<h2><strong>关键要点</strong></h2>
<h3><em>股权永续合约的预测是什么？</em></h3>
<p>Ethena 创始人 Guy Young 表示，股权永续合约可能会解锁一个比加密货币市场机会大 30 倍的市场。</p>
<h3><em>哪些项目将受益于这一繁荣？</em></h3>
<p>像 Hyperliquid 这样的永续去中心化交易所和像 Ethena 这样的中性策略参与者可能会首先受益。</p>
<hr/>
<p>加密货币投机已达到白热化的程度。链上永续合约是可以无限持有的杠杆衍生品，只要你支付资金利率，现在正在为股票推出。</p>
<p>根据 Ethena [ENA] 创始人 Guy Young 的说法，股权永续合约的趋势可能提供巨大的上行潜力。他指出，</p>
<blockquote>
<p>“加密货币创造了一个超过 2000 亿美元的 1x 业务和超过 4 个 100 亿到 1000 亿美元的业务，基于 4 万亿美元的资产类别。股票市场的规模超过 30 倍。”</p>
</blockquote>
<p>在这里，他提到的是主要的加密交易所提供的永续合约，如 Binance [BNB] 交易所。</p>
<p>其他像 Ethena 的合成 USDe 这样的业务，利用来自永续资金利率的中性策略的收益，也从这一趋势中受益。</p>
<p>Young 补充道，</p>
<blockquote>
<p>“在我看来，这种产品的潜在上行空间大于 Robinhood 当前的市值。”</p>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-130025.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-130025.png"/></p>
<p>来源：X</p>
<h2><strong>股权永续合约是下一个催化剂吗？</strong></h2>
<p>Young 对这一机会的认可暗示他们可能在市场成熟时准备采取行动。</p>
<p>分析公司 Delphi Research 的联合创始人 Jose Macedo 也表达了类似的观点，并补充道，</p>
<blockquote>
<p>“股权永续合约将 Ethena 的收益总可寻址市场从 3 万亿美元的加密市场扩展到 120 万亿美元的全球股票市场。这一点尚未被市场定价。”</p>
</blockquote>
<p>零售玩家 Robinhood 的市值为 1290 亿美元。然而，对于 Young 来说，股权永续合约可能会孕育出远超这一数字的业务。</p>
<p>从这个角度来看，Ethena 的 USDe 现在是市值第三大的稳定币（100 亿美元），这得益于传统的加密永续合约。该公司购买现货并在期货（永续合约）上开设相应的空头，以获取价格差异或支持 USDe 的收益。</p>
<h2><strong>永续去中心化交易所的繁荣增加了动力</strong></h2>
<p>加密市场仅为 4 万亿美元。现在，想象一下以类似的中性策略扩展到 120 万亿美元的市场？</p>
<p>这可能是 Young 可能关注的赌注，尤其是在监管明确和流动性改善之后。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-132427.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-132427.png"/></p>
<p>来源：X</p>
<p>与此同时，整体加密永续合约市场一直在快速增长。仅在十月份，永续去中心化交易所的交易量就达到了 1.2 万亿美元。这几乎是九月份 7390 亿美元的两倍，突显了巨大的投机兴趣。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-123009.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-123009.png"/></p>
<p>来源：DeFiLlama</p>
<p>Ethena 是否会利用更广泛的永续合约增长并推动 ENA 的价值仍有待观察。</p>

