Today marks an important step in the growth and use of USDe being more closely integrated with $ENA. Ethena will begin to gradually introduce more practical features to $ENA in the Ethena ecosystem, starting with the launch of universal staking functionality for $ENA. Table of Contents i) Current use cases for $ENA in the Ethena ecosystem; ii) Introduction of universal restaking for $ENA and $USDe; iii) Potential **revenues** from the $ENA restaking pool in Symbiotic; iv) From section 1 At the beginning of the quarter, users who are not vested in ENA will be required to lock in, immediately reducing the future supply of $ENA
. i) Current **use cases** for $ENA: Currently, $ENA is used as follows: 
i) Locked in Ethena
to increase potential future returns. This is intended to incentivize the transfer of value from a larger pool of employed capital to users more aligned with Ethena
’s long-term growth. The scale of this reallocation is linear in the amount of USDe
held by users. Therefore, as the supply of USDe
grows, the underlying implicit $ENA** holding requirements imposed on long-term consistent ecosystem members will also expand with this growth. Currently, the locked **ENA** pool holds approximately 290 million **ENA**. ii) Locked in **PendleFinance** **PT-ENA**, users can obtain a fixed APY currently about 75% in the form of **PT-ENA**, and **YT-ENA** buyers can Receive a points allocation and be able to meet the minimum **ENA** holdings relative to their **USDe** holdings by holding only 1**YT** = 1**ENA**. Currently, the **PT-ENA** pool holds approximately 160 million **ENA**. iii) The next phase of incorporating **$ENA
into the Ethena
system and increasing utility will be utilizing a universal re-staking pool to stake $ENA**. The first use case relies on a messaging system based on **LayerZero** **DVN** to provide economic security for cross-chain transfers of **USDe**. This is the first of multiple layers of infrastructure related to the upcoming EthenaChain and financial applications built on the chain that will utilize and benefit from the re-staking $ENA
module. For more details on the chain, see the Ethena2024
roadmap post detailed here. The staked $ENA** and **$sUSDe
will be the first new assets to be deposited in Symbiotic
in the coming era, with the initial LST
cap fully filled within an hour. The **Dune** dashboard for locked $ENA** has been created here: ii) Details of the **$ENA
re-staking module: 
🎜Ethena将首先与Symbiotic和LayerZero一起试行
先进的通用再质押框架，以寻求确保基于Ethena的资产（包括$USDe和$sUSDe）的跨链转移。这些转移通过LayerZeroDVN网络进行验证，该网络通过Symbiotic内质押的$ENA进行**保障**。该模块还将包括构建一个通用框架，为LayerZero生态系统合作伙伴启动再质押的DVN，这些合作伙伴使用一致的代币来提供经济**保障**和DVN运营商选择。有关LayerZeroDVN的更多详细信息，请参阅此处的文档。虽然基于Ethena的跨链转移将通过质押的$ENA进行
保障，但Ethena将通过$USDe和$sUSDe为通用再质押用例提供
独特的价值主张，供其他系统和协议作为基础资产使用。$USDe/$sUSDe提供两种不同的资产特质，与利用$ETH作为基础再质押资产相比，它们可以解锁**独特的**潜在用例：i)不相关：与美元**挂钩**的相对稳定资产通常与波动性加密资产不相关，在需要发生削减的时期，美元相对于ETH的稳定性是压力时刻的**重要**品质-当您最需要再质押的**安全性**时。ii)可持续的实际回报：目前尚不清楚AVS如何能够为数十亿美元的再质押资本提供真正的非通胀收益，而不会让过多的代币奖励成为收益的**大部分**。使用$sUSDe，自成立以来，其实际收益在结构上高于任何基于美元的资产，通过减少对通胀奖励的需求来弥合再质押者和消耗
安全性的系统之间的资本成本差距，从而
独特地解决了这个问题。iii）$ENASymbiotic质押奖励详情：在ETHLST上限在几天内填满后，$ENA和$sUSDe将成为下一个时代可质押的下一个**合格**资产。在Symbiotic中质押的$ENA将获得以下奖励：最高Ethena乘数，每天每ENA30倍；Symbiotic积分；Mellow积分；未来潜在的LayerZeroRFP分配（如果分配给Ethena）；$ENA池将于6月26日星期三上线。在EthenaChain中再质押的$ENA：正如2024年路线图中所述，EthenaChain将专注于在$USDe上构建金融应用程序和基础设施，作为系统内的gas代币和支点资产。我们的观点是，加密原生货币是圣杯和杀手级应用，而美元是每个金融应用的**命脉**。再质押的$ENA将为以下应用提供针对这些用例的通用
安全性：现货AMM；永久DEX；收益交易；货币市场；低额抵押借贷；链上主要经纪商；期权和结构性产品。以及链上的基础设施解决方案，例如：跨链转移；预言机提供商；共享序列器；数据可用性解决方案作为回报，他们可能有资格在以后自行决定从这些协议的潜在未来空投中受益。随着围绕USDe资产的生态系统和用例的增长，$ENA的效用将作为帮助保护生态系统的资产而增长。
iv)$ENA锁定和归属更新：自6月17日起，任何通过空投获得$ENA的用户（例如，从ShardCampaign空投中收到的受归属条件约束的部分）都需要锁定至少50%的可**获取**$ENA，这些$ENA来自第一部分概述的三个选项之一。如果不这样做，将导致用户所有未归属的$ENA（归属于相关钱包）被重新分配给其他用户，这些用户将$ENA锁定在i)Ethena锁定、ii)Pendle（任何链）上的PT-ENA或iii)SymbioticRestaking中。随着生态系统中出现更多$ENA用例，为此目的锁定$ENA的选项也可能会扩展。需要明确的是：上述内容的目的是激励$ENA持有者从雇佣资本重新调整为
长期一致的用户。当用户在6月23日领取他们的下一个每周ENA归属时，将明确上述说明。从那时起，至少50%的新归属ENA需要锁定在上述选项中，否则用户将失去未归属的ENA。由于不满足上述条件而被没收的$ENA不会被基金会、团队或投资者保留-它仅用于造福与生态系统保持一致的用户。
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