Aave 考慮在其定價來源中硬編碼 Ethena 的 USDe 價格以匹配 Tether 的 USDt

該提案由 Chaos Labs 和 LlamaRisk 共同撰寫，於 1 月 3 日提交，旨在保護 Aave 用戶免受二級市場波動的影響。

A new proposal on Aave suggests locking Ethena’s USDe price to Tether’s USDt in Aave’s pricing feeds. The proposal, co-authored by Chaos Labs and LlamaRisk, was submitted on Jan. 3 and aims to protect Aave users from exposure to secondary market fluctuations. Notably, LlamaRisk is part of Ethena’s risk committee.

Aave 的一項新提案建議在 Aave 的定價來源中將 Ethena 的 USDe 價格鎖定為 Tether 的 USDt。該提案由 Chaos Labs 和 LlamaRisk 共同撰寫，於 1 月 3 日提交，旨在保護 Aave 用戶免受二級市場波動的影響。值得注意的是，LlamaRisk 是 Ethena 風險委員會的成員。

Aave (AAVE) is the largest decentralized finance (DeFi) lending protocol, with $37 billion in total value locked, enabling users to borrow and lend cryptocurrencies without intermediaries. Users can deposit assets into Aave’s liquidity pools and earn interest or borrow using crypto as collateral.

Aave (AAVE) 是最大的去中心化金融 (DeFi) 借貸協議，鎖定總價值 370 億美元，使用戶無需中介即可藉入和借出加密貨幣。用戶可以將資產存入 Aave 的流動性池並賺取利息或使用加密貨幣作為抵押品進行借貸。

USDe (USDE), created by Ethena, is a synthetic dollar stablecoin backed by onchain assets and derivatives, unlike USDT, which relies on fiat reserves. USDE now ranks as the third-largest stablecoin, with a $5.85 billion market cap, trailing USDt (USDT) and USD Coin (USDC), according to CoinGecko.

USDe（USDE）由 Ethena 創建，是一種由鏈上資產和衍生品支持的合成美元穩定幣，與依賴法定儲備的 USDT 不同。根據 CoinGecko 的數據，USDE 目前是第三大穩定幣，市值為 58.5 億美元，落後於 USDt (USDT) 和 USD Coin (USDC)。

Aave currently uses Chainlink’s USDe/US dollar price feed to value staked USDe (sUSDe), a staked version of USDE.

Aave 目前使用 Chainlink 的 USDe/美元餵價來對質押 USDe (sUSDe) 進行估值，這是 USDE 的質押版本。

According to the proposal, a 5% drop in USDE’s price could put over $300 million worth of USDE-backed loans on Aave at risk of liquidation. This could trigger collateral sell-offs to repay outstanding debt.

根據該提案，USDE 價格下跌 5% 可能會使 Aave 上價值超過 3 億美元的 USDE 支持的貸款面臨清算風險。這可能會引發抵押品拋售以償還未償債務。

“To mitigate the risk associated with a USDe depeg event, we propose hardcoding USDe’s price to USDT,” the authors stated.

「為了減輕與 USDe 脫鉤事件相關的風險，我們建議將 USDe 的價格硬編碼為 USDT，」作者表示。

Community members have expressed skepticism over the approach, questioning whether it addresses fundamental risks.

社區成員對這種方法表示懷疑，質疑它是否能解決根本風險。

A snippet of community feedback on Aave’s proposal to hardcode USDE’s price to USDT. Source: Aave Governance Forum.

關於 Aave 將 USDE 價格硬編碼為 USDT 的提議的社群回饋片段。資料來源：Aave 治理論壇。

“Hardcoding the USDe price to USDT price sounds a bit risky given USDe isn’t really intended to be a stablecoin,” user Hazbobo pointed out. “What’re the edge case risks involved? What’s the worst case scenario?”

用戶 Hazbobo 指出：“將 USDe 價格硬編碼為 USDT 價格聽起來有點冒險，因為 USDe 並不是真正打算成為穩定幣的。” “涉及哪些極端情況風險？最壞的情況是什麼？

Another community member, ElliotNess, criticized the proposal for failing to address underlying risk factors.

另一位社群成員 ElliotNess 批評該提案未能解決潛在的風險因素。

“This is a disappointingly low-quality ARFC from two service providers without digging into any potential conflicts… Frankly, this can be said of every non-hardcoded asset listed on the Aave protocol,” they noted.

“這是來自兩家服務提供商的令人失望的低品質ARFC，沒有深入研究任何潛在的衝突……坦率地說，Aave 協議上列出的每一項非硬編碼資產都可以這樣說，”他們指出。

ElliotNess questioned the rationale behind pegging USDE to USDT, suggesting that if Aave plans to hardcode USDe’s price, it might as well peg it directly to $1.00 to avoid secondary market price deviations entirely.

ElliotNess 質疑將 USDE 與 USDT 掛鉤的理由，並表示如果 Aave 計劃對 USDe 的價格進行硬編碼，那麼不妨將其直接與 1.00 美元掛鉤，以完全避免二級市場價格偏差。

The proposal is in its early discussion stage, with no formal vote scheduled yet.

該提案正處於早期討論階段，尚未安排正式投票。

At the time of publication, AAVE was trading at $340, up 7% in the past 24 hours and 230% over the past year.

截至發稿時，AAVE 交易價格為 340 美元，過去 24 小時內上漲 7%，較去年上漲 230%。

Aave’s growth in 2024 was driven by expansion into new markets, including BNB Chain, Scroll, ZKsync Era, and Ether.fi. The protocol is also eyeing further integrations in 2025, with potential additions like Sonic, Mantle, Ethereum layer 2 Linea, Bitcoin layer 2 BOB, Spider Chain and Aptos, pending community approval.

Aave 在 2024 年的成長是由新市場擴張所推動的，包括 BNB Chain、Scroll、ZKsync Era 和 Ether.fi。該協議還著眼於 2025 年進行進一步整合，可能添加 Sonic、Mantle、以太坊第 2 層 Linea、比特幣第 2 層 BOB、Spider Chain 和 Aptos 等功能，並有待社群批准。

Ethena’s 2025 roadmap

Ethena 的 2025 年路線圖

Ethena (ENA) surged 17% following the release of its 2025 roadmap, detailing plans to integrate with Telegram and launch a new dollar savings product.

Ethena (ENA) 在發布 2025 年路線圖後飆升 17%，該路線圖詳細介紹了與 Telegram 整合並推出新的美元儲蓄產品的計劃。

The Jan. 3 roadmap introduced iUSDe, a wrapped version of sUSDe, which currently offers a 10% yield. Ethena announced plans to integrate sUSDe into Telegram, leveraging its 900 million users. The integration will introduce a payment and savings app based on sUSDe, aiming to deliver a “neobank experience” within the messaging platform.

1 月 3 日的路線圖引入了 iUSDe，這是 sUSDe 的封裝版本，目前提供 10% 的收益率。 Ethena 宣布計劃將 sUSDe 整合到 Telegram 中，利用其 9 億用戶。此次整合將推出基於 sUSDe 的支付和儲蓄應用程序，旨在在訊息平台內提供「新銀行體驗」。