{"id":4347,"date":"2026-10-04T08:21:36","date_gmt":"2026-10-04T00:21:36","guid":{"rendered":"https:\/\/www.sjzylove.com\/?p=4347"},"modified":"2026-10-04T08:21:36","modified_gmt":"2026-10-04T00:21:36","slug":"%e4%bb%8e%e9%ab%98%e6%94%b6%e7%9b%8a%e5%88%b0%e6%bd%9c%e5%9c%a8%e5%b4%a9%e7%9b%98%ef%bc%9a%e4%b8%80%e6%96%87%e8%a7%a3%e6%9e%84-usde-%e6%bf%80%e5%8a%b1%e8%83%8c%e5%90%8e%e7%9a%84%e9%80%bb%e8%be%91","status":"publish","type":"post","link":"https:\/\/www.zsmjt.com\/?p=4347","title":{"rendered":"\u4ece\u9ad8\u6536\u76ca\u5230\u6f5c\u5728\u5d29\u76d8\uff1a\u4e00\u6587\u89e3\u6784 USDe \u6fc0\u52b1\u80cc\u540e\u7684\u903b\u8f91\u94fe"},"content":{"rendered":"
\n

2024\u5e74\u4ee5\u6765\uff0c\u7a33\u5b9a\u5e01\u5e02\u573a\u6b63\u7ecf\u5386\u4e00\u573a\u7531\u7ed3\u6784\u521b\u65b0\u9a71\u52a8\u7684\u65b0\u53d8\u5c40\u3002\u5728 USDT\u3001USDC \u7b49\u6cd5\u5e01\u6258\u5e95\u7a33\u5b9a\u5e01\u5360\u636e\u4e3b\u5bfc\u591a\u5e74\u540e\uff0cEthena Labs \u63a8\u51fa\u7684 USDe \u51ed\u501f \u201c\u65e0\u9700\u6cd5\u5e01\u652f\u6301\u201d \u7684 \u5408\u6210\u7a33\u5b9a\u5e01\u8bbe\u8ba1\u8fc5\u901f\u5d1b\u8d77\uff0c\u5e02\u503c\u4e00\u5ea6\u7a81\u7834 80 \u4ebf\u7f8e\u5143\uff0c\u6210\u4e3a DeFi \u4e16\u754c\u4e2d\u7684 \u201c\u9ad8\u6536\u76ca\u7f8e\u5143\u201d \u3002<\/p>\n

\u8fd1\u671f\uff0cEthena \u8054\u5408 Aave \u63a8\u51fa\u7684 Liquid Leverage \u8d28\u62bc\u6d3b\u52a8\u66f4\u662f\u5f15\u53d1\u5e02\u573a\u70ed\u8bae\uff1a\u5e74\u5316\u56de\u62a5\u63a5\u8fd1 50%\uff0c\u8868\u9762\u770b\u4f3c\u662f\u4e00\u6b21\u60ef\u5e38\u7684\u6fc0\u52b1\u7b56\u7565\uff0c\u6216\u8bb8\u4e5f\u900f\u9732\u51fa\u53e6\u4e00\u4e2a\u503c\u5f97\u5173\u6ce8\u7684\u4fe1\u53f7\u2014\u2014USDe \u6a21\u578b\u5728 ETH \u725b\u5e02\u671f\u95f4\u6240\u627f\u53d7\u7684\u7ed3\u6784\u6027\u6d41\u52a8\u6027\u538b\u529b\u3002<\/p>\n

\u672c\u6587\u5c06\u56f4\u7ed5\u8be5\u6fc0\u52b1\u6d3b\u52a8\u5c55\u5f00\uff0c\u7b80\u8981\u89e3\u91ca USDe\/sUSDe \u53ca\u76f8\u5173\u5e73\u53f0\u540e\uff0c\u4ece\u6536\u76ca\u7ed3\u6784\u3001\u7528\u6237\u884c\u4e3a\u3001\u8d44\u91d1\u6d41\u52a8\u7b49\u89d2\u5ea6\u5256\u6790\u5176\u80cc\u540e\u9690\u85cf\u7684\u7cfb\u7edf\u6027\u6311\u6218\uff0c\u5e76\u5bf9\u6bd4 GHO \u7b49\u5386\u53f2\u6848\u4f8b\uff0c\u63a2\u8ba8\u672a\u6765\u673a\u5236\u662f\u5426\u5177\u5907\u8db3\u591f\u97e7\u6027\u5e94\u5bf9\u6781\u7aef\u5e02\u573a\u60c5\u5883\u3002<\/p>\n

\u4e00\u3001USDe \u4e0e sUSDe \u7b80\u4ecb\uff1a\u57fa\u4e8e\u52a0\u5bc6\u539f\u751f\u673a\u5236\u7684\u5408\u6210\u7a33\u5b9a\u5e01<\/strong><\/h3>\n

