7684\u8d22\u4ea7\uff0c\u6258\u7ba1\u65b9\u5bf9\u8fd9\u4e9b\u8d44\u4ea7\u6ca1\u6709\u4efb\u4f55\u4e3b\u5f20\u3002\u5728\u5b9e\u8df5\u4e2d\uff0c\u4ecd\u7136\u5b58\u5728\u7b80\u5355\u7684\u5931\u804c\u548c\u96c6\u4e2d\u5316\u98ce\u9669\uff0c\u4f46\u786e\u5b9e\u6709\u8bb8\u591a\u9632\u8303\u63aa\u65bd\u6765\u907f\u514d\u8fd9\u4e2a\u95ee\u9898\uff0c\u6211\u8ba4\u4e3a\u8fd9\u79cd\u60c5\u51b5\u53d1\u751f\u7684\u53ef\u80fd\u6027\u76f8\u5f53\u4e8e\u9ed1\u5929\u9e45\u4e8b\u4ef6\u3002<\/p>\n<p>\u7b2c\u4e09\u4e2a\uff0c\u4e5f\u662f\u6700\u5e38\u88ab\u8ba8\u8bba\u7684\u98ce\u9669\u662f\u6d41\u52a8\u6027\u98ce\u9669\u3002\u4e3a\u4e86\u7ba1\u7406\u8d4e\u56de\uff0cEthena \u5fc5\u987b\u540c\u65f6\u51fa\u552e\u5176\u884d\u751f\u54c1\u5934\u5bf8\u548c\u73b0\u8d27\u5934\u5bf8\u3002\u5982\u679c ETH\/BTC \u7684\u4ef7\u683c\u53d1\u751f\u5267\u70c8\u6ce2\u52a8\uff0c\u8fd9\u53ef\u80fd\u662f\u4e00\u4e2a\u56f0\u96be\u3001\u6602\u8d35\u4e14\u53ef\u80fd\u975e\u5e38\u8017\u65f6\u7684\u8fc7\u7a0b\u3002\u76ee\u524d\uff0cEthena \u5df2\u7ecf\u51c6\u5907\u4e86\u6570\u4ebf\u7f8e\u5143\uff0c\u4ee5\u4fbf\u80fd\u591f\u6309 1:1 \u7684\u6bd4\u4f8b\u5c06 USDe \u5151\u6362\u4e3a\u7f8e\u5143\uff0c\u56e0\u4e3a\u5b83\u6301\u6709\u5927\u91cf\u7a33\u5b9a\u5934\u5bf8\u3002\u7136\u800c\uff0c\u5982\u679c Ethena \u5360\u603b\u672a\u5e73\u4ed3\u5408\u7ea6\uff08\u5373\u6240\u6709\u672a\u5e73\u4ed3\u884d\u751f\u54c1\uff09\u7684\u6bd4\u4f8b\u8d8a\u6765\u8d8a\u5927\uff0c\u8fd9\u4e2a\u98ce\u9669\u5c31\u76f8\u5bf9\u4e25\u91cd\uff0c\u5e76\u4e14\u53ef\u80fd\u5bfc\u81f4 Ethena \u7684\u51c0\u8d44\u4ea7\u4ef7\u503c\uff08NAV\uff09\u4e0b\u964d\u51e0\u4e2a\u767e\u5206\u70b9\u3002\u7136\u800c\uff0c\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u4fdd\u9669\u6c60\u5f88\u53ef\u80fd\u4f1a\u586b\u8865\u8fd9\u4e2a\u7f3a\u53e3\uff0c\u5355\u51ed\u8fd9\u4e00\u70b9\u4e0d\u8db3\u4ee5\u5bfc\u81f4\u4f7f\u7528\u5b83\u7684\u534f\u8bae\u53d1\u751f\u707e\u96be\u6027\u7684\u5931\u8d25\uff0c\u8fd9\u81ea\u7136\u4e5f\u5f15\u51fa\u4e86\u4e0b\u4e00\u4e2a\u8bdd\u9898\u3002<\/p>\n<h3>\u4f7f\u7528 Ethena \u4f5c\u4e3a\u534f\u8bae\u7684\u98ce\u9669\u662f\u4ec0\u4e48\uff1f<\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/19a0695d9c0b8a8fa17cfc9c864b71b31734943606224.jpeg\" alt=\"Ethena\u5bf9DeFi\u6765\u8bf4\u662f\u201c\u4e0d\u5b9a\u65f6\u70b8\u5f39\u201d\u8fd8\u662f\u201c\u6551\u4e16\u4e3b\u201d\uff1f image 4\"><\/p>\n<p>\u5e7f\u4e49\u4e0a\u8bb2\uff0cEthena \u7684\u98ce\u9669\u53ef\u4ee5\u5206\u4e3a\u4e24\u4e2a\u6838\u5fc3\u98ce\u9669\uff1aUSDe \u6d41\u52a8\u6027\u548c USDe \u507f\u4ed8\u80fd\u529b\u3002USDe \u6d41\u52a8\u6027\u662f\u6307\u5b9e\u9645\u53ef\u7528\u7684\u73b0\u91d1\uff0c\u613f\u610f\u4ee5 1 \u7f8e\u5143\u57fa\u51c6\u4ef7\u503c\u6216\u6bd4\u8be5\u57fa\u51c6\u4ef7\u503c\u4f4e 1% \u7684\u4ef7\u683c\u8d2d\u4e70 USDe\u3002USDe \u507f\u4ed8\u80fd\u529b\u662f\u6307\uff0c\u5373\u4f7f Ethena \u5728\u67d0\u4e00\u65f6\u523b\u53ef\u80fd\u6ca1\u6709\u73b0\u91d1\uff08\u6bd4\u5982\u5728\u4e00\u6bb5\u8f83\u957f\u65f6\u95f4\u7684\u63d0\u6b3e\u4e4b\u540e\uff09\uff0c\u5982\u679c\u6709\u8db3\u591f\u7684\u65f6\u95f4\u6e05\u7b97\u8d44\u4ea7\uff0c\u5b83\u4e5f\u53ef\u4ee5\u83b7\u5f97\u8fd9\u7b14\u73b0\u91d1\u3002\u4e3e\u4f8b\u6765\u8bf4\uff0c\u5982\u679c\u4f60\u501f\u7ed9\u670b\u53cb 100,000 \u7f8e\u5143\uff0c\u800c\u4ed6\u6709\u4e00\u680b\u4ef7\u503c 100 \u4e07\u7f8e\u5143\u7684\u623f\u5b50\u3002\u786e\u5b9e\uff0c\u4f60\u7684\u670b\u53cb\u53ef\u80fd\u6ca1\u6709\u73b0\u6210\u7684\u94b1\uff0c\u4ed6\u53ef\u80fd\u660e\u5929\u4e5f\u62ff\u4e0d\u51fa\u6765\uff0c\u4f46\u5982\u679c\u7ed9\u4ed6\u8db3\u591f\u7684\u65f6\u95f4\uff0c\u4ed6\u5f88\u53ef\u80fd\u80fd\u7b79\u96c6\u8db3\u591f\u7684\u94b1\u6765\u8fd8\u4f60\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u4f60\u7684\u8d37\u6b3e\u662f\u5065\u5eb7\u7684\uff0c\u4f60\u7684\u670b\u53cb\u53ea\u662f\u6ca1\u6709\u6d41\u52a8\u6027\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0c\u4ed6\u7684\u8d44\u4ea7\u53ef\u80fd\u9700\u8981\u5f88\u957f\u65f6\u95f4\u624d\u80fd\u51fa\u552e\u3002\u7834\u4ea7\u672c\u8d28\u4e0a\u610f\u5473\u7740\u6d41\u52a8\u6027\u5e94\u8be5\u662f\u4e0d\u5b58\u5728\u7684\uff0c\u4f46\u6709\u9650\u7684\u6d41\u52a8\u6027\u5e76\u4e0d\u610f\u5473\u7740\u8d44\u4ea7\u7834\u4ea7\u3002<\/p>\n<p>Ethena \u4e0e\u4e00\u4e9b\u534f\u8bae\uff08\u4f8b\u5982 EtherFi \u548c EigenLayer\uff09\u5408\u4f5c\u65f6\uff0c\u53ea\u6709\u5728Ethena \u8d44\u4e0d\u62b5\u503a\u7684\u60c5\u51b5\u4e0b\u624d\u4f1a\u9762\u4e34\u91cd\u5927\u98ce\u9669\u3002\u5176\u4ed6\u534f\u8bae\uff0c\u5982 AAVE \u548c Morpho\uff0c\u5982\u679c Ethena \u7684\u4ea7\u54c1\u5728\u957f\u65f6\u95f4\u5185\u6d41\u52a8\u6027\u4e0d\u8db3\uff0c\u53ef\u80fd\u4f1a\u9762\u4e34\u91cd\u5927\u98ce\u9669\u3002\u76ee\u524d\uff0c\u94fe\u4e0a USDe \/ sUSDe \u7684\u6d41\u52a8\u6027\u5927\u7ea6\u4e3a 7000 \u4e07\u7f8e\u5143\u3002\u867d\u7136\u901a\u8fc7\u4f7f\u7528\u805a\u5408\u5668\u53ef\u4ee5\u83b7\u5f97\u62a5\u4ef7\uff0c\u79f0\u53ef\u4ee5\u4ee5 1:1 \u7684\u6bd4\u4f8b\u5c06\u6700\u591a 10 \u4ebf\u7f8e\u5143\u7684 USDe \u5151\u6362\u6210 USDC\uff0c\u4f46\u8fd9\u5f88\u53ef\u80fd\u662f\u7531\u4e8e\u76ee\u524d\u5bf9 USDe \u7684\u5de8\u5927\u9700\u6c42\uff0c\u56e0\u4e3a\u8fd9\u662f\u57fa\u4e8e\u610f\u56fe\u7684\u9700\u6c42\uff0c\u5728 Ethena \u51fa\u73b0\u5927\u89c4\u6a21\u8d4e\u56de\u65f6\uff0c\u8fd9\u79cd\u6d41\u52a8\u6027\u53ef\u80fd\u4f1a\u67af\u7aed\u3002\u5f53\u6d41\u52a8\u6027\u67af\u7aed\u65f6\uff0cEthena \u5c06\u9762\u4e34\u7ba1\u7406\u8d4e\u56de\u4ee5\u6062\u590d\u6d41\u52a8\u6027\u7684\u538b\u529b\uff0c\u4f46\u8fd9\u53ef\u80fd\u9700\u8981\u65f6\u95f4\uff0c\u800c AAVE \u548c Morpho \u53ef\u80fd\u6ca1\u6709\u8db3\u591f\u7684\u65f6\u95f4\u3002<\/p>\n<p>\u8981\u4e86\u89e3\u4e3a\u4ec0\u4e48\u4f1a\u51fa\u73b0\u8fd9\u79cd\u60c5\u51b5\uff0c\u91cd\u8981\u7684\u662f\u8981\u4e86\u89e3 AAVE \u548c Morpho \u5982\u4f55\u7ba1\u7406\u6e05\u7b97\u3002\u5f53 AAVE \u548c Morpho \u4e0a\u7684\u503a\u52a1\u5934\u5bf8\u4e0d\u5065\u5eb7\u65f6\uff0c\u5373\u8d85\u8fc7\u6240\u9700\u7684\u8d37\u6b3e\u4ef7\u503c\u6bd4\uff08\u8d37\u6b3e\u91d1\u989d\u4e0e\u62b5\u62bc\u54c1\u4e4b\u95f4\u7684\u6bd4\u7387\uff09\uff0c\u5c31\u4f1a\u53d1\u751f\u6e05\u7b97\u3002\u4e00\u65e6\u53d1\u751f\u8fd9\u79cd\u60c5\u51b5\uff0c\u62b5\u62bc\u54c1\u5c31\u4f1a\u88ab\u51fa\u552e\u4ee5\u507f\u8fd8\u503a\u52a1\uff0c\u5e76\u6536\u53d6\u8d39\u7528\u4e14\u5c06\u4efb\u4f55\u5269\u4f59\u8d44\u91d1\u9000\u8fd8\u7ed9\u7528\u6237\u3002\u7b80\u800c\u8a00\u4e4b\uff0c\u5982\u679c\u503a\u52a1\u7684\u4ef7\u503c\uff08\u672c\u91d1 + \u5229\u606f\uff09\u4e0e\u62b5\u62bc\u54c1\u7684\u4ef7\u503c\u76f8\u6bd4\u63a5\u8fd1\u9884\u5b9a\u7684\u6bd4\u7387\uff0c\u5934\u5bf8\u5c06\u88ab\u6e05\u7b97\u3002\u5f53\u8fd9\u79cd\u60c5\u51b5\u53d1\u751f\u65f6\uff0c\u62b5\u62bc\u54c1\u5c06\u88ab\u51fa\u552e\/\u8f6c\u6362\u4e3a\u503a\u52a1\u8d44\u4ea7\u3002<\/p>\n<p>\u76ee\u524d\uff0c\u5f88\u591a\u4eba\u4f7f\u7528\u8fd9\u4e9b\u501f\u8d37\u534f\u8bae\uff0c\u5c06 sUSDe \u4f5c\u4e3a\u62b5\u62bc\u54c1\u5b58\u5165\uff0c\u4ee5\u501f\u53d6 USDC \u4f5c\u4e3a\u503a\u52a1\u3002\u8fd9\u610f\u5473\u7740\uff0c\u5982\u679c\u53d1\u751f\u6e05\u7b97\uff0c\u5927\u91cf\u7684 sUSDe \/ USDe \u5c06\u88ab\u51fa\u552e\u4e3aUSDC \/ USDT \/ DAI\u3002\u5982\u679c\u8fd9\u4e00\u5207\u540c\u65f6\u53d1\u751f\uff0c\u5e76\u4e14\u4f34\u968f\u7740\u5176\u4ed6\u5267\u70c8\u7684\u5e02\u573a\u6ce2\u52a8\uff0cUSDe \u5f88\u53ef\u80fd\u4f1a\u5931\u53bb\u4e0e\u7f8e\u5143\u7684\u6302\u94a9\uff08\u5982\u679c\u6e05\u7b97\u89c4\u6a21\u975e\u5e38\u5927\uff0c\u5f53\u7136\u662f\u572810\u4ebf\u7f8e\u5143\u5de6\u53f3\u7684\u60c5\u51b5\u4e0b\uff09\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u7406\u8bba\u4e0a\u53ef\u80fd\u4f1a\u4ea7\u751f\u5927\u91cf\u7684\u574f\u8d26\uff0c\u5bf9\u4e8e Morpho \u6765\u8bf4\uff0c\u8fd9\u662f\u53ef\u4ee5\u63a5\u53d7\u7684\uff0c\u56e0\u4e3a\u91d1\u5e93\u7528\u4e8e\u9694\u79bb\u98ce\u9669\uff0c\u5c3d\u7ba1\u67d0\u4e9b\u6536\u5165\u578b\u91d1\u5e93\u5c06\u53d7\u5230\u8d1f\u9762\u5f71\u54cd\u3002\u5bf9\u4e8e AAVE \u6765\u8bf4\uff0c\u6574\u4e2a\u6838\u5fc3\u6c60\u90fd\u4f1a\u53d7\u5230\u8d1f\u9762\u5f71\u54cd\u3002\u7136\u800c\uff0c\u5728\u8fd9\u79cd\u7eaf\u7cb9\u662f\u6d41\u52a8\u6027\u95ee\u9898\u7684\u6f5c\u5728\u60c5\u5883\u4e2d\uff0c\u53ef\u80fd\u4f1a\u5bf9\u6e05\u7b97\u7ba1\u7406\u65b9\u5f0f\u8fdb\u884c\u8c03\u6574\u3002<\/p>\n<p>\u5982\u679c\u6e05\u7b97\u53ef\u80fd\u4f1a\u5bfc\u81f4\u574f\u8d26\uff0c\u800c\u4e0d\u662f\u7acb\u5373\u5c06\u57fa\u7840\u8d44\u4ea7\u5356\u5165\u4e00\u4e2a\u6d41\u52a8\u6027\u4e0d\u8db3\u7684\u5e02\u573a\u5e76\u8ba9 