Ethena 更新代币经济学，逼着空投用户作长期 Hodler？每日阅读

6月18日，埃塞纳更新了token economics，计划在埃塞纳生态和即将推出的埃塞纳链中引入通用再质押机制，对任何通过空投资获得ena的用户进行“锁定”要求。虽然Ethena声称此举旨在降低ena的通货膨胀率，鼓励ENA持有者成为长期用户，但考虑到Ethena的团队之前已经多次更改了Shard Campaign中空代币的解锁机制，此次更新的“强迫”意味非常明显。也有用户指出，埃塞纳一次又一次的机制变化，只是为了确保在团队和投资者解锁之前，ena不能被卖掉。然而，即使为了维持ENA的价值，这种做法也会让用户感到寒心。

On 18 June, Ethena updated the Token economics, with plans to introduce a universal remand mechanism in Esena ecology and the forthcoming Esseina chain, “locking” requirements for any user of ena acquired through empty investments. Although Ethena claims that this is aimed at reducing inflation in ena and encouraging the ENA holder to become a permanent user, even if Ethena’s team had changed the locking mechanism of the empty currency in the Shard Campaign several times before, it is clear that the update “compulsory” means so much.

目前，ENA在埃塞纳生态中的使用案例包括:

At present, the following cases of ENA use in the Esena ecology include:

I)将ENA锁定在埃塞纳，以提高潜在的未来回报。这样做的目的是鼓励价值从更多唯利是图的资本向更有利于埃塞纳长远发展的用户转移。这种再分配的规模与用户持有的USDe数量成线性关系。因此，随着USDe供给的增加，长期一致的生态成员持有潜在ENA的需求也会增加。目前，ENA的锁定库持有大约2 . 9亿ENA。

I) Locking ENA in Esena to enhance potential future returns. The aim is to encourage a shift in value from more profitable capital to users more conducive to Esena’s long-term development. The scale of this redistribution is linear to the number of USDEs that users hold.

Ii)如果ENA被锁定在彭德尔金融PT-ENA，用户可以以PT-ENA的形式获得约75%的固定年利率，YT-ENA买家可以获得积分分配，只需要持有1 YT=1 ENA就可以满足相对于其USDe持有量的最低ENA持有量。目前，铂ENA池持有约1.6亿ENA。

Ii) If ENA is locked in Pender Finance PT-ENA, users can get about 75% of the fixed annual interest rate in the form of PT-ENA, YT-ENA buyers can get a credit distribution, and only having 1 YT=1 ENA will satisfy the minimum ENA holdings relative to their USDE holdings.

Iii)在将ena纳入Ethena系统并增加其实用性的下一阶段，将使用普通再质押池对ENA进行质押。第一个用例是依靠基于LayerZero DVN的消息系统为USDe的跨链转移提供经济安全。这是与即将推出的Ethena链和基于该链构建的金融应用相关的多层基础设施的第一层，将利用并受益于再次承诺的ena模块。

Iii) In the next phase of integrating and increasing the usefulness of ena into the Ethena system, the ENA will be pledged using a common re-mortgage pool. The first example is to rely on the Layer Zero DVN information system to provide economic security for the cross-chain transfer of USDE. This is the first level of multi-layered infrastructure related to the forthcoming Ethena chain and financial applications based on the chain, which will take advantage of and benefit from the recommitment ena module.

有关该链的更多详细信息，请参考详细的Ethena 2024路线图帖子。

For more detailed information on the chain, please refer to the detailed Ethena 2024 road map post.

目前质押的ENA和苏赛德将是共生中可以存放的第一批新资产，初始LST将在几个小时内达到上限。

The current pledge of ENA and Susayd will be the first new assets to be stored in symbiotic life and the initial LST will reach its maximum in a few hours.

目前，关于锁定ENA的数据可以通过沙丘仪表板查看。

Currently, data on the locking of ENA can be viewed through the sand dune dashboard.

