Aave 主張在 MakerDAO 的擴張計劃中謹慎對待 DAI

去中心化借貸平台 Aave 建議調整 DAI 穩定幣的風險參數，將貸款與價值比率降低至 0%，並取消 sDAI 激勵措施，以減輕 MakerDAO 快速 DAI 擴張計劃帶來的潛在風險。此前，Aave Chan Initiative 團隊對 MakerDAO 的「激進」D3M 計畫表示擔憂，該計畫迅速擴大了 DAI 的信用額度。

Aave Proposes Cautious Approach to DAI Stablecoin Amid MakerDAO's Ambitious Expansion Plans

在 MakerDAO 雄心勃勃的擴張計劃中，Aave 建議對 DAI 穩定幣採取謹慎態度

In a move to mitigate potential risks stemming from MakerDAO's aggressive expansion plans, decentralized lending protocol Aave has introduced a comprehensive proposal to adjust the risk parameters of the DAI stablecoin. The proposal, submitted by the Aave Chan Initiative (ACI) team through the Aave Risk Framework Committee, aims to strike a balance between safeguarding the platform while minimizing user impact.

為了減輕 MakerDAO 積極擴張計畫帶來的潛在風險，去中心化借貸協議 Aave 提出了一項全面的提案來調整 DAI 穩定幣的風險參數。該提案由 Aave Chan Initiative (ACI) 團隊透過 Aave 風險框架委員會提交，旨在在保護平台和盡量減少用戶影響之間取得平衡。

Key Proposal Parameters

關鍵提案參數

The ACI proposal encompasses several key measures to enhance risk management for DAI transactions on Aave:

ACI 提案包含多項關鍵措施，旨在加強 Aave 上 DAI 交易的風險管理：

• Loan-to-Value Ratio (LTV): Setting DAI's LTV to 0% on all Aave deployments, effectively eliminating the use of DAI as collateral for loans.
• Merit Program Incentives: Removing sDAI (staked DAI) incentives from the Merit program, commencing from Merit Round 2 onwards.

These measures are a direct response to MakerDAO's recent Direct Deposit Module (D3M) plan, which has rapidly expanded DAI's credit line from zero to an estimated 600 million DAI within a month, with projections reaching 1 billion DAI in the near future.

貸款價值比 (LTV)：在所有 Aave 部署中將 DAI 的 LTV 設定為 0%，有效消除使用 DAI 作為貸款抵押品。優異計畫激勵：從優異計畫中刪除 sDAI（質押 DAI）激勵，從Merit Round 2開始。這些措施是對MakerDAO 最近的直接存款模組(D3M) 計劃的直接回應，該計劃在一個月內將DAI 的信貸額度從零迅速擴大到約6 億DAI，預計在不久的將來將達到10 億DAI未來。

Concerns Regarding DAI Expansion

對 DAI 擴張的擔憂

The ACI team expressed concerns over the pace and nature of DAI's expansion, highlighting several potential risks:

ACI 團隊對 DAI 擴張的速度和性質表示擔憂，並強調了幾個潛在風險：

• Untested Protocol and Risk Mitigation: The D3M protocol, upon which DAI expansion is based, is relatively new and untested, lacking robust risk management features or safety modules.
• Depegging Risks: Historical incidents, such as the recent depegging of Angle's AgEUR (EURA) stablecoin, demonstrate the potential for collateralized stablecoins to lose their peg, posing risks to Aave users who use them as loan collateral.

Minimal User Impact

未經測試的協議和風險緩解：DAI 擴展所基於的D3M 協議相對較新且未經測試，缺乏強大的風險管理功能或安全模組。脫鉤風險：歷史事件，例如最近Angle 的AgEUR (EURA) 穩定幣脫鉤，證明有抵押的穩定幣有可能失去掛鉤，從而給使用其作為貸款抵押品的 Aave 用戶帶來風險。對用戶的影響最小

Despite the proposed changes, the ACI team emphasized that the impact on users is expected to be minimal. Only a small portion of DAI deposits currently serve as collateral on Aave, and users can easily switch to alternative collateral options such as USD Coin (USDC) or Tether (USDT).

儘管提出了這些更改，ACI 團隊還是強調，預計對使用者的影響很小。目前只有一小部分 DAI 存款作為 Aave 的抵押品，使用者可以輕鬆切換到替代抵押品選項，例如 USD Coin (USDC) 或 Tether (USDT)。

Competitive Landscape

競爭格局

The Aave proposal comes amidst increasing competition in the decentralized finance (DeFi) landscape. Eigenlayer recently surpassed Aave as the second-largest DeFi protocol in terms of total value locked (TVL). However, Aave maintains a significantly higher number of daily active users compared to other top DeFi protocols.

Aave 提案是在去中心化金融（DeFi）領域競爭日益激烈的背景下提出的。就鎖定總價值（TVL）而言，Eigenlayer 最近超越 Aave 成為第二大 DeFi 協議。然而，與其他頂級 DeFi 協定相比，Aave 的每日活躍用戶數量明顯更高。

MakerDAO's Endgame Upgrade

MakerDAO 的終局升級

Meanwhile, MakerDAO is preparing for its highly anticipated "Endgame" upgrade, which aims to scale DAI's decentralized stablecoin from its current market cap of $4.5 billion to "100 billion and beyond," rivaling Tether's USDT dominance. The five-phase plan includes engaging an external marketing firm to rebrand the operation and redenominating Maker (MKR) tokens into NewGovTokens.

與此同時，MakerDAO 正在準備其備受期待的“Endgame”升級，旨在將DAI 的去中心化穩定幣從目前的45 億美元市值擴大到“1000 億美元及以上”，與Tether 的USDT 主導地位相抗衡。該計劃分為五個階段，包括聘請外部行銷公司來重塑營運品牌，並將 Maker (MKR) 代幣重新命名為 NewGovTokens。

Conclusion

結論

Aave's proposed adjustments to DAI risk parameters reflect the evolving risk landscape within DeFi. As MakerDAO pursues ambitious expansion plans, Aave is prioritizing user safety by implementing prudent risk mitigation measures. The proposal demonstrates Aave's commitment to maintaining a robust and sustainable platform for its users while navigating the increasingly competitive DeFi ecosystem.

Aave 對 DAI 風險參數的建議調整反映了 DeFi 內部不斷變化的風險格局。隨著 MakerDAO 追求雄心勃勃的擴張計劃，Aave 透過實施審慎的風險緩解措施來優先考慮使用者安全。該提案表明了 Aave 致力於為用戶維護一個強大且可持續的平台，同時應對競爭日益激烈的 DeFi 生態系統。