AAVE \u6301\u6709\u8005\u627f\u62c5\u5dee\u989d\uff0cAAVE DAO \u53ef\u4ee5\u627f\u62c5\u4ee3\u5e01\u548c\u5934\u5bf8\u7684\u8d23\u4efb\uff0c\u4f46\u4e0d\u7acb\u5373\u51fa\u552e\u62b5\u62bc\u54c1\u3002\u8fd9\u5c06\u5141\u8bb8 AAVE \u7b49\u5230\u4ef7\u683c\u548c Ethena \u7684\u6d41\u52a8\u6027\u6062\u590d\u7a33\u5b9a\uff0c\u4ece\u800c\u4f7f AAVE \u5728\u6e05\u7b97\u8fc7\u7a0b\u4e2d\u8d5a\u53d6\u66f4\u591a\u7684\u94b1\uff08\u800c\u4e0d\u662f\u51c0\u4e8f\u635f\uff09\uff0c\u5e76\u8ba9\u7528\u6237\u6536\u5230\u8d44\u91d1\uff08\u800c\u4e0d\u662f\u56e0\u4e3a\u5b58\u5728\u574f\u8d26\u800c\u4e00\u65e0\u6240\u83b7\uff09\u3002\u5f53\u7136\uff0c\u8fd9\u4e2a\u7cfb\u7edf\u53ea\u6709\u5728 USDe \u56de\u5230\u4e4b\u524d\u7684\u4ef7\u503c\u65f6\u624d\u6709\u6548\uff0c\u5982\u679c\u6ca1\u6709\uff0c\u574f\u8d26\u7684\u60c5\u51b5\u4f1a\u66f4\u7cdf\u3002\u7136\u800c\uff0c\u5982\u679c\u5b58\u5728\u4e00\u4e2a\u5c1a\u672a\u88ab\u53d1\u73b0\u7684\u53ef\u80fd\u5bfc\u81f4\u4ee3\u5e01\u4ef7\u503c\u5f52\u96f6\u7684\u9ad8\u6982\u7387\u4e8b\u4ef6\uff0c\u90a3\u4e48\u6e05\u7b97\u4e0d\u592a\u53ef\u80fd\u6bd4\u7b49\u5f85\u83b7\u5f97\u66f4\u591a\u7684\u4ef7\u503c\uff0c\u53ef\u80fd\u5b58\u5728 10-20% \u7684\u5dee\u5f02\uff0c\u56e0\u4e3a\u4e2a\u522b\u6301\u6709\u8005\u610f\u8bc6\u5230\u5e76\u5f00\u59cb\u4ee5\u6bd4\u53c2\u6570\u66f4\u6539\u66f4\u5feb\u7684\u901f\u5ea6\u51fa\u552e\u5934\u5bf8\u3002\u8fd9\u79cd\u8bbe\u8ba1\u9009\u62e9\u5bf9\u4e8e\u5728\u6ce1\u6cab\u5e02\u573a\u4e2d\u53ef\u80fd\u51fa\u73b0\u6d41\u52a8\u6027\u95ee\u9898\u7684\u8d44\u4ea7\u975e\u5e38\u91cd\u8981\uff0c\u4e5f\u53ef\u80fd\u662f stETH \u5728 Beacon Chain \u542f\u7528\u63d0\u6b3e\u4e4b\u524d\u7684\u4e00\u4e2a\u4e0d\u9519\u7684\u8bbe\u8ba1\u9009\u62e9\uff0c\u5e76\u4e14\u5982\u679c\u6210\u529f\u7684\u8bdd\uff0c\u5b83\u4e5f\u53ef\u80fd\u662f\u589e\u52a0 AAVE \u91d1\u5e93\/\u4fdd\u9669\u7cfb\u7edf\u7684\u4e00\u4e2a\u7edd\u4f73\u7684\u65b9\u5f0f\u3002<\/p>\n<p>\u7834\u4ea7\u98ce\u9669\u76f8\u5bf9\u51cf\u8f7b\uff0c\u4f46\u5e76\u975e\u4e3a\u96f6\u3002\u4f8b\u5982\uff0c\u5047\u8bbe Ethena \u4f7f\u7528\u7684\u4ea4\u6613\u6240\u4e4b\u4e00\u7834\u4ea7\u4e86\u3002\u5f53\u7136\uff0cEthena \u7684\u62b5\u62bc\u54c1\u5728\u6258\u7ba1\u65b9\u90a3\u91cc\u662f\u5b89\u5168\u7684\uff0c\u4f46\u5b83\u7a81\u7136\u5931\u53bb\u4e86\u5bf9\u51b2\uff0c\u73b0\u5728\u5fc5\u987b\u5728\u53ef\u80fd\u52a8\u8361\u7684\u5e02\u573a\u4e2d\u8fdb\u884c\u5bf9\u51b2\u3002\u6258\u7ba1\u4eba\u4e5f\u6709\u53ef\u80fd\u7834\u4ea7\uff0c\u6b63\u5982\u6211\u5728\u97e9\u56fd\u4e0e @CryptoHayes \u4ea4\u8c08\u65f6\u4ed6\u6307\u51fa\u7684\u90a3\u6837\u3002\u65e0\u8bba\u6258\u7ba1\u65b9\u5468\u56f4\u6709\u4ec0\u4e48\u6837\u7684\u4fdd\u62a4\u63aa\u65bd\uff0c\u90fd\u53ef\u80fd\u5b58\u5728\u4e25\u91cd\u7684\u9ed1\u5ba2\u653b\u51fb\u6216\u5176\u4ed6\u95ee\u9898\uff0c\u52a0\u5bc6\u8d27\u5e01\u4ecd\u7136\u662f\u52a0\u5bc6\u8d27\u5e01\uff0c\u4ecd\u7136\u5b58\u5728\u6f5c\u5728\u98ce\u9669\uff0c\u5373\u4f7f\u8fd9\u4e9b\u98ce\u9669\u6781\u4e0d\u53ef\u80fd\u53d1\u751f\uff0c\u5e76\u4e14\u53ef\u80fd\u4f1a\u901a\u8fc7\u4fdd\u9669\u5f97\u5230\u8986\u76d6\uff0c\u4f46\u98ce\u9669\u4ecd\u7136\u662f\u4e0d\u4e3a\u96f6\u7684\u3002<\/p>\n<h3>\u4e0d\u4f7f\u7528 Ethena \u7684\u98ce\u9669\u662f\u4ec0\u4e48\uff1f<\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/5ec4f688f8412b612e6154e84c250de11734943606576.jpeg\" alt=\"Ethena\u5bf9DeFi\u6765\u8bf4\u662f\u201c\u4e0d\u5b9a\u65f6\u70b8\u5f39\u201d\u8fd8\u662f\u201c\u6551\u4e16\u4e3b\u201d\uff1f image 5\"><\/p>\n<p>\u65e2\u7136\u6211\u4eec\u5df2\u7ecf\u8ba8\u8bba\u4e86 Ethena \u7684\u98ce\u9669\uff0c\u90a3\u4e48\u4e0d\u4f7f\u7528 Ethena \u7684\u534f\u8bae\u7684\u98ce\u9669\u662f\u4ec0\u4e48\uff1f\u8ba9\u6211\u4eec\u770b\u4e00\u4e9b\u7edf\u8ba1\u6570\u636e\u3002Pendle \u7684 TVL \u7684\u4e00\u534a\uff08\u5728\u64b0\u5199\u672c\u6587\u65f6\uff09\u5f52\u56e0\u4e8e Ethena\u3002\u5bf9\u4e8e Sky \/ Maker \u6765\u8bf4\uff0c20% \u7684\u6536\u5165\u5728\u67d0\u79cd\u7a0b\u5ea6\u4e0a\u5f52\u56e0\u4e8e Ethena\u3002Morpho TVL \u7684\u7ea6 30% \u6765\u81ea Ethena\u3002Ethena \u73b0\u5728\u662f AAVE\u6536\u5165\u548c\u65b0\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u63a8\u52a8\u529b\u4e4b\u4e00\u3002\u90a3\u4e9b\u6ca1\u6709\u4f7f\u7528 