USDe \u662f\u7531 Ethena Labs \u4e8e 2024 \u5e74\u63a8\u51fa\u7684\u5408\u6210\u578b\u7a33\u5b9a\u5e01\uff0c\u5176\u8bbe\u8ba1\u76ee\u6807\u662f\u89c4\u907f\u5bf9\u4f20\u7edf\u94f6\u884c\u4f53\u7cfb\u53ca\u53d1\u5e01\u7684\u4f9d\u8d56\u3002\u622a\u81f3\u76ee\u524d\uff0c\u5176\u6d41\u901a\u89c4\u6a21\u5df2\u8d85\u8fc7 80 \u4ebf\u7f8e\u5143\u3002\u4e0d\u540c\u4e8e USDT \u6216 USDC \u7b49\u4ee5\u6cd5\u5e01\u50a8\u5907\u652f\u6301\u7684\u7a33\u5b9a\u5e01\uff0cUSDe \u7684\u951a\u5b9a\u673a\u5236\u4f9d\u8d56\u4e8e\u94fe\u4e0a\u52a0\u5bc6\u8d44\u4ea7\uff0c\u5c24\u5176\u662f ETH \u53ca\u5176\u884d\u751f\u7684\u8d28\u62bc\u8d44\u4ea7\uff08\u5982 stETH\u3001WBETH \u7b49\uff09\u3002<\/p>\n

\"<\/p>\n

\u56fe\u7247\u6765\u6e90\uff1aCoingecko<\/u><\/p>\n

\u5176\u6838\u5fc3\u673a\u5236\u4e3a\u201cdelta \u4e2d\u6027\u201d\u7ed3\u6784\uff1a\u534f\u8bae\u4e00\u65b9\u9762\u6301\u6709 ETH \u7b49\u8d44\u4ea7\u5934\u5bf8\uff0c\u53e6\u4e00\u65b9\u9762\u5728\u4e2d\u5fc3\u5316\u884d\u751f\u54c1\u4ea4\u6613\u5e73\u53f0\u5f00\u8bbe\u7b49\u503c\u7684 ETH \u6c38\u7eed\u7a7a\u5934\u4ed3\u4f4d\u3002\u901a\u8fc7\u73b0\u8d27\u4e0e\u884d\u751f\u54c1\u7684\u5bf9\u51b2\u7ec4\u5408\uff0cUSDe \u5b9e\u73b0\u8d44\u4ea7\u51c0\u655e\u53e3\u63a5\u8fd1\u4e8e\u96f6\uff0c\u4ece\u800c\u4f7f\u5176\u4ef7\u683c\u7a33\u5b9a\u5728 1 \u7f8e\u5143\u9644\u8fd1\u3002<\/p>\n

sUSDe \u5219\u662f\u7528\u6237\u5c06 USDe \u8d28\u62bc\u81f3\u534f\u8bae\u540e\u83b7\u5f97\u7684\u4ee3\u8868\u578b\u4ee3\u5e01\uff0c\u5177\u5907\u81ea\u52a8\u7d2f\u79ef\u6536\u76ca\u7684\u7279\u6027\u3002\u5176\u6536\u76ca\u6765\u6e90\u4e3b\u8981\u5305\u62ec\uff1aETH \u6c38\u7eed\u5408\u7ea6\u4e2d\u7684\u8d44\u91d1\u8d39\u7387\uff08funding rate\uff09\u56de\u62a5\uff0c\u4ee5\u53ca\u5e95\u5c42\u8d28\u62bc\u8d44\u4ea7\u5e26\u6765\u7684\u884d\u751f\u6027\u6536\u76ca\u3002\u8be5\u6a21\u5f0f\u65e8\u5728\u4e3a\u7a33\u5b9a\u5e01\u5f15\u5165\u6301\u7eed\u6027\u7684\u6536\u76ca\u6a21\u578b\uff0c\u540c\u65f6\u7ef4\u6301\u5176\u4ef7\u683c\u951a\u5b9a\u673a\u5236\u3002<\/p>\n

\u4e8c\u3001Aave \u4e0e Merkl \u7b80\u4ecb\uff1a\u501f\u8d37\u534f\u8bae\u4e0e\u6fc0\u52b1\u5206\u53d1\u673a\u5236\u7684\u534f\u4f5c\u4f53\u7cfb<\/strong><\/h3>\n

Aave \u662f\u4ee5\u592a\u574a\u751f\u6001\u4e2d\u5386\u53f2\u6700\u60a0\u4e45\u3001\u4f7f\u7528\u6700\u5e7f\u6cdb\u7684\u53bb\u4e2d\u5fc3\u5316\u501f\u8d37\u534f\u8bae\u4e4b\u4e00\uff0c\u6700\u65e9\u53ef\u8ffd\u6eaf\u81f3 2017 \u5e74\u3002\u5176\u901a\u8fc7 \u201c\u95ea\u7535\u8d37\u201d \u673a\u5236\u548c\u7075\u6d3b\u7684\u5229\u7387\u6a21\u578b\uff0c\u5728\u65e9\u671f\u63a8\u52a8\u4e86 DeFi \u501f\u8d37\u7cfb\u7edf\u7684\u666e\u53ca\u3002\u7528\u6237\u53ef\u5c06\u52a0\u5bc6\u8d44\u4ea7\u5b58\u5165 Aave \u534f\u8bae\u4e2d\u83b7\u5f97\u5229\u606f\uff0c\u6216\u901a\u8fc7\u62b5\u62bc\u8d44\u4ea7\u501f\u51fa\u5176\u4ed6\u4ee3\u5e01\uff0c\u5168\u6d41\u7a0b\u65e0\u9700\u4e2d\u4ecb\u3002\u76ee\u524d\uff0cAave \u534f\u8bae\u603b\u9501\u4ed3\u91cf\uff08TVL\uff09\u7ea6\u4e3a 340 \u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u8fd1 90% \u90e8\u7f72\u4e8e\u4ee5\u592a\u574a\u4e3b\u7f51\uff0c\u5e73\u53f0\u539f\u751f\u4ee3\u5e01 AAVE \u603b\u5e02\u503c\u7ea6 42 \u4ebf\u7f8e\u5143\uff0c\u5728 CoinMarketCap \u4e0a\u6392\u540d\u7b2c 31 \u4f4d\u3002<\/p>\n

