# Ethena生態調研

By [ Kraken.K Digital  ](https://paragraph.com/@kraken-k-digital) · 2025-07-27

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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**

![](https://storage.googleapis.com/papyrus_images/9460c4ece3ead99448c76a7ec92b5c2fec39f25269b203d9c38de3b8d032105c.png)

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。

![](https://storage.googleapis.com/papyrus_images/4b61faffe31174fc0cdf9894c72b247f323374ae942071b416a7ee5532b054d5.png)

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。

![目前11.95%](https://storage.googleapis.com/papyrus_images/485798c022073fc1449aaba93bd316a950064c7e1ca3fc6a38851c1f234190ad.png)

目前11.95%

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**](http://app.ethena.fi/join/u06wo)

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生態系統中的其他重要項目 ：

![](https://storage.googleapis.com/papyrus_images/9809b11651fdc4a38616177a29949d5003c000b26ee913227453eb58f14f5ff0.png)

![](https://storage.googleapis.com/papyrus_images/82cb95ee25ffb157531add0173eff61bf6755cb8ea522c1def54caf23aa5a9f1.png)

**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/](https://deposit.ethereal.trade/points?ref=97ONPC)

![](https://storage.googleapis.com/papyrus_images/6f7837ae1b96c94f447720815695e7a27c8dbf1ae9a460fac9efb6d258eefb33.png)

![](https://storage.googleapis.com/papyrus_images/d7b0f359e2b9caff28c5b78542a2c9a1aad894af7a0749e782ded9e537063a97.png)

**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/](https://deposit.strata.money/?ref=gg0tHH06)

**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](https://x.com/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。

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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。

![](https://storage.googleapis.com/papyrus_images/d6ca60207e47f79566aea98e67a99d3f265f5fde2e1b98e7daa551e9831629cd.png)

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。

![](https://storage.googleapis.com/papyrus_images/ff964e6aa5ecea6c1ee420bcfb57bffd4d273b54bf7c24a35e48a498d5ba2a2b.png)

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。

![底部已經翻3倍了](https://storage.googleapis.com/papyrus_images/ce425ccd68a3b8347dbefe960b28e02413b3e6781e43ca0e352836071da8a46a.png)

底部已經翻3倍了

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。

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

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### **USDe and sUSDe**

![](https://storage.googleapis.com/papyrus_images/9460c4ece3ead99448c76a7ec92b5c2fec39f25269b203d9c38de3b8d032105c.png)

\*\*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.

![](https://storage.googleapis.com/papyrus_images/4b61faffe31174fc0cdf9894c72b247f323374ae942071b416a7ee5532b054d5.png)

\*\*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.

![目前11.95%](https://storage.googleapis.com/papyrus_images/485798c022073fc1449aaba93bd316a950064c7e1ca3fc6a38851c1f234190ad.png)

目前11.95%

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/](https://app.ethena.fi/join/u06wo)

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### **Other Key Ecosystem Projects**

![](https://storage.googleapis.com/papyrus_images/9809b11651fdc4a38616177a29949d5003c000b26ee913227453eb58f14f5ff0.png)

![](https://storage.googleapis.com/papyrus_images/16fbdf18155c2c7d73ed939daf84aadc0e1caec252f56e9469af8520304ebb03.png)

\*\*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](https://deposit.ethereal.trade/points?ref=97ONPC)

![](https://storage.googleapis.com/papyrus_images/f6d80f8be2122643040bdc78f493811be9c1d738c8c920063790c76577c8433a.png)

![](https://storage.googleapis.com/papyrus_images/27761d778ef222dd0f809c97c2e7f0d23b43d82c9ab5058fe3da7c2149afc849.png)

\*\*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](https://deposit.strata.money/?ref=gg0tHH06)

\*\*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](http://x.com/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.

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### **Why Ethena is Worth Watching**

![](https://storage.googleapis.com/papyrus_images/d6ca60207e47f79566aea98e67a99d3f265f5fde2e1b98e7daa551e9831629cd.png)

*   \*\*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.
    

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### **Risks and Recommendations**

*   \*\*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.
    

![](https://storage.googleapis.com/papyrus_images/ff964e6aa5ecea6c1ee420bcfb57bffd4d273b54bf7c24a35e48a498d5ba2a2b.png)

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### **Summary**

*   **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.
    

![底部已經翻3倍了](https://storage.googleapis.com/papyrus_images/ce425ccd68a3b8347dbefe960b28e02413b3e6781e43ca0e352836071da8a46a.png)

底部已經翻3倍了

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

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*Originally published on [ Kraken.K Digital  ](https://paragraph.com/@kraken-k-digital/ethena)*