ᴹᴼᴼᴺᴱʸ

Web2 AI product manager, web3 marketing 🇬🇧🏴󠁧󠁢󠁳󠁣󠁴󠁿🇹🇼 ₿🚀📈

[Boki @BokiNFT]

We are happy to announce a collaboration with @SK8PES who are pioneering web3 fashion under @steviewilliams_

Holders, head over to our Discord to join the raffle for whitelist!

[看不懂的SOL @DtDt666]

深度挖掘：Ethena (ENA)，加密世界赚钱机器，ENA值得长期持有！（投研报告）

先说结论：投研完后Ethena是一个会赚钱、能赚钱、并且正儿八经落地赚钱的台子，其代币（ENA）值得拥有。

金戈铁马，气吞万里如虎！！

前言：Ethena到底有多赚钱？
Ethena最近一周的日入达到了680万美刀，一跃成为最赚钱的去中心化应用（DApp）。

根据Ethena的官网，现在它正给超过35万用户发放USDe稳定币，年化收益率���达67.2%。DefiLlama的数据显示，Ethena的USDe市值在过去一周里涨了43%，一个月涨了409%，总值达到了8.4亿美金。

Ethena Labs今年2月19号在公链上正式亮相，USDe一上来就开出了27.6%的年化收益率，远超Anchor Protocol给的20%。这比去年5月崩盘前的TerraUSD（UST）还要高。

Ethena 正在构建衍生品基础设施，使以太坊能够通过 stETH 上的 Delta 中性头寸转型为全球互联网债券，从而创建第一个加密原生、具有收益的稳定币：USDE。

一、#Ethena 到底是个啥玩意？
建立在以太坊上的合成美元 (synthetic dollars) 协议，以 ETH 作为底层资产标的USDe 是个在以太坊链上的合成美元协议，用 #ETH 做底层资产。它通过现货 ETH 和期货 ETH 空头抵押构成，二者对冲成为一项 Delta 中性的稳定资产。即使 ETH 的价格波动，USDe 的铸造和抵押的价值也几乎不受影响，确保了资产的稳定性和可靠性。

说人话：是无论ETH涨跌，#USDe 都能保持其价值稳定，你可以理解为以太坊版本的USDT。你可以理解为持有ETH现货并做空对冲，抵押发行 $USDe ，防暴跌、保稳定的币。

二、Ethena 赚钱的运作逻辑？
1、假设我们投入了1000刀的 #stETH，扣掉各种对冲和操作成本之后，可以铸造出1000刀的USDe。

2、然后Ethena会自动在中心化交易所（#CEX）上开一个等额的ETH对U（ $USDT 或 $USD ）的永续合约空头，进行对冲。

3、我们放进去的stETH不会直接扔CEX，��是转到 #Copper 、#CEFFU、#Cobo 这种托管机构手里，这样就能避免那些麻烦事，比如资产挪用或者CEX炸了。

4、这操作中就有两个能持续赚钱的路子，还会作为奖励送给质押了的USDe（sUSDe）：

a/挂在以太坊上质押PoS的收益，年化大约3.2%；质押 PoS 收益比较固定，保证了一个最基本的稳定收益。

b/还有就是从delta对冲那些衍生品头寸上撸到的资金费和基差价差，年化收益能有5到30%。

三、Ethena 背景如何？

1/Ethena完成2050万美元touzi，#Dragonfly 领投，并得到BN，Deribit，Bybit，OKX，Gemini和Huobi等交易平台以及BitMEX创始人Arthur Hayes及其家族办公室的支持。

•种子轮：价格未知，融资 650w，估值未知
•战��融资：价格 0.019u，融资 1400w，估值 2.86 亿

2/#MakerDAO 创始人 #Rune 也在昨天 (30 号) 通过个人地址将 566 万 USDT mint 成 USDe

四、Ethena 的缺点是？
Austin 在文中指出，其更愿意将 USDe 称为一个「结构性票据」，而非稳定币，并剖析了 USDe 的四层潜在风险：

1/是质押层面的安全风险，质押节点的安全性及可持续性是否可得以保证；

2/是期货合约开设平台的安全风险，无论是 DEX 还是 CEX 均存在黑客攻击风险；

3/是合约可用性风险，有些时候可能根本没有足够的流动性来进行做空；

4/是资金费率风险，虽然空头头寸的资金费率大多数时候为正，但也存在转负的可能性，如果在加权质押收益之后的综合收益率为负，对于「稳定币」而言是相当致命的。尽管Ethena的方法创新且有潜力，但该项目目前仍处于测试阶段，尚未完全推出。