\"<\/p>\n

\u6570\u636e\u6765\u6e90\uff1aDeFiLlama<\/u><\/p>\n

\u800cMerkl \u662f\u7531 Angle Protocol \u56e2\u961f\u63a8\u51fa\u7684\u94fe\u4e0a\u6fc0\u52b1\u5206\u53d1\u5e73\u53f0\uff0c\u4e13\u4e3a DeFi \u534f\u8bae\u63d0\u4f9b\u53ef\u7f16\u7a0b\u3001\u6761\u4ef6\u5316\u7684\u6fc0\u52b1\u5de5\u5177\u3002\u901a\u8fc7\u9884\u8bbe\u53c2\u6570\u5982\u8d44\u4ea7\u7c7b\u578b\u3001\u6301\u4ed3\u65f6\u957f\u3001\u6d41\u52a8\u6027\u8d21\u732e\u7b49\uff0c\u534f\u8bae\u65b9\u53ef\u7cbe\u51c6\u8bbe\u5b9a\u5956\u52b1\u7b56\u7565\u5e76\u9ad8\u6548\u5b8c\u6210\u53d1\u653e\u6d41\u7a0b\u3002\u622a\u81f3\u76ee\u524d\uff0cMerkl \u5df2\u670d\u52a1\u8d85\u8fc7 150 \u4e2a\u9879\u76ee\u4e0e\u94fe\u4e0a\u534f\u8bae\uff0c\u7d2f\u8ba1\u5206\u53d1\u6fc0\u52b1\u603b\u989d\u8d85\u8fc7 2 \u4ebf\u7f8e\u5143\uff0c\u652f\u6301\u5305\u62ec\u4ee5\u592a\u574a\u3001Arbitrum\u3001Optimism \u5728\u5185\u7684\u591a\u6761\u516c\u94fe\u7f51\u7edc\u3002<\/p>\n

\u5728\u672c\u6b21 Ethena \u4e0e Aave \u8054\u5408\u53d1\u8d77\u7684 USDe \u6fc0\u52b1\u6d3b\u52a8\u4e2d\uff0cAave \u8d1f\u8d23\u7ec4\u7ec7\u501f\u8d37\u5e02\u573a\u3001\u914d\u7f6e\u53c2\u6570\u53ca\u5339\u914d\u8d28\u62bc\u8d44\u4ea7\uff0c\u800c Merkl \u5219\u627f\u62c5\u5956\u52b1\u903b\u8f91\u8bbe\u5b9a\u4e0e\u94fe\u4e0a\u53d1\u653e\u64cd\u4f5c\u3002<\/p>\n

\u9664\u4e86\u5f53\u524d\u7684 USDe \u6fc0\u52b1\u5408\u4f5c\u5916\uff0cAave \u4e0e Merkl \u6b64\u524d\u5df2\u5728\u591a\u4e2a\u9879\u76ee\u4e2d\u5f62\u6210\u7a33\u5b9a\u534f\u4f5c\u5173\u7cfb\uff0c\u6700\u5177\u4ee3\u8868\u6027\u7684\u6848\u4f8b\u4e4b\u4e00\u662f\u5bf9 GHO \u7a33\u5b9a\u5e01\u8131\u951a\u95ee\u9898\u7684\u8054\u5408\u5e72\u9884\u3002<\/strong><\/p>\n

GHO \u662f\u7531 Aave \u63a8\u51fa\u7684\u539f\u751f\u8d85\u989d\u62b5\u62bc\u7a33\u5b9a\u5e01\uff0c\u53ef\u901a\u8fc7\u62b5\u62bc ETH\u3001AAVE \u7b49\u8d44\u4ea7\u8fdb\u884c\u94f8\u9020\u3002\u8be5\u5e01\u79cd\u5728\u63a8\u51fa\u521d\u671f\u56e0\u5e02\u573a\u63a5\u53d7\u5ea6\u6709\u9650\u3001\u6d41\u52a8\u6027\u4e0d\u8db3\uff0c\u4ef7\u683c\u8fc5\u901f\u8dcc\u7834\u951a\u5b9a\u503c\uff0c\u957f\u671f\u5f98\u5f8a\u4e8e $0.94\uff5e$0.99 \u533a\u95f4\uff0c\u5931\u53bb\u4e0e\u7f8e\u5143\u7684\u4ef7\u683c\u951a\u5b9a\u3002<\/p>\n

