Ethena<\/strong> v\u00e0 FalconX<\/strong> v\u1eeba ra m\u1eaft m\u1ed9t c\u01a1 s\u1edf cho vay c\u00f3 b\u1ea3o \u0111\u1ea3m tr\u1ecb gi\u00e1 1 t\u1ef7 USD<\/strong>, s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n h\u1ed7 tr\u1ee3 USDe<\/strong> \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00e1c kho\u1ea3n vay qu\u00e1 th\u1ebf ch\u1ea5p d\u00e0nh cho c\u00e1c t\u1ed5 ch\u1ee9c. Theo th\u00f4ng b\u00e1o t\u1eeb hai c\u00f4ng ty, th\u1ecfa thu\u1eadn t\u00e0i tr\u1ee3 n\u00e0y s\u1ebd cung c\u1ea5p cho FalconX ngu\u1ed3n v\u1ed1n \u0111\u1ec3 m\u1edf r\u1ed9ng c\u00e1c kho\u1ea3n vay c\u00f3 b\u1ea3o \u0111\u1ea3m cho kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c, ph\u1ee5c v\u1ee5 cho c\u00e1c ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch, qu\u1ea3n l\u00fd kho b\u1ea1c doanh nghi\u1ec7p v\u00e0 c\u00e1c d\u1ecbch v\u1ee5 thanh to\u00e1n li\u00ean quan.<\/p>\n Ho\u1ea1t \u0111\u1ed9ng n\u00e0y s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n th\u00f4ng qua m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n m\u1ee5c \u0111\u00edch \u0111\u1eb7c bi\u1ec7t, cho ph\u00e9p FalconX ph\u00e1t h\u00e0nh c\u00e1c kho\u1ea3n vay, \u0111\u00e1nh gi\u00e1 ng\u01b0\u1eddi vay, cung c\u1ea5p t\u00edn d\u1ee5ng v\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p. C\u00e1c nh\u00e0 gi\u1eef t\u00e0i s\u1ea3n b\u00ean th\u1ee9 ba \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n s\u1ebd gi\u1eef t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m cho m\u1ed7i v\u1ecb tr\u00ed, thay v\u00ec \u0111\u1ec3 ch\u00fang d\u01b0\u1edbi s\u1ef1 ki\u1ec3m so\u00e1t tr\u1ef1c ti\u1ebfp c\u1ee7a ng\u01b0\u1eddi vay. Ng\u01b0\u1eddi vay s\u1ebd ph\u1ea3i cam k\u1ebft t\u00e0i s\u1ea3n c\u00f3 gi\u00e1 tr\u1ecb l\u1edbn h\u01a1n s\u1ed1 ti\u1ec1n h\u1ecd nh\u1eadn \u0111\u01b0\u1ee3c, t\u1ea1o ra m\u1ed9t v\u00f9ng \u0111\u1ec7m m\u00e0 FalconX c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng n\u1ebfu t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p m\u1ea5t gi\u00e1 tr\u1ecb.<\/p>\n Ethena<\/strong> s\u1ebd gi\u1eef quy\u1ec1n l\u1ee3i b\u1ea3o \u0111\u1ea3m \u01b0u ti\u00ean h\u00e0ng \u0111\u1ea7u \u0111\u1ed1i v\u1edbi c\u00e1c t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c gi\u1eef trong c\u01a1 s\u1edf n\u00e0y, theo th\u00f4ng b\u00e1o c\u1ee7a c\u00f4ng ty. Gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p, y\u00eau c\u1ea7u k\u00fd qu\u1ef9 v\u00e0 quy tr\u00ecnh thanh l\u00fd l\u00e0 r\u1ea5t quan tr\u1ecdng, v\u00ec gi\u00e1 ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 th\u1ec3 gi\u1ea3m nhanh ch\u00f3ng, l\u00e0m gi\u1ea3m m\u1ee9c b\u1ea3o v\u1ec7 \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1edfi