#ENA #合成美元稳定币协议ENA会是下一个LUNA吗?

Ethena is a synthetic USD stablecoin protocol, and Ethena's synthetic USD USDe will provide the first censorship-resistant, scalable, and stable crypto-native solution for funds realized through Delta hedging collateral.
Ethena is essentially an open-ended hedge fund that uses liquid staking ETH tokens as collateral to short an equal amount of ETH to create a portfolio with a delta of 0, an allocation that ensures that the net value of Ethena's holdings does not fluctuate with changes in the underlying value of its assets, while at the same time reaping yield from ETH staking and financing payments for its short positions.
To protect users' collateral, Ethena (ENA) utilizes an over-the-counter settlement (OES) solution, where funds are held by a reputable third-party custodian and only account balances are mapped to CEXs to provide trading margin, ensuring that funds are never deposited on a centralized exchange.
Since staked ETH can be perfectly hedged with short positions of equivalent notional value, USDe can be minted at a collateralization ratio of 1:1, making Ethena (ENA) capital efficient on par with USD asset-backed stablecoins such as USDC and USDT, while also avoiding the reliance on sourcing assets from traditional financial markets, where asset issuers are subject to the rules of the physical world.
While Ethena's (ENA) current model only uses staked ETH as collateral, the protocol may further use BTC as collateral for larger scaling, but doing so may dilute USDe's yields, as BTC collateral does not generate staking yields.