\u4e3a\u5e94\u5bf9\u8fd9\u4e00\u504f\u79bb\uff0cAave \u8054\u5408 Merkl \u5728 Uniswap V3 \u4e0a\u8bbe\u7acb\u4e86 GHO\/USDC \u4e0e GHO\/USDT \u4ea4\u6613\u5bf9\u7684\u6d41\u52a8\u6027\u6fc0\u52b1\u673a\u5236\u3002\u6fc0\u52b1\u89c4\u5219\u4ee5\u201c\u9760\u8fd1 $1 \u4e3a\u76ee\u6807\u201d\uff0c\u5bf9\u5728 $1 \u9644\u8fd1\u63d0\u4f9b\u96c6\u4e2d\u6d41\u52a8\u6027\u7684\u505a\u5e02\u8005\u53d1\u653e\u66f4\u9ad8\u5956\u52b1\uff0c\u501f\u6b64\u5f15\u5bfc\u4e70\u5356\u6df1\u5ea6\u96c6\u4e2d\u4e8e\u76ee\u6807\u533a\u95f4\uff0c\u4ece\u800c\u5728\u94fe\u4e0a\u5f62\u6210\u4e00\u5835\u4ef7\u683c\u7a33\u5b9a\u5899\u3002\u8fd9\u4e00\u673a\u5236\u5728\u5b9e\u9645\u8fd0\u884c\u4e2d\u6548\u679c\u663e\u8457\uff0c\u6210\u529f\u63a8\u52a8 GHO \u4ef7\u683c\u9010\u6b65\u56de\u5347\u81f3\u63a5\u8fd1 $1 \u6c34\u5e73\u3002<\/p>\n

\"<\/p>\n

\u8fd9\u4e00\u6848\u4f8b\u63ed\u793a\u51fa Merkl \u5728\u7ef4\u7a33\u673a\u5236\u4e2d\u7684\u89d2\u8272\u672c\u8d28\uff1a\u901a\u8fc7\u53ef\u7f16\u7a0b\u6fc0\u52b1\u7b56\u7565\uff0c\u7ef4\u6301\u94fe\u4e0a\u5173\u952e\u4ea4\u6613\u533a\u95f4\u7684\u6d41\u52a8\u6027\u5bc6\u5ea6\uff0c\u5c31\u5982\u540c\u5728\u5e02\u573a\u4ef7\u683c\u951a\u70b9\u4e0a\u5b89\u6392\u201c\u8865\u8d34\u644a\u8d29\u201d\uff0c\u53ea\u6709\u6301\u7eed\u7ed9\u4e88\u6536\u76ca\uff0c\u624d\u53ef\u80fd\u7ef4\u6301\u7a33\u5b9a\u7684\u5e02\u573a\u7ed3\u6784\u3002\u4f46\u662f\u8fd9\u4e5f\u5f15\u51fa\u76f8\u5173\u95ee\u9898\uff1a\u4e00\u65e6\u6fc0\u52b1\u4e2d\u65ad\u6216\u644a\u8d29\u64a4\u79bb\uff0c\u4ef7\u683c\u673a\u5236\u7684\u652f\u6491\u4ea6\u53ef\u80fd\u5931\u6548\u3002<\/p>\n

\u4e09\u300150% \u5e74\u5316\u6536\u76ca\u7684\u6765\u6e90\u673a\u5236\u89e3\u6790<\/strong><\/h3>\n

2025 \u5e74 7 \u6708 29 \u65e5\uff0cEthena Labs \u6b63\u5f0f\u5ba3\u5e03\u5728 Aave \u5e73\u53f0\u4e0a\u7ebf\u540d\u4e3a \u201cLiquid Leverage\u201d \u7684\u529f\u80fd\u6a21\u5757\u3002\u8be5\u673a\u5236\u8981\u6c42\u7528\u6237\u6309\u7167 1:1 \u7684\u6bd4\u4f8b\uff0c\u5c06 sUSDe \u4e0e USDe \u540c\u65f6\u5b58\u5165 Aave \u534f\u8bae\uff0c\u5f62\u6210\u590d\u5408\u8d28\u62bc\u7ed3\u6784\uff0c\u5e76\u501f\u6b64\u83b7\u5f97\u989d\u5916\u6fc0\u52b1\u56de\u62a5\u3002<\/p>\n

\u5177\u4f53\u800c\u8a00\uff0c\u5408\u683c\u7528\u6237\u53ef\u83b7\u5f97\u4e09\u91cd\u6536\u76ca\u6765\u6e90\uff1a<\/strong><\/p>\n

1.Merkl \u81ea\u52a8\u5206\u53d1\u7684\u6fc0\u52b1\u6027 USDe \u5956\u52b1\uff08\u5f53\u524d\u7ea6\u4e3a\u5e74\u5316 12%\uff09\uff1b<\/p>\n

2.sUSDe \u6240\u4ee3\u8868\u7684\u534f\u8bae\u6536\u76ca\uff0c\u5373\u6765\u81ea USDe \u80cc\u540e delta-neutral \u7b56\u7565\u7684\u8d44\u91d1\u8d39\u4e0e\u8d28\u62bc\u6536\u76ca\uff1b<\/p>\n

3.Aave \u7684\u57fa\u7840\u5b58\u6b3e\u5229\u606f\uff0c\u53d6\u51b3\u4e8e\u5f53\u524d\u5e02\u573a\u8d44\u91d1\u5229\u7528\u7387\u548c\u6c60\u5b50\u9700\u6c42\u3002<\/p>\n

\u8be5\u6d3b\u52a8\u7684\u5177\u4f53\u53c2\u4e0e\u6d41\u7a0b\u5982\u4e0b\uff1a<\/strong><\/p>\n

