今天介紹 Ethena 這個加密貨幣生態系統，讓您了解每個部分在做什麼，以及它們之間如何配合：

USDe 和 sUSDe

穩定幣 USDe：就像是一種「虛擬美元」。當您花 1 美元等值的以太坊（ETH）來換取 1 枚 USDe，系統會同時在市場上做對沖操作，確保您的 USDe 永遠都值 1 美元，不會因為 ETH 漲跌而改變。

sUSDe：如果您想在持有 USDe 的同時再多拿一些利息，就可以把 USDe 存入 sUSDe。這樣可以同時賺到兩筆收益：一是對沖那一部分的「資金費率」；二是 ETH 抵押本身的「質押利息」。目前這項操作的年化報酬（APY）已經超過 10%，而且過程簡單，不用您自己去複雜操作。

單純持有USDe本身並沒有甚麼意義，如果看好這個未來建議至少換sUSDe領配息

有興趣的同學可以點連結進去購買USDe app.ethena.fi/join/u06wo

生態系統中的其他重要項目 ：

Ethereal（永續合約交易所）

您可以在這裡用 USDe 做加密合約交易，速度和流動性都很接近大型中心化交易所。它在測試網上的資金規模已超過 8.3億美元，早期參與的人還能拿到「平台積分」，將來可以換成它要發的代幣。

目前還在累積，可以點此加入： deposit.ethereal.trade/

Strata（收益分層工具）

Strata 把 USDe 的收益分成「低風險、穩定收益」和「高風險、高報酬」兩種不同票據，您可以根據自己的風險偏好來選擇。剛上線時就吸引了上千萬美元的存款，說明大家對這樣的選擇很感興趣。

目前剛開始，可以點此加入： deposit.strata.money/

Terminal（大額穩定幣交易平台）

這個平台專門為機構或大額交易設計，讓您就算一次買賣成千上萬 USDe，也不用擔心因為金額大而「滑點」（價格被吃掉）──同時還能保留那部分質押收益。目前已有超過 1.3 億美元的預存。

我沒有BTC就沒進去了： Terminal_fi

Converge（專屬第二層網路）

Ethena 與合規合作夥伴一起，建了一條專門跑 Ethena 生態的區塊鏈。未來所有 Ethena 相關的應用都會先在這條鏈上運行。只要您持有並質押 sENA（Ethena 的治理憑證），就能參與區塊驗證，並拿到獎勵和專案分配。

這個沒東西可以參與。

為什麼值得留意，主要是規模已經很大了：USDe 的發行量已經超過 7.296B美元，每天都有穩定的交易和手續費收入，說明市場需求真實存在。

收益來源多元：除了質押利息，還有對沖費率和交易手續費等多重收入，讓整體生態更穩健。

豐富的激勵：團隊預留了ENA 代幣做為生態獎勵，加上各項子專案也會對 sENA 持有人空投，這才是真的質押獲利。

風險與建議 ：本質跟銀行一樣交易才有收益，在有交易量時再關注吧。

合約安全：新上線的 Ethereal、Strata、Terminal 等智能合約還需要市場檢驗，建議先以小額資金試用，等穩定後再考慮加碼。

代幣解鎖壓力：ENA 與其他專案代幣在後續解鎖時，可能出現賣壓，請留意解鎖時間並評估是否需要提前鎖定部分收益。

sENA 質押是生態系治理和後續分配的重要依據，持有人可享相關激勵。

Ethereal、Strata、Terminal 這些子專案，正逐步推出新功能與代幣，持續觀察能掌握更多機會。

隨著未來代幣發行和生態擴大，可能有更多空投與收益方案，適合依照自身狀況做評估。

Today, let’s introduce the Ethena crypto ecosystem—what each part does, and how they all work together:

**USDe – The Stablecoin:**Think of USDe as a “virtual dollar.” When you exchange 1 USD worth of ETH for 1 USDe, the system simultaneously performs a hedging operation in the market. This ensures that the value of your USDe remains stable at $1, regardless of whether ETH goes up or down.

**sUSDe – Yield-Bearing Version:**If you'd like to earn some extra yield while holding USDe, you can deposit it into sUSDe. This lets you earn two types of income:

The funding rate from the hedging mechanism

Staking rewards from the ETH used as collateralCurrently, this earns an annual yield (APY) of over 10%, with a simple one-click process—no complex steps required.

Holding plain USDe doesn’t generate returns, so if you believe in Ethena’s future, it’s better to convert to sUSDe to earn passive income.

👉 Interested users can purchase USDe here: app.ethena.fi/join/

**Ethereal – Perpetual Trading Exchange:**Use your USDe to trade crypto perpetual contracts here. The platform offers speed and liquidity close to centralized exchanges. On the testnet, over $830M has already flowed through, and early users are earning “platform points” that may be converted to future tokens.