Ethena将首先与共生和LayerZero合作，试点使用通用再质押框架，以确保Ethena资产(包括USDe和sUSDe)跨链转让的安全性。这些转让由LayerZero DVN网络核实，该网络由已认捐的ENA在共生公司担保。

Ethena will first work with symbiotics and LayerZero on a pilot basis to use the Universal Remand Framework to ensure the security of Ethena assets (including USDE and sUSDE) transfers across the chain. These transfers are verified by the LayerZero DVN network, which is sponsored by pledged ENAs in symbiotic companies.

该模块还将建立一个总体框架，为LayerZero生态合作伙伴启动再承诺DVN，并通过使用承诺令牌提供经济安全和DVN运营商选择。

The module will also establish an overall framework for initiating a renewed commitment to DVN for the LayerZero Eco-Partners and provide economic security and the DVN operator option through the use of the Commitment Decorator.

有关DVN莱泽罗的更多详细信息，请参考相关文件。

For more detailed information on DVN Lezero, please refer to the relevant documentation.

尽管基于Ethena的跨链转让将通过质押ena获得保障，但Ethena将通过USDe和sUSDe为一般再质押用例提供独特的价值主张，可被其他系统和协议用作基础资产。

While cross-chain transfers based on Ethena will be secured through the pledge of the pledge of the ena, Ethena will provide a unique value proposition for the general re-encumbrance case through USDe and sUSde, which can be used as a base asset by other systems and agreements.

与基于以太坊的再质押资产相比，USDe/sUSDe作为资产有两个不同的特性，可以释放独特的潜在用例:

USDE/SUSDE, as an asset, has two distinct characteristics compared to the re-encumbrance based on the Tai Wan asset and can release a unique potential case:

I)无关性:与美元“挂钩”的相对稳定的资产通常与波动较大的加密资产无关。在没收期，美元相对于以太坊的稳定性是压力时期的重要特征——这个时候，我们最需要再质押的安全性。

I) Irrelevance: Relatively stable assets that are “linked” to the dollar are usually unrelated to more volatile encrypted assets. During the confiscation period, the stability of the dollar vis-à-vis Ether is an important feature of the stress period – the time at which we most need the security of our re-encumbrances.

Ii)可持续的实际回报:目前尚不清楚AVS如何在不提供太多象征性回报的情况下，为数十亿美元的抵押资本提供真正的非通胀回报率。自成立以来，USDe的实际收益率在结构上高于任何以美元为基础的资产，因此使用USDe可以独特地解决这一问题，因为它降低了通胀激励的需求，缩小了质权人与消耗安全的系统之间的资本成本差距。

Ii) Sustainable real returns: It is not clear how AVS can provide a real non-inflationary return on billions of dollars’ mortgage capital without providing too much symbolic returns. Since its inception, USDe’s real rate of return has been structurally higher than any dollar-based asset, and therefore USD can uniquely address this problem by reducing the demand for inflation incentives and narrowing the capital cost gap between Qualityrs and a system that consumes security.

在共生的LST联邦理工学院几天后达到上限后，ENA和苏赛德将成为下一个符合条件的资产，可以在其下一阶段质押。

Upon reaching the upper limit of the co-symbiotic LST Institute of Technology a few days later, ENA and Susayd will be the next eligible asset to be pledged at the next stage.

承诺ENA在共生将获得以下奖励:

The following awards will be given to ENA in symbiotic life:

每天每ENA最高奖励30倍积分。

A maximum of 30 times the credits per ENA per day.

共生积分

Co-symbiosis

柔和积分

Soft and integral

未来潜在LayerZero RFP分配(如果分配给Ethena)

Potential future LayerZero RFP allocation (if allocated to Ethena)

ENA池将于6月26日(下周三)推出。

The ENA pool will be launched on 26 June (next Wednesday).

如2024年路线图所述，Ethena Chain将专注于构建基于USDe的金融应用和基础设施，作为系统中的原生天然气令牌和支点资产。

As stated in the 2024 road map, Ethena Chain will focus on building USDe-based financial applications and infrastructure as natural gas medals and feeder assets in the system.