1.\u7528\u6237\u53ef\u901a\u8fc7 Ethena \u5b98\u7f51\uff08ethena.fi<\/u>\uff09\u6216\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08\u5982 Uniswap\uff09\u83b7\u53d6 USDe\uff1b<\/p>\n

2.\u5c06\u6301\u6709\u7684USDe \u5728Ethena \u5e73\u53f0\u8d28\u62bc\uff0c\u5151\u6362\u4e3asUSDe\uff1b<\/p>\n

3.\u5c06\u7b49\u989d\u7684 USDe \u4e0e sUSDe \u6309 1:1 \u6bd4\u4f8b\u4e00\u540c\u8f6c\u5165 Aave<\/p>\n

4.\u5728 Aave \u9875\u9762\u4e2d\u542f\u7528\u201cUse as Collateral\u201d\uff08\u7528\u4f5c\u62b5\u62bc\uff09\u9009\u9879<\/p>\n

5.\u7cfb\u7edf\u76d1\u6d4b\u5230\u5408\u89c4\u64cd\u4f5c\u540e\uff0c\u7531 Merkl \u5e73\u53f0\u81ea\u52a8\u8bc6\u522b\u5730\u5740\u5e76\u5b9a\u671f\u53d1\u653e\u5956\u52b1<\/p>\n

\"<\/p>\n

\u56fe\u7247\u6765\u6e90\uff1a\u5b98\u65b9Twitter<\/p>\n

\u5b98\u65b9\u6570\u636e\uff0c\u5e95\u5c42\u8ba1\u7b97\u903b\u8f91\u62c6\u89e3\uff1a<\/strong><\/p>\n

\u5047\u8bbe\uff1a1\u4e07\u7f8e\u91d1\u672c\u91d1\uff0c\u6760\u67465\u500d\uff0c\u603b\u501f\u51fa4\u4e07\u7f8e\u91d1\uff0c\u5206\u522b\u75282.5\u4e07\u7f8e\u91d1\u62b5\u62bc\u7ed9USDe\u4e0esUSDe<\/p>\n

\u6536\u76ca\/\u6210\u672c\u7c7b\u522b<\/strong><\/p>\n

\u6765\u6e90<\/strong><\/p>\n

\u8ba1\u7b97\u516c\u5f0f<\/strong><\/p>\n

\u5e74\u6536\u76ca\u91d1\u989d<\/strong><\/p>\n

\u534f\u8bae\u6fc0\u52b1\u6536\u76ca<\/p>\n

sUSDe \u534f\u8bae\u6536\u76ca + USDe \u6fc0\u52b1<\/p>\n

25,000 \u00d7 12% \u00d7 2<\/p>\n

$5,975<\/p>\n

Aave \u5229\u606f\u6536\u5165<\/p>\n

USDe \u5b58\u5165 Aave \u6240\u83b7 Lend \u5229\u606f<\/p>\n

25,000 \u00d7 3.55%<\/p>\n

$890<\/p>\n

\u501f\u8d37\u5229\u606f\u6210\u672c<\/p>\n

\u501f\u51fa USDT \u5e74\u5229\u7387\u652f\u51fa<\/p>\n

40,000 \u00d7 4.69%<\/p>\n

$1,876<\/p>\n

\u51c0\u6536\u76ca\u5408\u8ba1<\/strong><\/p>\n

–<\/p>\n

5,975+ 890\u2013 1,876<\/p>\n

$4,989<\/strong><\/p>\n

\u6760\u6746\u7ed3\u6784\u8bf4\u660e\uff1a<\/strong><\/p>\n

\u8be5\u6536\u76ca\u7684\u524d\u63d0\u4f9d\u8d56\u4e8e\u201c\u501f\u8d37 \u2013 \u5b58\u5165 \u2013 \u7ee7\u7eed\u501f\u8d37\u201d\u5faa\u73af\u5efa\u7acb\u7684\u590d\u5408\u7ed3\u6784\uff0c\u5373\u521d\u59cb\u672c\u91d1\u88ab\u7528\u4f5c\u7b2c\u4e00\u8f6e\u8d28\u62bc\u540e\uff0c\u501f\u51fa\u8d44\u91d1\u540e\u518d\u8fdb\u884c\u4e0b\u4e00\u8f6e USDe \u4e0e sUSDe \u7684\u53cc\u5411\u5b58\u5165\u3002\u901a\u8fc7 5 \u500d\u6760\u6746\u653e\u5927\u8d28\u62bc\u5934\u5bf8\uff0c\u603b\u6295\u5165\u8fbe\u5230 50,000 \u7f8e\u5143\uff0c\u4ece\u800c\u653e\u5927\u5956\u52b1\u4e0e\u57fa\u7840\u6536\u76ca\u3002<\/p>\n

\u56db\u3001\u6fc0\u52b1\u8ba1\u5212\u80cc\u540e\u662f\u5426\u63ed\u793a USDe \u4e0e GHO \u9762\u4e34\u540c\u6837\u7684\u7ed3\u6784\u6027\u56f0\u5883\uff1f<\/strong><\/h3>\n