👉 Join here: deposit.ethereal.trade

**Strata – Yield Splitting Tool:**Strata lets you choose between two types of income products:

• Low-risk, stable income

• High-risk, high-reward options

It attracted tens of millions in deposits shortly after launch—showing strong user interest.

👉 Try it here: deposit.strata.money

**Terminal – Large-Volume Stablecoin Exchange:**Built for institutions and high-volume traders, Terminal allows you to buy or sell millions in USDe without major price slippage—and still keep your yield from staking. Over $130M is already deposited here.

I didn’t join since I don’t hold BTC: Terminal_fi

**Converge – Ethena’s Custom Layer 2:**Ethena has built its own blockchain in partnership with regulated service providers. All Ethena-related applications will run here first. Users who stake sENA (Ethena’s governance token) can help validate the chain, receive rewards, and participate in ecosystem distributions.

Currently not open for user interaction.

• **Massive scale:**USDe’s circulation has surpassed $7.296 billion, with steady daily trading and fee revenue—real market demand exists.

• **Diverse income sources:**Revenue comes not only from ETH staking, but also from hedging funding rates and trading fees—making the ecosystem more resilient.

• **Strong incentive system:**The team has reserved ENA tokens for community rewards. In addition, each sub-project will airdrop tokens to sENA holders—real yield comes from holding and staking.

• **Activity-based yield:**Like a bank, income relies on active trading. It’s best to pay attention when there’s sustained trading volume.

• **Smart contract risk:**Ethereal, Strata, Terminal are newly launched and still being tested. Start small and wait for stability before investing more.

• **Token unlock pressure:**Future unlocks of ENA and related tokens may create sell pressure. Check unlock schedules and consider securing gains early.

• sENA staking is the key to governance and receiving rewards across the ecosystem.

• Ethereal, Strata, and Terminal are rolling out new features and tokens—staying informed will help you spot opportunities.

• As token issuance and ecosystem growth continue, expect more airdrops and yield strategies. Evaluate based on your own financial goals.

免責說明：請注意以上資訊都是基於網路上現有的資訊進行的個人研究調查

若項目有欺瞞、文字遊戲或在未來更新資訊

本頁面不會跟著更新，請留意最新資訊

@ethena_labs

今天介紹 Ethena 這個加密貨幣生態系統，讓您了解每個部分在做什麼，以及它們之間如何配合：

USDe 和 sUSDe

穩定幣 USDe：就像是一種「虛擬美元」。當您花 1 美元等值的以太坊（ETH）來換取 1 枚 USDe，系統會同時在市場上做對沖操作，確保您的 USDe 永遠都值 1 美元，不會因為 ETH 漲跌而改變。

sUSDe：如果您想在持有 USDe 的同時再多拿一些利息，就可以把 USDe 存入 sUSDe。這樣可以同時賺到兩筆收益：一是對沖那一部分的「資金費率」；二是 ETH 抵押本身的「質押利息」。目前這項操作的年化報酬（APY）已經超過 10%，而且過程簡單，不用您自己去複雜操作。

單純持有USDe本身並沒有甚麼意義，如果看好這個未來建議至少換sUSDe領配息

有興趣的同學可以點連結進去購買USDe app.ethena.fi/join/u06wo

生態系統中的其他重要項目 ：

Ethereal（永續合約交易所）

您可以在這裡用 USDe 做加密合約交易，速度和流動性都很接近大型中心化交易所。它在測試網上的資金規模已超過 8.3億美元，早期參與的人還能拿到「平台積分」，將來可以換成它要發的代幣。

目前還在累積，可以點此加入： deposit.ethereal.trade/

Strata（收益分層工具）

Strata 把 USDe 的收益分成「低風險、穩定收益」和「高風險、高報酬」兩種不同票據，您可以根據自己的風險偏好來選擇。剛上線時就吸引了上千萬美元的存款，說明大家對這樣的選擇很感興趣。

目前剛開始，可以點此加入： deposit.strata.money/

Terminal（大額穩定幣交易平台）

這個平台專門為機構或大額交易設計，讓您就算一次買賣成千上萬 USDe，也不用擔心因為金額大而「滑點」（價格被吃掉）──同時還能保留那部分質押收益。目前已有超過 1.3 億美元的預存。

我沒有BTC就沒進去了： Terminal_fi

Converge（專屬第二層網路）

Ethena 與合規合作夥伴一起，建了一條專門跑 Ethena 生態的區塊鏈。未來所有 Ethena 相關的應用都會先在這條鏈上運行。只要您持有並質押 sENA（Ethena 的治理憑證），就能參與區塊驗證，並拿到獎勵和專案分配。

