$USDe 登陆币安后,如果还能吃下Hyperliquid的USDH,那Ethena等于圆了链上稳定币诞生以来的梦。 它提出的方案特点是平衡了合规、创新和收入,我个人认为是最合适的,当然Sky的提案也足够有诚意,资源、收入能力等方面两者都能提供很好支持,Ethena的竞争力是能提供一些创新和改造: 比如Yield-bearing的USDH保证金,充分利用了自身的赛道优势,把这种结构性收益带到Hyper系统中。Prime Brokerage实现多元化保证金,允许用户使用多样化资产作为担保进行交易,比如BTC、HYPE、USDe,而非局限于 USDC。这在一定程度上解决了Hyperliquid当前的效率问题。 如果从给出的条件来看,Ethena和Sky我觉得都足够丰厚,两者的收入能力都足够,对HYPE都有很高的回馈,让我选的话,就在这两个当中选了。 Ethena的另外一块长板是在与传统机构的合作上更加深入,BlackRock、Anchorage Digital Bank、Securitize,这在将来打开RWA市场或股票代币化,都会更加畅通,长期来看可讲的故事更多。相比之下,Sky、Frax等在这方面缺少“机构肌肉”。
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