vi\u1ec7c qu\u00e1 th\u1ebf ch\u1ea5p. M\u1eb7c d\u00f9 c\u1ea5u tr\u00fac n\u00e0y c\u00f3 th\u1ec3 h\u1ea1n ch\u1ebf t\u1ed5n th\u1ea5t ti\u1ec1m n\u0103ng, nh\u01b0ng n\u00f3 kh\u00f4ng lo\u1ea1i b\u1ecf ho\u00e0n to\u00e0n r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng<\/strong>, r\u1ee7i ro gi\u1eef t\u00e0i s\u1ea3n<\/strong>, r\u1ee7i ro ho\u1ea1t \u0111\u1ed9ng<\/strong> ho\u1eb7c r\u1ee7i ro \u0111\u1ed1i t\u00e1c<\/strong>.<\/p>\n FalconX s\u1ebd cung c\u1ea5p t\u00e0i ch\u00ednh cho nhi\u1ec1u ho\u1ea1t \u0111\u1ed9ng t\u1ed5 ch\u1ee9c, v\u1edbi c\u1ea3 hai c\u00f4ng ty d\u1ef1 \u0111\u1ecbnh t\u0103ng c\u01b0\u1eddng tri\u1ec3n khai khi nhu c\u1ea7u vay m\u01b0\u1ee3n h\u1ed7 tr\u1ee3 c\u00e1c kho\u1ea3n vay b\u1ed5 sung. Tuy nhi\u00ean, kh\u00f4ng b\u00ean n\u00e0o ti\u1ebft l\u1ed9 l\u00e3i su\u1ea5t<\/strong>, th\u1eddi gian vay<\/strong>, t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n<\/strong> ho\u1eb7c t\u1ef7 l\u1ec7 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p t\u1ed1i thi\u1ec3u<\/strong> s\u1ebd \u00e1p d\u1ee5ng cho to\u00e0n b\u1ed9 c\u01a1 s\u1edf.<\/p>\n Guy Young, ng\u01b0\u1eddi s\u00e1ng l\u1eadp Ethena Labs, m\u00f4 t\u1ea3 t\u00edn d\u1ee5ng t\u1ed5 ch\u1ee9c l\u00e0 m\u1ed9t ngu\u1ed3n l\u1ee3i nhu\u1eadn l\u1edbn v\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp m\u00e0 v\u1ed1n tr\u00ean chu\u1ed7i hi\u1ebfm khi ti\u1ebfp c\u1eadn. “H\u1ee3p t\u00e1c v\u1edbi FalconX mang \u0111\u1ebfn cho ch\u00fang t\u00f4i m\u1ed9t k\u00eanh c\u00f3 b\u1ea3o \u0111\u1ea3m, qu\u00e1 th\u1ebf ch\u1ea5p v\u00e0o t\u00edn d\u1ee5ng t\u1ed5 ch\u1ee9c,” Young cho bi\u1ebft.<\/p>\n<\/blockquote>\n Craig Birchall, Gi\u00e1m \u0111\u1ed1c T\u00edn d\u1ee5ng c\u1ee7a FalconX, cho bi\u1ebft th\u1ecfa thu\u1eadn n\u00e0y s\u1ebd cho ph\u00e9p c\u00f4ng ty cung c\u1ea5p t\u00e0i ch\u00ednh c\u00f3 b\u1ea3o \u0111\u1ea3m cho nhi\u1ec1u m\u1ee5c \u0111\u00edch t\u1ed5 ch\u1ee9c, khi cho vay t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 tr\u1edf n\u00ean li\u00ean k\u1ebft h\u01a1n v\u1edbi c\u00e1c d\u1ecbch v\u1ee5 th\u1ecb tr\u01b0\u1eddng v\u1ed1n kh\u00e1c.<\/p>\n \u0110\u1ed1i v\u1edbi Ethena, c\u01a1 s\u1edf n\u00e0y gi\u1edbi thi\u1ec7u m\u1ed9t ngu\u1ed3n l\u1ee3i nhu\u1eadn kh\u00e1c cho danh m\u1ee5c h\u1ed7 tr\u1ee3 USDe<\/strong>, m\u1ed9t \u0111\u1ed3ng \u0111\u00f4 la t\u1ed5ng h\u1ee3p \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 theo d\u00f5i gi\u00e1 tr\u1ecb c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. USDe t\u1eeb tr\u01b0\u1edbc \u0111\u1ebfn nay \u0111\u00e3 d\u1ef1a v\u00e0o t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 c\u00e1c v\u1ecb th\u1ebf ph\u00e1i sinh \u0111\u01b0\u1ee3c b\u1ea3o hi\u1ec3m, bao g\u1ed3m c\u00e1c v\u1ecb th\u1ebf h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ng\u1eafn h\u1ea1n nh\u1eb1m b\u00f9 \u0111\u1eafp s\u1ef1 thay \u0111\u1ed5i trong gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n h\u1ed7 tr\u1ee3.