我们认为加密原始货币是圣杯和杀手级应用，美元是每一个金融应用的命脉。

We believe that the original encrypt currency is a Grail and killer class application, and that the dollar is the lifeblood of every financial application.

改造后的ENA将为以下应用程序的每个用例提供通用安全性:

The modified ENA will provide common security for each of the following applications:

斑点AMM

Spot AMM

永久指数

Permanent index

收益交易

Proceeds trading

金融市场

Financial markets

低抵押贷款

Low mortgages

连锁主经纪人

The chain manager.

期权和结构化产品

Future options and structured products

和基础设施解决方案，例如

and infrastructure solutions, e.g.

交叉链传输

Cross-link transmission

甲骨文供应商

Oracle vendor

共享分类器

Shared Classifier

数据可用性解决方案

Data availability solutions

反过来，用户可能有资格从这些协议的潜在空投资中受益。

In turn, users may be eligible to benefit from potential vacant investments in these agreements.

随着围绕USDe的资产生态和用例的增长，ENA作为一种有助于确保生态安全的资产，其效用也将增加。

The effectiveness of ENA as an asset that helps to ensure ecological security will increase as the ecological and case-by-case development of the asset around USDE grows.

从6月17日起，任何通过空投资(例如从受所有权条件限制的碎片活动空投资)获得ENA的用户，必须在第一部分概述的三个选项中选择一个，并锁定至少50%的符合条件的ENA分配。

From 17 June, any user who obtains ENA through an investment in air (e.g. from an investment in space from debris activity subject to ownership conditions) must select one of the three options outlined in Part I and lock in at least 50 per cent of the eligible ENA distribution.

否则，该用户属于相关钱包的所有未被管理的ENA将被重新分配给锁定ENA的其他用户。随着更多的ENA用例出现在生态中，为此目的锁定ENA的选项也将增加。

Otherwise, all unmanaged ENAs that belong to the related wallet will be reassigned to other users that lock the ENA. As more ENAs appear in the ecology, the option of locking the ENA for this purpose will increase.

应该明确的是，上述规定的目的是鼓励ENA持有者从雇佣资本重新调整为长期合作用户。

It should be made clear that the purpose of the above-mentioned provision is to encourage ENA holders to move from employing capital to long-term cooperative users.

当用户在6月23日收到下周的ENA所有权时，将会清楚地解释上述内容。从那时起，至少50%的新拥有的ENA需要被锁定在上述选项中，否则用户将失去不受控制的ENA。

This will be explained clearly when users receive next week's ENA ownership on June 23. Since then, at least 50% of newly owned ENAs need to be locked in the above options, otherwise users will lose their uncontrolled ENA.

基金会、团队或投资人不会保留任何不符合上述条件的ENA，这些ENA将被充分用于匹配生态的用户的利益。

The foundation, team or investor will not retain any ENA that does not meet the above-mentioned conditions, and these ENAs will be fully used to match ecological users'interests.

伊格纳斯赞赏艾瑟娜与共生的融合，称艾瑟娜作为最重要的AVS，会让共生超越Eigenlayer。此外，这次更新“也标志着代币经济学的改变:现在，每一个DeFi代币都可以通过再质押的安全性得到加强。”伊格纳斯说，“这也意味着LRT的道令牌如lrtENA是可能的。也许“Maker”也应该作为AVS和lrtMKT一起推出，甚至是lrtUNI。」

Ignatius appreciated Ethena's integration with symbiosis, saying that Ethena, as the most important AVS, would make symbiosis beyond Eigenlayer. Moreover, this update “marks a change in the economics of tokens: now, every DeFi token can be strengthened by the security of a remolding.” Ignanus said, “It also means that LRT's tokens like lrtena are possible. Perhaps “Maker” should also be launched as AVS and lrtMKT, or even ltUNI.”

Kairos Research评论道，“这是一个非常有趣的举动。」

Kairos Research commented, "This is a very interesting move."