由于加密货币市场的不确定性和波动性，Ethena的稳定币USDe仍面临着潜在的风险。

五、关于 #ENA 价格预测？

ENA 总量 150 亿，初始流通 14.25 亿 (9.5%)。

目前市场上有多个对 ENA 价格预测的估值模型，例如：

1/参考场外平台 (如 aevo 等) 成交价：$0.65；

2/根据往期币安挖矿项目平均收益率 (年化 123%)：$0.45。

3/要是根据 PE 来进行估值的话价格会更高。因为以最近 #Ethena 的收入来推算，Ethena 年收入获将达到 3.3 亿美元。

🫡路虽远，行则必至；事虽难，做则必成。

看不懂的SOL结语：总的来说Ethena是一个会赚钱、能赚钱、并且正儿八经落地赚钱的台子，他的代币（ENA）值得关注，流动性质押衍生品LSD领域正在快速发展，尤其是 #LSD 稳定币领域即将出现新的创新。相信在以太坊坎昆升级后崛起的带动下，稳定币也将迎来一波热潮，让我们拭目以待。

@FLS_OTC @jiujinshan2022 @phyrexni @hellosuoha
@bitfish 最后希望各位大佬指正。

[ᴹᴼᴼᴺᴱʸ @mooney_eth]

@Manuelchiro254 One fact is that many outcomes actually stem from the same underlying cause.
https://t.co/ybqwz9e7LD

#functionalhealth #backpain #tailbone #stiffneck #pain #biohacking #rootcause #functionalmedicine

[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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#functionalhealth #backpain #tailbone #stiffneck #pain #biohacking #rootcause #functionalmedicine

[ᴹᴼᴼᴺᴱʸ @mooney_eth]

@Wegiveyouhealt1 Agree. One fact is that many outcomes actually stem from the same underlying cause.🧐https://t.co/IloAxRbtan

#functionalhealth #backpain #tailbone #stiffneck #pain #biohacking #rootcause #functionalmedicine

[ᴹᴼᴼᴺᴱʸ @mooney_eth]

@MrHealthnut One fact is that many outcomes actually stem from the same underlying cause.
https://t.co/U0l2IwHfk3

#functionalhealth #backpain #tailbone #stiffneck #pain #biohacking #rootcause #functionalmedicine

[ᴹᴼᴼᴺᴱʸ @mooney_eth]

@Big_Jerm200 One fact is that many outcomes actually stem from the same underlying cause.
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#functionalhealth #backpain #tailbone #stiffneck #pain #biohacking #rootcause #functionalmedicine

[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

@FitFusion0 Did you know that these symptoms: back pain, difficulty sitting comfortably, stiff neck, pain during intercourse, urinary incontinence etc. Could have a common "root cause"? If you're struggling with these issues and seeking long-lasting relief, check this
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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

@ChamberofFit Did you know that these symptoms: back pain, difficulty sitting comfortably, stiff neck, pain during intercourse, urinary incontinence etc. Could have a common "root cause"? If you're struggling with these issues and seeking long-lasting relief, check this:https://t.co/KbTuQlKmdq

[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

@theandrecosta Did you know that these symptoms: back pain, difficulty sitting comfortably, stiff neck, pain during intercourse, urinary incontinence etc. Could have a common "root cause"? If you're struggling with these issues and seeking long-lasting relief, check this:https://t.co/VIN5VoDgqw

[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

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[ᴹᴼᴼᴺᴱʸ @mooney_eth]

@HealthMindHabit If you're bothered by these things too, you might be interested in taking a look.🤔https://t.co/bfWUPCsUIy