Aave 呼籲調整 MakerDAO 的 DAI 穩定幣的風險參數以緩解擔憂

Aave 風險框架委員會 (ARFC) 提議調整 MakerDAO 穩定幣 DAI 的風險參數，以減輕與 MakerDAO 發行政策相關的潛在風險，包括對治理決策和 DAI 信用額度延長的擔憂。該提案包括將 DAI 的貸款價值比率調整為 0%，並從 Merit 計劃中刪除 sDAI 激勵措施。該委員會的目標是在不顯著影響 Aave 用戶群的情況下解決風險。

Aave Proposes Risk Parameters Adjustment for MakerDAO's DAI Stablecoin

Aave 建議調整 MakerDAO 的 DAI 穩定幣的風險參數

Proposal Highlights

提案要點

The Aave Risk Framework Committee (ARFC) has released a proposal to revise risk parameters specific to the MakerDAO stablecoin, DAI. This initiative is designed to minimize potential risks associated with DAI's issuance policy, particularly in light of MakerDAO's recent governance decisions and the proposed expansion of DAI's credit line to 1 billion.

Aave 風險框架委員會 (ARFC) 發布了一項修訂 MakerDAO 穩定幣 DAI 特定風險參數的提案。這項措施旨在最大限度地減少與 DAI 發行政策相關的潛在風險，特別是考慮到 MakerDAO 最近的治理決策以及擬將 DAI 信貸額度擴大到 10 億美元的情況。

To mitigate these risks, the proposal suggests reducing DAI's loan-to-value (LTV) ratio to 0% across all Aave deployments. Additionally, sDAI incentives will be eliminated from the Merit program starting with Round 2.

為了減輕這些風險，該提案建議將所有 Aave 部署中的 DAI 貸款價值 (LTV) 比率降低至 0%。此外，從第二輪開始，sDAI 激勵措施將從 Merit 計劃中取消。

Background and Rationale

背景和理由

Aave's concerns stem from MakerDAO's aggressive actions, including its D3M program, which has resulted in a rapid increase in DAI's credit line. Aave believes that these actions introduce liquidity injection risks into a protocol that lacks a rigorous risk management and safety module feature.

Aave 的擔憂源於 MakerDAO 的激進行動，包括其 D3M 計劃，該計劃導致 DAI 信用額度迅速增加。 Aave 認為，這些行為將流動性注入風險引入缺乏嚴格風險管理和安全模組功能的協定中。

Aave's previous experiences with reckless minting policies, such as the Angle's AgEUR hack within a week of its listing on EULER, underscore the potential dangers of using DAI as collateral on Aave. The proposal aims to prevent similar stablecoin depegging scenarios to protect Aave's stability and integrity.

Aave 先前在魯莽鑄幣政策方面的經歷，例如 Angle 在 EULER 上市後一周內發生的 AgEUR 駭客事件，凸顯了使用 DAI 作為 Aave 抵押品的潛在危險。該提案旨在防止類似的穩定幣脫鉤場景，以保護 Aave 的穩定性和完整性。

Impact and Alternatives

影響和替代方案

The proposed changes are expected to have minimal impact on Aave's user base, as only a small portion of DAI deposits are currently utilized as collateral on the platform. Users still have alternative collateral options like USDC or USDT for liquidity and flexibility.

預計擬議的變更對 Aave 的用戶群影響極小，因為目前只有一小部分 DAI 存款被用作平台上的抵押品。使用者仍然可以選擇 USDC 或 USDT 等替代抵押品，以獲得流動性和靈活性。

MakerDAO's USDe Investment Proposal

MakerDAO 的 USDe 投資提案

Separately, MakerDAO is considering a proposal to invest $600 million in USDe and its staked version, sUSDe. The proposal, presented by MonetSupply from Block Analitica, outlines several reasons for this investment, including user preferences and the financial and strategic benefits of using USDe and sUSDe collateral on Morpho.

另外，MakerDAO 正在考慮一項向 USDe 及其質押版本 sUSDe 投資 6 億美元的提案。該提案由 Block Analitica 的 MonetSupply 提出，概述了此項投資的幾個原因，包括用戶偏好以及在 Morpho 上使用 USDe 和 sUSDe 抵押品的財務和戰略利益。

The initial recommendation suggests setting MakerDAO's USDe exposure limit at $600 million, with potential for expansion as Morpho's platform grows. The investment would be capped at $800 million to ensure financial stability and protect against losses.

最初的建議建議將 MakerDAO 的 USDe 風險限額設定為 6 億美元，並有可能隨著 Morpho 平台的發展而擴大。該投資上限為 8 億美元，以確保財務穩定並防止損失。

Conclusion

結論

The Aave Risk Framework Committee's proposal to adjust DAI's risk parameters is a prudent measure to address potential risks associated with MakerDAO's recent actions. By reducing the LTV ratio and eliminating sDAI incentives, Aave aims to safeguard its stability and prevent future depegging incidents.

Aave 風險框架委員會提出調整 DAI 風險參數的提議是一項審慎措施，旨在解決與 MakerDAO 近期行為相關的潛在風險。透過降低 LTV 比率並取消 sDAI 激勵措施，Aave 旨在維護其穩定性並防止未來脫鉤事件。

Meanwhile, MakerDAO's proposal to invest in USDe and sUSDe demonstrates the protocol's ongoing efforts to diversify its investments and explore opportunities within the DeFi ecosystem. The potential financial and strategic benefits outlined in the proposal suggest that this investment could be mutually beneficial for both MakerDAO and the DeFi industry as a whole.

同時，MakerDAO 提議投資 USDe 和 sUSDe 表明該協議正在努力實現投資多元化並探索 DeFi 生態系統中的機會。提案中概述的潛在財務和策略利益表明，這項投資對於 MakerDAO 和整個 DeFi 產業來說可能是互惠互利的。