凯罗斯研究表示，首先，自4月初推出以来，ENA很大一部分被锁定在协议本身的LP质押合约和Pendle合约，约占总供应量的3%，即目前流通供应量的28%。链上的数据显示，之前Ethena LP质押合同中只有一笔大规模的ena流出，共计约2300万ENA流向了特定的钱包，然后被发送到了必安的存款地址。这间接表明了用户对协议的长期支持。随着ENA的更新，它还将为其创建更多的质押渠道。考虑到奖金乘数将完全相同，并且Ethena似乎暗示它将为未来的生态项目提供额外的空投资，可以想象当新的再质押合同推出时，一些令牌将从上述合同转移到新的再质押合同。

First, since the launch of the LP pledge contract and the Pendle contract, which have been locked into the agreement itself since the beginning of April, a large part of the ENA has been locked in, accounting for about 3 per cent of the total supply, or 28 per cent of the current supply in circulation. The data on the chain show that only a large amount of the previous Ethena LP pledge contract flowed out, with a total of about 23 million ENA moving to specific wallets and then sent to a mandatory deposit address. This is an indirect indication of the user’s long-term support for the agreement. As ENA updates, it will also create additional pledge channels. Considering that the bonus multipliers will be exactly the same, and that Ethena seems to suggest that it will provide additional empty investment for future ecological projects, it is conceivable that when the new re-port contract is launched, some medals will be transferred from the above-mentioned contract to the new re-port contract.

不过，Kairos Research也对此次更新提出了自己的质疑。凯罗斯研究公司(Kairos Research)表示，尽管共生AVS的“实际收入”概念很酷，Ethena与其进行的垂直整合也很有意义，但一个不稳定的治理令牌的重新抵押是否是“安全”的最佳解决方案仍是未知数。此外，虽然现金和套利交易的令牌有助于用户获得他们无法获得的某些类型的收入，但它仍然涉及交易对手风险，这给原本透明的协议引入了一层不透明性。由于这些方负责提供回报率，因此在围绕Ethena协议提供的有吸引力的回报率建立整个生态之前，Kairos Research建议应制定Ethena以提高透明度，并更好地评估协议周围的风险。

However, Kairos Research also questioned the update. Kairos Research suggests that, while the concept of “real income” from the symbiotic AVS is cool and vertical integration with Ethena is meaningful, it is still not clear whether the best solution to re-placing an unstable governance token is “safe.” And, while cash and arbitrage medals help users gain certain types of income that they do not have, they still involve counter-party risk, which introduces a layer of opacity into the original transparent agreement.

当然，除了对Kairos Research的整体客观评价，CT更多的是对Ethena“逼”空锁仓的机制。@DarkCryptoLord在评论区直接讽刺道，“ENA是为了治理吗？在此之前，我不确定我是否看到过任何关于这次更新的投票提议。我们现有的ENA一夜之间由每月解锁改为每周解锁，现在强制锁定50%。代币管理的意义是什么？此外，KOL对Ethena使用的“雇佣资本”一词感到失望，@DefiMoon感叹“更糟糕的是，USDe的早期支持者现在都变成了雇佣资本”。

Of course, in addition to the overall objective assessment of Kairos Research, the CT is more about the mechanism to force Ethena to lock up empty warehouses. @DarkCryptoLord, in the comment area, directly sarcasticly, “ENA is for governance? Before that, I am not sure that I have seen any proposal for an updated vote. Our current ENA is now forced to lock 50% from monthly locks to weekly locks overnight. What is the meaning of token management? Moreover, KOL is disappointed with the term “employee capital” used by Ethena, and @DefiMoon laments that “More worse, early USde supporters are now becoming hired capital”.

Ethena的token economics更新是否会损害用户参与未来ENA 空投资的积极性，是否会损害Ethena团队的公信力，还有待考证。相反，共生的用户应该担心他们的积分是否会被越来越多的参与者稀释。

It remains to be seen whether the token economics update of Ethena will undermine the motivation of users to participate in future ENA investment, and whether it will undermine the credibility of the Ethena team. Instead, symbiotic users should worry whether their scores will be diluted by a growing number of participants.