詳覽Ethena更新的代幣經濟學

今天標誌著USDe的成長和使用與$ENA更加緊密地結合在一起邁出了重要的一步。 Ethena將開始在Ethena生態系中逐步為$ENA引入更多實用功能，首先是推出$ENA的通用質押功能。目錄i)Ethena生態系中$ENA的當前用例；ii)引入$ENA和$USDe的通用再質押；iii)Symbiotic中$ENA再質押池的潛在**收益**；iv)從第1季開始，對未歸屬ENA的用戶進行鎖定要求，立即減少未來$ENA供應。 i）$ENA的當前**用例**：目前，$ENA的使用方式如下：

i)鎖定在Ethena中，以提高潛在的未來回報。這旨在激勵從更多僱傭資本池中向更符合Ethena長期增長的用戶轉移價值。這種重新分配的規模與使用者持有的USDe數量成線性關係。因此，隨著USDe供應的增長，對長期一致的生態系統成員施加的潛在隱含$ENA**持有要求也會隨著這種增長而擴大。目前，鎖定的**ENA**池持有約2.9億**ENA**。 ii)鎖定在**PendleFinance** **PT-ENA**中，使用者可以以**PT-ENA**的形式獲得目前約為75%的固定APY，**YT-ENA**購買者可以獲得積分分配，並且能夠透過僅持有1**YT**=1**ENA**來滿足相對於其**USDe**持有量的最低**ENA**持有量。目前，**PT-ENA**池持有約1.6億**ENA**。 iii)將**$ENA納入Ethena系統並增加實用性的下一階段將利用通用的再質押池來質押$ENA**。第一個用例是依靠基於**LayerZero** **DVN**的訊息系統為**USDe**的跨鏈轉移提供經濟安全性。這是與即將推出的**EthenaChain**和基於該鏈構建的金融應用程式相關的多層基礎設施中的第一層，這些應用程式將利用並受益於再質押的**$ENA模組。有關該鏈的更多詳細信息，請參閱此處詳細介紹的Ethena2024路線圖帖子。質押的$ENA**和**$sUSDe將成為即將到來的時代在Sy​​mbiotic中存入的第一批新資產，初始LST上限已在一小時內全部填滿。已在此處建立鎖定$ENA**的**Dune**儀表板：ii）**$ENA再質押模組的詳細資訊：

Ethena will first pilot a advanced universal re-staking framework with Symbiotic and LayerZero, seeking to secure cross-chain transfers of Ethena-based assets, including $USDe and $sUSDe. These transfers are verified through the LayerZeroDVN network, which is **secured** by $ENA staked within Symbiotic. This module will also include building a common framework for launching staking DVNs for LayerZero ecosystem partners that use a consistent token to provide economic security and DVN operator choice. For more details about LayerZeroDVN, see the documentation here. While Ethena-based cross-chain transfers will be secured via staked $ENA, Ethena will provide a unique value proposition for universal re-staking use cases via $USDe and $sUSDe for use by other systems and protocols as the underlying asset. $USDe/$sUSDe offer two different asset qualities that unlock **unique** potential use cases compared to leveraging $ETH as the underlying re-hypothecation asset: i) Uncorrelated: **pegged** to the US dollar Relatively stable assets generally don't correlate with volatile crypto assets, and during periods when drawdowns need to occur, the stability of USD relative to ETH is an **important** quality in times of stress - when you need the **security** of re-staking the most hour. ii) Sustainable real returns: It is unclear how AVS can provide true non-inflationary returns on billions of dollars of re-hyped capital without excessive token rewards becoming the **most** of the returns . With $sUSDe, real yields are structurally higher than any USD-based asset since inception, bridging the cost of capital gap between re-stakers and the system consuming security by reducing the need for inflationary rewards Uniquelysolve this problem. iii) $ENASymbiotic staking reward details: After the ETHLST cap is filled in a few days, $ENA and $sUSDe will become the next **eligible** assets available for staking in the next epoch. $ENA staked in Symbiotic will receive the following rewards: Maximum Ethena multiplier, 30x per ENA per day; Symbiotic Points; Mellow Points; Potential future LayerZeroRFP allocations (if allocated to Ethena); $ENA pool will open on Wednesday, June 26th online. $ENA re-staked in EthenaChain: As stated in the 2024 roadmap, EthenaChain will focus on building financial applications and infrastructure on $USDe as the gas token and pivot asset within the system. Our view is that crypto-native currencies are the holy grail and killer app, while the U.S. dollar is the lifeblood of every financial app. Recollateralized $ENA will provide universal security for these use cases: spot AMMs; perpetual DEX; yield trading; money markets; low-collateral lending; on-chain prime brokers; options and structured products. and on-chain infrastructure solutions such as: cross-chain transfers; oracle providers; shared sequencers; data availability solutions. In return, they may be eligible to benefit from potential future airdrops of these protocols at a later date at their own discretion. As the ecosystem and use cases surrounding the USDe asset grow, $ENA’s utility will grow as an asset that helps protect the ecosystem.

iv) $ENA Locking and Vesting Update: As of June 17th, any user who received $ENA through an airdrop (e.g. a portion subject to vesting conditions received from a ShardCampaign airdrop) will need to lock up at least 50% The $ENAs are available from one of the three options outlined in the first section. Failure to do so will result in all unvested $ENA of the user (vested to the relevant wallet) being reallocated to other users who have $ENA locked i) Ethena locked, ii) PT- on Pendle (any chain) ENA or iii)SymbioticRestaking. As more $ENA use cases emerge in the ecosystem, the options for locking $ENA for this purpose may also expand. To be clear: the purpose of the above is to incentivize $ENA holders to realign from employing capital to long-termconsistent users. The above instructions will be made clear when users claim their next weekly ENA vesting on June 23rd. From that point on, at least 50% of newly vested ENAs need to be locked in the above options, otherwise users will lose unvested ENAs. $ENA forfeited due to failure to meet the above conditions will not be retained by the foundation, team, or investors - it will only be used to benefit users aligned with the ecosystem.

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