HOOD

<p>Ethena 创始人 Guy Young 预测，股票永续合约可能会解锁一个超过加密市场 30 倍的市场机会，潜在地超过 Robinhood 的市值。他强调，股票永续合约可以将 Ethena 的收益总可寻址市场从 3 万亿美元的加密市场扩展到 120 万亿美元的全球股票市场。永续去中心化交易所市场正在经历显著增长，仅在 10 月份的交易量就达到了 1.2 万亿美元，显示出强烈的投机兴趣。Young 的见解表明，股票永续合约的未来前景乐观，但这取决于市场的成熟和监管的明确性</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>关键要点</strong></h2>
</div><h3><em>What’s the projection for equity perps?</em></h3>
<div class="lb-trans"><h3><em>股权永续合约的预测是什么？</em></h3>
</div><p>Ethena founder Guy Young said equity perpetuals could unlock a market opportunity over 30 times larger than crypto’s.</p>
<div class="lb-trans"><p>Ethena 创始人 Guy Young 表示，股权永续合约可能会解锁一个比加密货币市场机会大 30 倍的市场。</p>
</div><h3><em>Which projects will be beneficiaries of the boom?</em></h3>
<div class="lb-trans"><h3><em>哪些项目将受益于这一繁荣？</em></h3>
</div><p>Perps DEXes like Hyperliquid and delta-neutral players like Ethena could benefit first.</p>
<div class="lb-trans"><p>像 Hyperliquid 这样的永续去中心化交易所和像 Ethena 这样的中性策略参与者可能会首先受益。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>Crypto speculation has hit a fever pitch. On-chain perpetuals, leveraged Derivatives that you can hold forever, provided you pay Funding Rates, are now being rolled out for equities.</p>
<div class="lb-trans"><p>加密货币投机已达到白热化的程度。链上永续合约是可以无限持有的杠杆衍生品，只要你支付资金利率，现在正在为股票推出。</p>
</div><p>According to Ethena [ENA] Founder Guy Young, the equity perps trend could offer a massive upside potential. He noted,</p>
<div class="lb-trans"><p>根据 Ethena [ENA] 创始人 Guy Young 的说法，股权永续合约的趋势可能提供巨大的上行潜力。他指出，</p>
</div><blockquote>
<p>“Crypto created 1x &gt;$200b business and &gt;4x $10-100b businesses with perpetuals on a $4tn asset class. Equities alone are &gt;30x the size.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“加密货币创造了一个超过 2000 亿美元的 1x 业务和超过 4 个 100 亿到 1000 亿美元的业务，基于 4 万亿美元的资产类别。股票市场的规模超过 30 倍。”</p>
</blockquote>
</div><p>Here, he was referring to major crypto exchanges offering perpetuals like the Binance [BNB] exchange.</p>
<div class="lb-trans"><p>在这里，他提到的是主要的加密交易所提供的永续合约，如 Binance [BNB] 交易所。</p>
</div><p>Other businesses like Ethena’s synthetic USDe that leverage yield from delta-neutral strategies from perpetual Funding Rates have also benefited from the trend.</p>
<div class="lb-trans"><p>其他像 Ethena 的合成 USDe 这样的业务，利用来自永续资金利率的中性策略的收益，也从这一趋势中受益。</p>
</div><p>Young added,</p>
<div class="lb-trans"><p>Young 补充道，</p>
</div><blockquote>
<p>“In my view, the potential upside for this product is larger than the current market cap of Robinhood.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“在我看来，这种产品的潜在上行空间大于 Robinhood 当前的市值。”</p>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-130025.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-130025.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><h2><strong>Is equity perps the next catalyst?</strong></h2>
<div class="lb-trans"><h2><strong>股权永续合约是下一个催化剂吗？</strong></h2>
</div><p>Young’s acknowledgment of the opportunity hinted that they may be preparing to make a move if the market matures.</p>
<div class="lb-trans"><p>Young 对这一机会的认可暗示他们可能在市场成熟时准备采取行动。</p>
</div><p>Jose Macedo, Co-Founder of analytics firm Delphi Research, echoed a similar stance and added,</p>
<div class="lb-trans"><p>分析公司 Delphi Research 的联合创始人 Jose Macedo 也表达了类似的观点，并补充道，</p>
</div><blockquote>
<p>“Equity perps expand Ethena’s yield TAM from the $3 trillion crypto market to $120 trillion global equities market. This is not priced in.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“股权永续合约将 Ethena 的收益总可寻址市场从 3 万亿美元的加密市场扩展到 120 万亿美元的全球股票市场。这一点尚未被市场定价。”</p>
</blockquote>
</div><p>The retail player Robinhood has a market cap of $129 billion. For Young, however, the equity perps could birth businesses worth way more than this figure.</p>
<div class="lb-trans"><p>零售玩家 Robinhood 的市值为 1290 亿美元。然而，对于 Young 来说，股权永续合约可能会孕育出远超这一数字的业务。</p>
</div><p>For perspective, Ethena’s USDe is now the third-largest stablecoin by market cap ($10 billion) because of traditional crypto perps. The firm buys a spot and opens a corresponding short on Futures (perps) to pocket the price difference or yield that backs USDe.</p>
<div class="lb-trans"><p>从这个角度来看，Ethena 的 USDe 现在是市值第三大的稳定币（100 亿美元），这得益于传统的加密永续合约。该公司购买现货并在期货（永续合约）上开设相应的空头，以获取价格差异或支持 USDe 的收益。</p>
</div><h2><strong>Perp DEX boom adds momentum</strong></h2>
<div class="lb-trans"><h2><strong>永续去中心化交易所的繁荣增加了动力</strong></h2>
</div><p>Crypto is only a $4 trillion market. Now, imagine scaling into a $120 trillion market with a similar delta-neutral strategy?</p>
<div class="lb-trans"><p>加密市场仅为 4 万亿美元。现在，想象一下以类似的中性策略扩展到 120 万亿美元的市场？</p>
</div><p>That’s the likely bet Young could be eyeing, especially after regulatory clarity and liquidity improve.</p>
<div class="lb-trans"><p>这可能是 Young 可能关注的赌注，尤其是在监管明确和流动性改善之后。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-132427.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-132427.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>Meanwhile, the overall crypto perps space has been on a tear. In October alone, perp DEXes hauled $1.2 trillion in volume. This was nearly double the $739 billion seen in September, underscoring the massive speculation interest.</p>
<div class="lb-trans"><p>与此同时，整体加密永续合约市场一直在快速增长。仅在十月份，永续去中心化交易所的交易量就达到了 1.2 万亿美元。这几乎是九月份 7390 亿美元的两倍，突显了巨大的投机兴趣。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-123009.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-123009.png"/></p>
<p>Source: DeFiLlama</p>
<div class="lb-trans"><p>来源：DeFiLlama</p>
</div><p>Whether Ethena will tap into the broader perps growth and drive ENA’s value remains to be seen.</p>
<div class="lb-trans"><p>Ethena 是否会利用更广泛的永续合约增长并推动 ENA 的价值仍有待观察。</p>
</div>

‘比 Robinhood 更大’？——Ethena 的 Guy Young 押注于 30 倍股权永续繁荣