Aave 考慮透過「費用轉換」來改善其加密貨幣的管理；統一 USDe 和 USDT 價格的新治理提案

在本文中，我們將了解有關 Aave 專案的最新相關新聞，這是一個擁有 370 億 TVL 的去中心化借貸加密協議。

The Aave project is one of the most relevant in the crypto space, especially in the decentralized lending sector, where it has managed to obtain a leading position.

Aave 專案是加密貨幣領域最相關的專案之一，尤其是在去中心化借貸領域，它已成功獲得領先地位。

In this article, we will analyze the latest news about the protocol and its native crypto AAVE, highlighting the main updates and price scenarios.

在本文中，我們將分析有關該協議及其原生加密貨幣 AAVE 的最新消息，重點介紹主要更新和價格場景。

The founder of Aave proposes a “fee switch” to improve the management of their crypto

Aave 的創始人提出了“費用開關”，以改善其加密貨幣的管理

A few days ago, Stani Kulechov, founder of the well-known crypto project Aave, expressed his intention to activate a “fee switch” initiative for the protocol.

日前，知名加密計畫 Aave 創辦人 Stani Kulechov 表示有意啟動該協議的「費用轉換」措施。

We are talking about a mechanism that aims to improve the revenue efficiency of the platform by investing part of the collected fees.

我們談論的是一種機制，旨在透過將收取的費用的一部分進行投資來提高平台的收入效率。

Generally, these proposals end up rewarding the holders of the platform’s native token, in this case AAVE, given the way the capital is distributed.

一般來說，考慮到資本的分配方式，這些提案最終會獎勵平台原生代幣（在本例中為 AAVE）的持有者。

It is estimated that, if the fee switch is truly integrated, part of the revenue will be offered as a “dividend” to the holders/stakers of the crypto or will be used for buyback in the market.

據估計，如果費用轉換真正實現，部分收入將作為「股息」提供給加密貨幣的持有者/質押者，或用於市場回購。

The Aave protocol is in a solid financial position, and it can afford to allocate a portion of the new revenue to more aggressive investment strategies.

Aave 協議的財務狀況穩健，它有能力將部分新收入分配給更積極的投資策略。

Its treasury holds almost 100 million dollars in non-native assets, including stablecoin, Ethereum and other cryptocurrencies. Considering also the AAVE crypto itself, the treasury well exceeds 328 million dollars, according to what is reported by TokenLogic.

其金庫持有近 1 億美元的非原生資產，包括穩定幣、以太幣和其他加密貨幣。根據 TokenLogic 的報導，考慮到 AAVE 加密貨幣本身，其資金遠遠超過 3.28 億美元。

Regarding the proposal to change the fees, Marc Zeller, founder of Aave Chan, who was one of the first contributors to the plan, intervened.

對於改變費用的提議，Aave Chan 的創始人、該計劃的首批貢獻者之一的 Marc Zeller 進行了乾預。

The expert highlighted how Aave’s net revenues significantly exceed operating expenses, making the move not only feasible but also speculatively strategic.

這位專家強調了 Aave 的淨收入如何大幅超過營運支出，這使得此舉不僅可行，而且具有投機性戰略意義。

These are his words in a post on X

這是他在 X 的帖子中的話

“When the protocol’s treasury is presented in this way and the net revenues of the DAO are more than double the Opex (incentives included), the Fee Switch is not an if; it is a when”.

「當協議的金庫以這種方式呈現並且 DAO 的淨收入是營運支出（包括激勵措施）的兩倍以上時，費用轉換就不是一個假設；這是一個「何時」。

Composition of the Aave Treasury. Source: TokenLogic

Aave 財政部的組成。資料來源：TokenLogic

The new governance proposal to unite the price feed of USDe and USDT

統一 USDe 和 USDT 價格的新治理提案

Another very important situation for Aave concerns the new governance proposal put forward by Chaos Labs and LlamaRisk on January 3rd.

對 Aave 來說另一個非常重要的情況涉及 Chaos Labs 和 LlamaRisk 於 1 月 3 日提出的新治理提案。

The two members of the Aave DAO have suggested aligning the price of USDe (stablecoin of the Ethena protocol) with that of USDT in their own price feeds.