<\/p>\n L\u1ee3i nhu\u1eadn c\u00f3 th\u1ec3 \u0111\u1ebfn t\u1eeb c\u00e1c kho\u1ea3n thanh to\u00e1n t\u00e0i tr\u1ee3, ph\u1ea7n th\u01b0\u1edfng staking, stablecoin thanh kho\u1ea3n, t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a v\u00e0 c\u00e1c th\u1ecfa thu\u1eadn cho vay.<\/p>\n C\u00e1c kho\u1ea3n vay t\u1ed5 ch\u1ee9c \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n c\u1ee7a c\u1ea5u tr\u00fac d\u1ef1 tr\u1eef tr\u01b0\u1edbc th\u1ecfa thu\u1eadn FalconX. B\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb th\u00e1ng 6 c\u1ee7a Ethena cho th\u1ea5y ph\u00e2n kh\u00fac n\u00e0y \u0111\u1ea1t kho\u1ea3ng 310 tri\u1ec7u USD<\/strong>, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 6,9%<\/strong> t\u00e0i s\u1ea3n h\u1ed7 tr\u1ee3 USDe t\u00ednh \u0111\u1ebfn ng\u00e0y 3 th\u00e1ng 7, v\u1edbi l\u1ee3i su\u1ea5t h\u00e0ng n\u0103m \u01b0\u1edbc t\u00ednh t\u1eeb 4%<\/strong> \u0111\u1ebfn 7%<\/strong>. Trong khi \u0111\u00f3, cho vay DeFi chi\u1ebfm kho\u1ea3ng 2 t\u1ef7 USD<\/strong>, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 46%<\/strong>, tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Aave, Morpho, Kamino v\u00e0 Jupiter.<\/p>\n Stablecoin thanh kho\u1ea3n chi\u1ebfm kho\u1ea3ng 35%<\/strong> c\u1ee7a danh m\u1ee5c, trong khi t\u00e0i s\u1ea3n th\u1ef1c t\u1ebf \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a chi\u1ebfm 11,2%<\/strong>. C\u00e1c v\u1ecb th\u1ebf c\u01a1 s\u1edf ti\u1ec1n \u0111i\u1ec7n t\u1eed, t\u1eebng l\u00e0 m\u1ed9t ph\u1ea7n trung t\u00e2m c\u1ee7a m\u00f4 h\u00ecnh Ethena, \u0111\u00e3 gi\u1ea3m xu\u1ed1ng kho\u1ea3ng 39 tri\u1ec7u USD<\/strong>, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 1%<\/strong> c\u1ee7a danh m\u1ee5c h\u1ed7 tr\u1ee3.<\/p>\n B\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb c\u00f9ng k\u1ef3 ghi nh\u1eadn t\u1ef7 l\u1ec7 h\u1ed7 tr\u1ee3 l\u00e0 101,59%<\/strong>, qu\u1ef9 d\u1ef1 tr\u1eef kho\u1ea3ng 62 tri\u1ec7u USD<\/strong> v\u00e0 g\u1ea7n 1,2 t\u1ef7 USD<\/strong> trong stablecoin c\u00f3 s\u1eb5n \u0111\u1ec3 x\u1eed l\u00fd vi\u1ec7c \u0111\u1ed5i tr\u1ea3. C\u00e1c con s\u1ed1 cho th\u1ea5y Ethena \u0111\u00e3 gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o l\u1ee3i nhu\u1eadn d\u1ef1a tr\u00ean ph\u00e1i sinh tr\u01b0\u1edbc khi ph\u00e2n b\u1ed5 th\u00eam v\u1ed1n cho FalconX.