\u5c3d\u7ba1\u540c\u4e3a\u57fa\u4e8e\u52a0\u5bc6\u8d44\u4ea7\u8d28\u62bc\u53d1\u884c\u7684\u7a33\u5b9a\u5e01\uff0cUSDe \u4e0e GHO \u5728\u673a\u5236\u4e0a\u5b58\u5728\u663e\u8457\u5dee\u5f02\u3002USDe \u501f\u52a9 delta-neutral\uff08\u4e2d\u6027\u5bf9\u51b2\uff09\u7ed3\u6784\u7ef4\u6301\u951a\u5b9a\uff0c\u5386\u53f2\u4ef7\u683c\u57fa\u672c\u56f4\u7ed5 $1 \u7a33\u5b9a\u6ce2\u52a8\uff0c\u672a\u51fa\u73b0 GHO \u8131\u951a\u81f3 $0.94 \u7684\u4e25\u91cd\u504f\u79bb\uff0c\u4e5f\u672a\u906d\u9047\u7c7b\u4f3c\u4f9d\u8d56\u6d41\u52a8\u6027\u6fc0\u52b1\u6062\u590d\u4ef7\u683c\u7684\u6d41\u52a8\u6027\u5371\u673a\u3002\u7136\u800c\uff0c\u8fd9\u5e76\u4e0d\u610f\u5473\u7740 USDe \u5b8c\u5168\u514d\u75ab\u98ce\u9669\uff0c\u5176\u5bf9\u51b2\u6a21\u578b\u672c\u8eab\u5b58\u5728\u6f5c\u5728\u8106\u5f31\u6027\uff0c\u5c24\u5176\u5728\u5e02\u573a\u5267\u70c8\u6ce2\u52a8\u6216\u5916\u90e8\u6fc0\u52b1\u64a4\u51fa\u65f6\uff0c\u53ef\u80fd\u9762\u4e34\u4e0e GHO \u76f8\u4f3c\u7684\u7a33\u5b9a\u6027\u51b2\u51fb\u3002<\/p>\n

\u5177\u4f53\u98ce\u9669\u4f53\u73b0\u5728\u4ee5\u4e0b\u4e24\u4e2a\u65b9\u9762\uff1a<\/strong><\/p>\n

1.\u8d44\u91d1\u8d39\u7387\u4e3a\u8d1f\uff0c\u534f\u8bae\u6536\u76ca\u4e0b\u6ed1\u751a\u81f3\u5012\u6302\uff1a<\/strong><\/p>\n

sUSDe \u7684\u4e3b\u8981\u6536\u76ca\u6765\u81ea\u4e8e\u5c06 ETH \u7b49\u8d28\u62bc\u8d44\u4ea7\u6240\u83b7\u5f97\u7684 LST \u6536\u76ca\uff0c\u4e0e\u4e2d\u5fc3\u5316\u884d\u751f\u54c1\u5e73\u53f0\u4e0a\u5efa\u7acb\u7684 ETH \u7a7a\u5934\u6c38\u7eed\u5408\u7ea6\u8d44\u91d1\u8d39\u7528\uff08funding rate\uff09\u6b63\u503c\u3002\u5f53\u524d\u5e02\u573a\u60c5\u7eea\u79ef\u6781\uff0c\u591a\u5934\u4ed8\u7a7a\u5934\u5229\u606f\uff0c\u7ef4\u6301\u6b63\u5411\u6536\u76ca\u3002\u7136\u800c\u4e00\u65e6\u5e02\u573a\u8f6c\u4e3a\u75b2\u8f6f\uff0c\u7a7a\u5934\u589e\u591a\uff0c\u8d44\u91d1\u8d39\u7387\u8f6c\u8d1f\uff0c\u534f\u8bae\u9700\u652f\u4ed8\u989d\u5916\u8d39\u7528\u7ef4\u6301\u5bf9\u51b2\u5934\u5bf8\uff0c\u6536\u76ca\u5373\u544a\u524a\u51cf\uff0c\u751a\u81f3\u53d8\u4e3a\u8d1f\u503c\u3002\u5c3d\u7ba1 Ethena \u8bbe\u6709\u4fdd\u9669\u57fa\u91d1\u7f13\u51b2\uff0c\u4f46\u80fd\u5426\u957f\u671f\u8986\u76d6\u8d1f\u5411\u6536\u76ca\u4ecd\u5b58\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n

2.\u6fc0\u52b1\u7ec8\u6b62 \u2192 Promotional Rate 12% \u6536\u76ca\u76f4\u63a5\u6d88\u5931<\/strong><\/p>\n

\u5f53\u524d\u5728 Aave \u5e73\u53f0\u4e0a\u6267\u884c\u7684 Liquid Leverage \u6d3b\u52a8\uff0c\u4ec5\u9650\u65f6\u63d0\u4f9b\u989d\u5916 USDe \u5956\u52b1\uff08\u5e74\u5316\u7ea6 12%\uff09\u3002\u4e00\u65e6\u6fc0\u52b1\u7ed3\u675f\uff0c\u7528\u6237\u5b9e\u9645\u6301\u6709\u7684\u6536\u76ca\u5c06\u56de\u843d\u81f3 sUSDe \u539f\u751f\u6536\u76ca\uff08\u8d44\u91d1\u8d39 + LST \u6536\u76ca\uff09\u4e0e Aave \u5e73\u53f0\u5b58\u6b3e\u5229\u7387\uff0c\u5408\u8ba1\u53ef\u80fd\u4e0b\u964d\u81f3 15~20% \u533a\u95f4\u3002\u800c\u82e5\u5728\u9ad8\u6760\u6746\uff08\u5982 5 \u500d\uff09\u7ed3\u6784\u4e0b\uff0cUSDT \u501f\u6b3e\u5229\u7387\uff08\u5f53\u524d\u4e3a 4.69%\uff09\u53e0\u52a0\u540e\uff0c\u6536\u76ca\u7a7a\u95f4\u660e\u663e\u538b\u7f29\u3002\u66f4\u4e25\u91cd\u8005\uff0c\u5728 funding \u4e3a\u8d1f\u3001\u5229\u7387\u4e0a\u884c\u7684\u6781\u7aef\u73af\u5883\u4e2d\uff0c\u7528\u6237\u51c0\u6536\u76ca\u53ef\u80fd\u88ab\u5b8c\u5168\u4fb5\u8680\u751a\u81f3\u8f6c\u8d1f\u3002<\/p>\n