Aave DAO 的兩名成員建議在他們自己的價格源中將 USDe（Ethena 協議的穩定幣）的價格與 USDT 的價格保持一致。

This means that the oracle in charge, namely Chainlink, should encode the price of USDe as if it were the stablecoin of Tether, limiting the risks of market fluctuations.

這意味著負責的預言機Chainlink應該像Tether的穩定幣一樣對USDe的價格進行編碼，限制市場波動的風險。

We remember in fact that the first currency has a direct exposure to derivatives and digital assets like Ethereum and Bitcoin while it is not backed by fiat reserves.

事實上，我們記得第一種貨幣直接接觸以太坊和比特幣等衍生性商品和數位資產，但沒有法定儲備的支援。

In this case, the risk of depeg is much higher compared to coins like USDT or USDC, which have collateral that can cover deposits at 100%.

在這種情況下，與 USDT 或 USDC 等具有可 100% 保證保證金的抵押品的代幣相比，脫鉤的風險要高得多。

The objective of the proposal is precisely to ensure that users do not suffer from possible temporary depegs of USDe, boasting price stability.

該提案的目的正是為了確保用戶不會因 USDe 可能的臨時脫鉤而遭受損失，從而保證價格穩定。

In this way, those who use the crypto protocol reduce the risk of being liquidated in case of high volatility.

這樣，使用加密協議的人就可以降低在高波動性情況下被清算的風險。

The proposal reads as follows:

該提案內容如下：

“By linking the value of USDe directly to USDt, we align the sUSDe oracle with USDt prices, ensuring a smooth integration and avoiding disruptions caused by temporary price fluctuations in USDe.”

“通過將 USDe 的價值直接與 USDt 掛鉤，我們將 sUSDe 預言機與 USDt 價格保持一致，確保順利整合並避免 USDe 臨時價格波動造成的干擾。”

In any case, the Aave community does not seem to have taken the news well, offering a very negative feedback to the governance proposal.

無論如何，Aave 社群似乎並沒有很好地接受這個消息，對治理提案提供了非常負面的回饋。

According to what is written in the DAO forum, many users have complained about the risks associated with this initiative, which seems to be of giant caliber for Aave.

根據 DAO 論壇上的內容，許多用戶抱怨這項措施的相關風險，這對 Aave 來說似乎是一個巨大的舉措。

In essence, reference is made to the underlying risk factors of USDe by Ethena, which do not appear to have been taken into consideration by Chaos Labs and LlamaRisk.

本質上，Ethena 參考了 USDe 的潛在風險因素，而 Chaos Labs 和 LlamaRisk 似乎沒有考慮到這些因素。

A user in particular, Hazbobo said that coding USDe with USDT seems a bit risky since the former is not even considered a stablecoin.

特別是用戶 Hazbobo 表示，用 USDT 編碼 USDe 似乎有點冒險，因為前者甚至不被視為穩定幣。

Furthermore, the proposal does not evaluate the best case scenario and the worst case scenario, making the whole discussion somewhat reasonably unreliable.

此外，該提案沒有評估最好的情況和最壞的情況，使得整個討論有些不可靠。

AAVE crypto price analysis: where are we headed?

AAVE 加密貨幣價格分析：我們要去哪裡？

The crypto Aave comes from a super positive phase, with a performance of 78% in the month of December that has made it one of the most appealing DeFi coins of the moment.

加密貨幣 Aave 正處於一個超級積極的階段，12 月的表現高達 78％，這使其成為當下最具吸引力的 DeFi 代幣之一。

The token of the lending protocol seems to have taken off right after the USA presidential elections, reaching even the level of 390 dollars.

美國總統大選後，借貸協議的代幣似乎一飛沖天，甚至達到了 390 美元的水平。

From here the bulls had to clash with the downward pressure of the bears, which pushed AAVE below 300 dollars in the middle of the chart retracement.

從這裡開始，多頭不得不與空頭的下行壓力發生衝突，這使得 AAVE 在圖表回檔的中間跌破 300 美元。

Now the #31st cryptocurrency in the market is priced at 337 dollars, waiting to discover what the direction will be in the first quarter of

現在市場上排名第 31 的加密貨幣價格為 337 美元，等待發現第一季的走向。