<\/p>\n R\u1ee7i ro t\u00edn d\u1ee5ng mang l\u1ea1i m\u1ed9t t\u1eadp h\u1ee3p r\u1ee7i ro kh\u00e1c, v\u00ec l\u1ee3i nhu\u1eadn ph\u1ee5 thu\u1ed9c v\u00e0o hi\u1ec7u su\u1ea5t c\u1ee7a ng\u01b0\u1eddi vay, ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p, c\u00e1c y\u00eau c\u1ea7u ph\u00e1p l\u00fd c\u00f3 th\u1ec3 thi h\u00e0nh v\u00e0 kh\u1ea3 n\u0103ng c\u1ee7a ng\u01b0\u1eddi cho vay trong vi\u1ec7c thanh l\u00fd t\u00e0i s\u1ea3n \u0111\u00e3 cam k\u1ebft k\u1ecbp th\u1eddi. Khung cho vay t\u1ed5 ch\u1ee9c c\u1ee7a Ethena y\u00eau c\u1ea7u xem x\u00e9t ri\u00eang cho m\u1ed7i \u0111\u1ed1i t\u00e1c.<\/p>\n \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ng\u01b0\u1eddi n\u1eafm gi\u1eef ENA<\/strong> trong StablecoinX ni\u00eam y\u1ebft tr\u00ean Nasdaq, th\u1ecfa thu\u1eadn n\u00e0y th\u00eam s\u1ef1 ti\u1ebfp x\u00fac gi\u00e1n ti\u1ebfp v\u1edbi ho\u1ea1t \u0111\u1ed9ng cho vay t\u1ed5 ch\u1ee9c c\u1ee7a Ethena, v\u00ec doanh thu v\u00e0 nhu c\u1ea7u h\u1ec7 sinh th\u00e1i ph\u1ee5 thu\u1ed9c m\u1ed9t ph\u1ea7n v\u00e0o hi\u1ec7u su\u1ea5t v\u00e0 s\u1ef1 ch\u1ea5p nh\u1eadn c\u1ee7a USDe<\/strong>. Th\u00f4ng b\u00e1o kh\u00f4ng n\u00eau r\u00f5 r\u1eb1ng kh\u00e1ch h\u00e0ng b\u00e1n l\u1ebb ho\u1eb7c nh\u00e0 \u0111\u1ea7u t\u01b0 M\u1ef9 c\u00f3 th\u1ec3 vay tr\u1ef1c ti\u1ebfp th\u00f4ng qua c\u01a1 s\u1edf 1 t\u1ef7 USD<\/strong> n\u00e0y.<\/p>\n","protected":false},"excerpt":{"rendered":" Gi\u1edbi thi\u1ec7u v\u1ec1 C\u01a1 s\u1edf Cho vay c\u1ee7a Ethena v\u00e0 FalconX Ethena v\u00e0 FalconX v\u1eeba ra m\u1eaft m\u1ed9t c\u01a1 s\u1edf cho vay c\u00f3 b\u1ea3o \u0111\u1ea3m tr\u1ecb gi\u00e1 1 t\u1ef7 USD, s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n h\u1ed7 tr\u1ee3 USDe \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00e1c kho\u1ea3n vay qu\u00e1 th\u1ebf ch\u1ea5p d\u00e0nh cho c\u00e1c t\u1ed5 ch\u1ee9c. Th…<\/p>\n","protected":false},"author":3,"featured_media":21889,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[5473,5730,10673,4479,4480,4218,5848,9427,10667,11980,5181,4204],"class_list":["post-21890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-aave","tag-anchorage-digital","tag-coinbase-asset-management","tag-ethena","tag-ethena-usde","tag-ethereum","tag-falconx","tag-guy-young","tag-jupiter","tag-kamino","tag-morpho","tag-usa"],"yoast_head":"\nChi ti\u1ebft v\u1ec1 Ho\u1ea1t \u0111\u1ed9ng Cho vay<\/h2>\n
Tri\u1ec3n v\u1ecdng T\u00e0i ch\u00ednh v\u00e0 R\u1ee7i ro<\/h2>\n
\n
\u0110\u00e1nh gi\u00e1 T\u00ecnh h\u00ecnh T\u00e0i ch\u00ednh c\u1ee7a Ethena<\/h2>\n
Th\u1ed1ng k\u00ea v\u00e0 T\u00ecnh h\u00ecnh Th\u1ecb tr\u01b0\u1eddng<\/h2>\n
R\u1ee7i ro v\u00e0 C\u1ea5u tr\u00fac Ph\u00e1p l\u00fd<\/h2>\n
K\u1ebft lu\u1eadn<\/h2>\n