\u82e5\u6fc0\u52b1\u7ec8\u6b62\u3001ETH \u4e0b\u8dcc\u3001\u8d44\u91d1\u8d39\u7387\u8f6c\u8d1f\u4e09\u8005\u53e0\u52a0\uff0cUSDe \u6a21\u578b\u6240\u4f9d\u8d56\u7684 delta-neutral \u6536\u76ca\u673a\u5236\u5c06\u53d7\u5230\u5b9e\u8d28\u6027\u51b2\u51fb\uff0csUSDe \u6536\u76ca\u53ef\u80fd\u5f52\u96f6\u751a\u81f3\u5012\u6302\uff0c\u82e5\u4f34\u968f\u5927\u91cf\u8d4e\u56de\u548c\u629b\u538b\uff0cUSDe \u7684\u4ef7\u683c\u951a\u5b9a\u673a\u5236\u4ea6\u5c06\u9762\u4e34\u6311\u6218\u3002\u8fd9\u79cd\u201c\u591a\u91cd\u8d1f\u9762\u53e0\u52a0\u201d\u6784\u6210Ethena \u5f53\u524d\u67b6\u6784\u4e2d\u6700\u6838\u5fc3\u7684\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u4e5f\u53ef\u80fd\u662f\u5176\u8fd1\u671f\u9ad8\u5f3a\u5ea6\u6fc0\u52b1\u6d3b\u52a8\u80cc\u540e\u7684\u6df1\u5c42\u52a8\u56e0\u3002<\/p>\n

\u4e94\u3001\u4ee5\u592a\u574a\u4ef7\u683c\u4e0a\u6da8\uff0c\u7ed3\u6784\u5c31\u4f1a\u7a33\u5b9a\uff1f<\/strong><\/h3>\n

\u7531\u4e8e USDe \u7684\u7a33\u5b9a\u673a\u5236\u4f9d\u8d56\u4e8e\u4ee5\u592a\u574a\u8d44\u4ea7\u7684\u73b0\u8d27\u8d28\u62bc\u4e0e\u884d\u751f\u54c1\u5bf9\u51b2\uff0c\u5176\u8d44\u91d1\u6c60\u7ed3\u6784\u5728 ETH \u4ef7\u683c\u5feb\u901f\u4e0a\u6da8\u671f\u95f4\u9762\u4e34\u7cfb\u7edf\u6027\u62bd\u6c34\u538b\u529b\u3002\u5177\u4f53\u800c\u8a00\uff0c\u5f53 ETH \u4ef7\u683c\u63a5\u8fd1\u5e02\u573a\u9884\u671f\u9ad8\u4f4d\uff0c\u7528\u6237\u5f80\u5f80\u503e\u5411\u4e8e\u63d0\u524d\u8d4e\u56de\u8d28\u62bc\u8d44\u4ea7\u4ee5\u5b9e\u73b0\u6536\u76ca\uff0c\u6216\u8f6c\u5411\u5176\u4ed6\u5177\u5907\u66f4\u9ad8\u56de\u62a5\u7684\u8d44\u4ea7\u3002\u8fd9\u79cd\u884c\u4e3a\u50ac\u751f\u4e86\u5178\u578b\u7684\u201cETH \u725b\u5e02 \u2192 LST \u6d41\u51fa \u2192 USDe \u6536\u7f29\u201d\u94fe\u5f0f\u53cd\u5e94\u3002<\/p>\n

\"<\/p>\n

\u4eceDeFiLlama<\/u>\u6570\u636e\u53ef\u4ee5\u89c2\u5bdf\u5230\uff1aUSDe \u4e0e sUSDe \u7684 TVL \u5728 2025 \u5e74 6 \u6708 ETH \u4ef7\u683c\u51b2\u9ad8\u671f\u95f4\u540c\u6b65\u4e0b\u964d\uff0c\u4e14\u5e76\u672a\u51fa\u73b0\u4f34\u968f\u4ef7\u683c\u4e0a\u6da8\u800c\u589e\u52a0\u7684\u5e74\u5316\u6536\u76ca\uff08APY\uff09\u3002\u8fd9\u4e00\u73b0\u8c61\u4e0e\u4e0a\u4e00\u8f6e\u725b\u5e02\uff082024 \u5e74\u5e95\uff09\u5f62\u6210\u5bf9\u6bd4\uff1a\u5f7c\u65f6 ETH \u8fbe\u9ad8\u70b9\u540e\uff0cTVL \u867d\u9010\u6b65\u56de\u843d\uff0c\u4f46\u8fc7\u7a0b\u76f8\u5bf9\u7f13\u6162\uff0c\u7528\u6237\u5e76\u672a\u96c6\u4f53\u63d0\u65e9\u8d4e\u56de\u8d28\u62bc\u8d44\u4ea7\u3002<\/p>\n