Ethena \u6216\u4ee5\u67d0\u79cd\u65b9\u5f0f\u4e0e\u5176\u4ea7\u54c1\u4e92\u52a8\u7684\u77e5\u540d\u5e73\u53f0\uff0c\u57fa\u672c\u4e0a\u5df2\u7ecf\u88ab\u629b\u5728\u4e86\u540e\u9762\u3002<\/p>\n<p>\u5728\u534f\u8bae\u4e2d\uff0cEthena \u7684\u91c7\u7528\u548c Lido \u7684\u91c7\u7528\u4e4b\u95f4\u5b58\u5728\u4e00\u4e9b\u6709\u8da3\u7684\u76f8\u4f3c\u4e4b\u5904\u3002\u5728 2020 \u5e74\u548c 2021 \u5e74\u5de6\u53f3\uff0c\u4e89\u593a\u6700\u5927\u501f\u8d37\u534f\u8bae\u7684\u7ade\u4e89\u66f4\u52a0\u6fc0\u70c8\u3002\u7136\u800c\uff0cCompound \u66f4\u6ce8\u91cd\u5c06\u98ce\u9669\u964d\u81f3\u6700\u4f4e\uff0c\u53ef\u80fd\u5230\u4e86\u8352\u8c2c\u7684\u6781\u7aef\u7a0b\u5ea6\u3002AAVE \u65e9\u5728 2022 \u5e74 3 \u6708\u5c31\u6574\u5408\u4e86 stETH\u3002Compound \u5df2\u4e8e 2021 \u5e74\u5f00\u59cb\u8ba8\u8bba\u6dfb\u52a0 stETH\uff0c\u4f46\u76f4\u5230 2024 \u5e74 7 \u6708\u63d0\u51fa\u6b63\u5f0f\u63d0\u6848\u540e\u624d\u8fd9\u6837\u505a\u3002\u8fd9\u4e2a\u65f6\u95f4\u70b9\u6b63\u597d\u662f AAVE \u5f00\u59cb\u8d85\u8d8a Compound\u7684\u65f6\u5019\u3002\u5c3d\u7ba1 Compound \u4ecd\u7136\u76f8\u5bf9\u8f83\u5927\uff0c\u603b\u9501\u5b9a\u4ef7\u503c\u4e3a 20 \u4ebf\u7f8e\u5143\uff0c\u4f46\u73b0\u5728\u5b83\u4ec5\u662f AAVE \u89c4\u6a21\u7684\u5341\u5206\u4e4b\u4e00\u591a\u4e00\u70b9\uff0c\u800c\u5b83\u66fe\u4e00\u5ea6\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\u7684\u3002<\/p>\n<p>\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\uff0c\u8fd9\u4e5f\u53ef\u4ee5\u4ece @MorphoLabs \u4e0e @AAVELabs \u5bf9 Ethena \u7684\u76f8\u5bf9\u65b9\u6cd5\u4e2d\u770b\u51fa\u3002Morpho \u4e8e 2024 \u5e74 3 \u6708\u5f00\u59cb\u6574\u5408 Ethena\uff0c\u800c AAVE \u76f4\u5230 11 \u6708\u624d\u6574\u5408 sUSDe\u3002\u8fd9\u4e4b\u95f4\u6709 8 \u4e2a\u6708\u7684\u5dee\u8ddd\uff0c\u5728\u8fd9 8 \u4e2a\u6708\u91cc\uff0cMorpho \u5927\u5e45\u589e\u957f\uff0c\u800c AAVE \u5931\u53bb\u4e86\u5bf9\u501f\u8d37\u9886\u57df\u7684\u76f8\u5bf9\u63a7\u5236\u529b\u3002\u81ea AAVE \u6574\u5408 Ethena \u4ee5\u6765\uff0cTVL \u589e\u52a0\u4e86 80 \u4ebf\u7f8e\u5143\uff0c\u4ea7\u54c1\u7528\u6237\u7684\u6536\u76ca\u4e5f\u663e\u8457\u589e\u52a0\u3002\u8fd9\u5bfc\u81f4\u4e86\u201cAAVETHENA\u201d\u5173\u7cfb\uff0c\u5176\u4e2d Ethena \u7684\u4ea7\u54c1\u521b\u9020\u4e86\u66f4\u9ad8\u7684\u6536\u76ca\uff0c\u4ece\u800c\u6fc0\u52b1\u66f4\u591a\u7684\u5b58\u6b3e\uff0c\u8fdb\u800c\u5e26\u6765\u4e86\u66f4\u591a\u7684\u501f\u8d37\u9700\u6c42\u7b49\u3002<\/p>\n<p>Ethena \u7684\u201c\u65e0\u98ce\u9669\u201d\u5229\u7387\uff0c\u6216\u8005\u81f3\u5c11\u662f\u5176\u201c\u6b63\u5e38\u201d\u5229\u7387\u7ea6\u4e3a 10%\u3002\u8fd9\u8fdc\u8fdc\u8d85\u8fc7 FFR\uff08\u65e0\u98ce\u9669\u5229\u7387\uff09\u4ef7\u503c\u7684\u4e24\u500d\uff0c\u540e\u8005\u76ee\u524d\u7ea6\u4e3a 4.25%\u3002\u5c06 Ethena \u5f15\u5165 AAVE\uff0c\u5c24\u5176\u662f sUSDe\uff0c\u5728\u529f\u80fd\u4e0a\u63d0\u9ad8\u4e86\u501f\u6b3e\u7684\u5747\u8861\u5229\u7387\uff0c\u56e0\u4e3a\u73b0\u5728 AAVE \u7684\u201c\u57fa\u51c6\u201d\u5229\u7387\u7ee7\u627f\u4e86 Ethena \u7684\u57fa\u51c6\u5229\u7387\uff0c\u5373\u4f7f\u4e0d\u662f\u5b8c\u5168 1:1\uff0c\u4e5f\u4f1a\u6bd4\u8f83\u63a5\u8fd1\u3002\u8fd9\u4e00\u70b9\u5728\u4e4b\u524d AAVE \u5f15\u5165 stETH \u540e\uff0cETH \u7684\u501f\u5165\u5229\u7387\u4e0e stETH \u7684\u6536\u76ca\u7387\u5927\u81f4\u76f8\u5f53\uff0c\u8fd9\u5728\u4e4b\u524d\u4e5f\u66fe\u51fa\u73b0\u8fc7\u3002<\/p>\n<p>\u7b80\u800c\u8a00\u4e4b\uff0c\u4e0d\u4f7f\u7528 Ethena \u7684\u534f\u8bae\u53ef\u80fd\u4f1a\u9762\u4e34\u6536\u76ca\u7387\u8f83\u4f4e\u3001\u9700\u6c42\u8f83\u4f4e\u7684\u98ce\u9669\uff0c\u4f46\u8981\u907f\u514d USDe \u4ef7\u683c\u4e25\u91cd\u8131\u94a9\u6216\u5d29\u76d8\u7684\u98ce\u9669\uff0c\u800c\u8fd9\u79cd\u98ce\u9669\u53ef\u80fd\u5fae\u4e4e\u5176\u5fae\u3002\u4e9b\u50cf Morpho\u90a3\u6837\u7684\u7cfb\u7edf\uff0c\u53ef\u80fd\u56e0\u4e3a\u5176\u72ec\u7acb\u7684\u7ed3\u6784\uff0c\u80fd\u66f4\u597d\u5730\u9002\u5e94\u5e76\u907f\u514d\u6f5c\u5728\u7684\u5d29\u6e83\u3002\u56e0\u6b64\u53ef\u4ee5\u7406\u89e3\uff0c\u50cf AAVE\u8fd9\u6837\u57fa\u4e8e\u8f83\u5927\u8d44\u91d1\u6c60\u7684\u7cfb\u7edf\u9700\u8981\u66f4\u957f\u65f6\u95f4\u624d\u80fd\u91c7\u7528 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