這個沒東西可以參與。

為什麼值得留意，主要是規模已經很大了：USDe 的發行量已經超過 7.296B美元，每天都有穩定的交易和手續費收入，說明市場需求真實存在。

收益來源多元：除了質押利息，還有對沖費率和交易手續費等多重收入，讓整體生態更穩健。

豐富的激勵：團隊預留了ENA 代幣做為生態獎勵，加上各項子專案也會對 sENA 持有人空投，這才是真的質押獲利。

風險與建議 ：本質跟銀行一樣交易才有收益，在有交易量時再關注吧。

合約安全：新上線的 Ethereal、Strata、Terminal 等智能合約還需要市場檢驗，建議先以小額資金試用，等穩定後再考慮加碼。

代幣解鎖壓力：ENA 與其他專案代幣在後續解鎖時，可能出現賣壓，請留意解鎖時間並評估是否需要提前鎖定部分收益。

sENA 質押是生態系治理和後續分配的重要依據，持有人可享相關激勵。

Ethereal、Strata、Terminal 這些子專案，正逐步推出新功能與代幣，持續觀察能掌握更多機會。

隨著未來代幣發行和生態擴大，可能有更多空投與收益方案，適合依照自身狀況做評估。

Today, let’s introduce the Ethena crypto ecosystem—what each part does, and how they all work together:

**USDe – The Stablecoin:**Think of USDe as a “virtual dollar.” When you exchange 1 USD worth of ETH for 1 USDe, the system simultaneously performs a hedging operation in the market. This ensures that the value of your USDe remains stable at $1, regardless of whether ETH goes up or down.

**sUSDe – Yield-Bearing Version:**If you'd like to earn some extra yield while holding USDe, you can deposit it into sUSDe. This lets you earn two types of income:

The funding rate from the hedging mechanism

Staking rewards from the ETH used as collateralCurrently, this earns an annual yield (APY) of over 10%, with a simple one-click process—no complex steps required.

Holding plain USDe doesn’t generate returns, so if you believe in Ethena’s future, it’s better to convert to sUSDe to earn passive income.

👉 Interested users can purchase USDe here: app.ethena.fi/join/

**Ethereal – Perpetual Trading Exchange:**Use your USDe to trade crypto perpetual contracts here. The platform offers speed and liquidity close to centralized exchanges. On the testnet, over $830M has already flowed through, and early users are earning “platform points” that may be converted to future tokens.

👉 Join here: deposit.ethereal.trade

**Strata – Yield Splitting Tool:**Strata lets you choose between two types of income products:

• Low-risk, stable income

• High-risk, high-reward options

It attracted tens of millions in deposits shortly after launch—showing strong user interest.

👉 Try it here: deposit.strata.money

**Terminal – Large-Volume Stablecoin Exchange:**Built for institutions and high-volume traders, Terminal allows you to buy or sell millions in USDe without major price slippage—and still keep your yield from staking. Over $130M is already deposited here.

I didn’t join since I don’t hold BTC: Terminal_fi

**Converge – Ethena’s Custom Layer 2:**Ethena has built its own blockchain in partnership with regulated service providers. All Ethena-related applications will run here first. Users who stake sENA (Ethena’s governance token) can help validate the chain, receive rewards, and participate in ecosystem distributions.

Currently not open for user interaction.

• **Massive scale:**USDe’s circulation has surpassed $7.296 billion, with steady daily trading and fee revenue—real market demand exists.

• **Diverse income sources:**Revenue comes not only from ETH staking, but also from hedging funding rates and trading fees—making the ecosystem more resilient.

• **Strong incentive system:**The team has reserved ENA tokens for community rewards. In addition, each sub-project will airdrop tokens to sENA holders—real yield comes from holding and staking.

• **Activity-based yield:**Like a bank, income relies on active trading. It’s best to pay attention when there’s sustained trading volume.

• **Smart contract risk:**Ethereal, Strata, Terminal are newly launched and still being tested. Start small and wait for stability before investing more.

• **Token unlock pressure:**Future unlocks of ENA and related tokens may create sell pressure. Check unlock schedules and consider securing gains early.

• sENA staking is the key to governance and receiving rewards across the ecosystem.

• Ethereal, Strata, and Terminal are rolling out new features and tokens—staying informed will help you spot opportunities.

• As token issuance and ecosystem growth continue, expect more airdrops and yield strategies. Evaluate based on your own financial goals.

免責說明：請注意以上資訊都是基於網路上現有的資訊進行的個人研究調查

若項目有欺瞞、文字遊戲或在未來更新資訊

本頁面不會跟著更新，請留意最新資訊

@ethena_labs