\u5f53\u524d\u5468\u671f\u4e2d\uff0cTVL \u4e0e APY \u540c\u6b65\u4e0b\u884c\uff0c\u53cd\u6620\u51fa\u5e02\u573a\u53c2\u4e0e\u8005\u5bf9 sUSDe \u6536\u76ca\u53ef\u6301\u7eed\u6027\u7684\u62c5\u5fe7\u4e0a\u5347\u3002\u5f53\u4ef7\u683c\u6ce2\u52a8\u4e0e\u8d44\u91d1\u6210\u672c\u53d8\u52a8\u5e26\u6765 delta-neutral \u6a21\u578b\u6f5c\u5728\u8d1f\u6536\u76ca\u98ce\u9669\u65f6\uff0c\u7528\u6237\u884c\u4e3a\u8868\u73b0\u51fa\u66f4\u9ad8\u7684\u654f\u611f\u6027\u4e0e\u53cd\u5e94\u901f\u5ea6\uff0c\u63d0\u524d\u9000\u51fa\u6210\u4e3a\u4e3b\u6d41\u9009\u62e9\u3002\u8fd9\u79cd\u8d44\u91d1\u62bd\u79bb\u73b0\u8c61\u4e0d\u4ec5\u524a\u5f31\u4e86 USDe \u7684\u6269\u5c55\u80fd\u529b\uff0c\u4e5f\u8fdb\u4e00\u6b65\u653e\u5927\u4e86\u5176\u5728 ETH \u4e0a\u6da8\u5468\u671f\u4e2d\u7684\u88ab\u52a8\u7d27\u7f29\u7279\u5f81\u3002<\/p>\n

\u5c0f\u7ed3<\/strong><\/h3>\n

\u603b\u7ed3\u6765\u770b\uff0c\u5f53\u524d\u9ad8\u8fbe 50% \u7684\u5e74\u5316\u6536\u76ca\u5e76\u975e\u534f\u8bae\u5e38\u6001\uff0c\u800c\u662f\u591a\u4e2a\u5916\u90e8\u6fc0\u52b1\uff08Merkl \u7a7a\u6295 + Aave \u8054\u52a8\uff09\u7684\u9636\u6bb5\u6027\u63a8\u52a8\u7ed3\u679c\u3002\u4e00\u65e6ETH \u4ef7\u683c\u9ad8\u4f4d\u9707\u8361\u3001\u6fc0\u52b1\u7ec8\u6b62\u3001\u8d44\u91d1\u8d39\u7387\u8f6c\u8d1f\u7b49\u98ce\u9669\u56e0\u7d20\u96c6\u4e2d\u91ca\u653e\uff0cUSDe \u6a21\u578b\u6240\u4f9d\u8d56\u7684 delta-neutral \u6536\u76ca\u7ed3\u6784\u5c06\u9762\u4e34\u538b\u529b\uff0csUSDe \u6536\u76ca\u53ef\u80fd\u8fc5\u901f\u6536\u655b\u81f3 0 \u6216\u8f6c\u8d1f\uff0c\u8fdb\u800c\u5bf9\u7a33\u5b9a\u951a\u5b9a\u673a\u5236\u6784\u6210\u51b2\u51fb\u3002<\/p>\n

\u4ece\u8fd1\u671f\u6570\u636e\u6765\u770b\uff0cUSDe \u4e0e sUSDe \u7684 TVL \u5728 ETH \u4e0a\u6da8\u9636\u6bb5\u51fa\u73b0\u540c\u6b65\u4e0b\u6ed1\uff0c\u4e14 APY \u5e76\u672a\u540c\u6b65\u8d70\u9ad8\uff0c\u8fd9\u79cd\u201c\u6da8\u4e2d\u62bd\u6c34\u201d\u73b0\u8c61\u663e\u793a\u5e02\u573a\u4fe1\u5fc3\u5f00\u59cb\u63d0\u524d\u8ba1\u4ef7\u98ce\u9669\u3002\u4e0e GHO \u66fe\u9762\u4e34\u7684\u201c\u951a\u5b9a\u5371\u673a\u201d\u76f8\u4f3c\uff0cUSDe \u5f53\u524d\u7684\u6d41\u52a8\u6027\u7a33\u56fa\uff0c\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f9d\u8d56\u4e8e\u6301\u7eed\u8865\u8d34\u7ef4\u7a33\u7684\u7b56\u7565\u3002<\/p>\n

\u8fd9\u573a\u6fc0\u52b1\u6e38\u620f\u4f55\u65f6\u7ec8\u7ed3\uff0c\u4ee5\u53ca\u80fd\u5426\u4e3a\u534f\u8bae\u4e89\u53d6\u8db3\u591f\u7684\u7ed3\u6784\u6027\u97e7\u6027\u8c03\u6574\u7a97\u53e3\uff0c\u6216\u5c06\u6210\u4e3a USDe \u662f\u5426\u771f\u6b63\u5177\u5907\u201c\u7a33\u5b9a\u5e01\u7b2c\u4e09\u6781\u201d\u6f5c\u529b\u7684\u5173\u952e\u68c0\u9a8c\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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