Aave Labs推出了Horizo​​n RWA產品，但面臨社區的反對

在社區中一直很受歡迎的Aave最近引起了社區前所未有的疑問。

Aave, which has always been popular in the community, has recently aroused unprecedented doubts from the community.

在社區中一直很受歡迎的Aave最近引起了社區前所未有的疑問。

Aave Labs recently launched a new initiative called Horizon, which plans to develop products that enable institutional adoption of decentralized finance through real-world assets (RWA), namely an RWA product that allows institutions to use tokenized money market funds (MMFs) as collateral to borrow USDC and GHO on a large scale. Aave Labs hopes to further bridge the gap between traditional finance and DeFi through this product.

Aave Labs最近發起了一項名為Horizo​​n的新計劃，該計劃計劃開發能夠通過現實世界中的資產（RWA）機構採用分散式融資的產品，即一種RWA產品，允許機構使用代幣化的貨幣市場基金（MMF）作為大型企業和GHO的大規模借款。 Aave Labs希望通過該產品進一步彌合傳統金融與Defi之間的差距。

However, within a few days of the proposal being released, the community expressed strong opposition to the Horizon plan, especially questioning the potential issuance of new tokens and Horizon’s profit distribution mechanism.

但是，在發布提案後的幾天內，社區表示強烈反對地平線計劃，尤其是質疑新令牌和Horizo​​n的利潤分配機制的潛在發行。

"Temperature Assessment" awaits community approval, Horizon’s profit distribution and new token distribution become the focus of controversy

“溫度評估”等待社區的批准，地平線的利潤分佈和新的代幣分佈成為爭議的重點

According to the Temp Check proposal, Aave Labs said that the demand for tokenized real-world assets (RWA) is rising due to tokenization's ability to increase liquidity, reduce costs, and enable programmable transactions around the clock - making traditional assets more accessible on-chain. Tokenized U.S. Treasuries grew 408% year-on-year to $4 billion, and institutional adoption accelerated in the process, with on-chain RWAs expected to reach $16 trillion in the next 10 years. To meet this growth demand, Horizon, a project initiated by Aave Labs, proposed to launch an RWA product that would run as a permissioned instance of the Aave protocol. Horizon will allow institutions to use tokenized money market funds (MMFs) as collateral to borrow USDC and GHO at scale, unlocking stablecoin liquidity and expanding institutional access to DeFi.

根據臨時檢查建議，AAVE LABS表示，由於令牌化增加了流動性，降低成本並啟用全天候的可編程交易，對令牌化現實世界資產（RWA）的需求正在上升，這使得傳統資產更易於訪問。令牌化的美國國債同比增長408％，達到40億美元，並且在此過程中加速了機構的收養，預計未來10年的鏈RWAS預計將達到16萬億美元。為了滿足這一增長需求，Horizo​​n是由AAVE Labs發起的項目，提議推出將作為AAVE協議的權限實例運行的RWA產品。 Horizo​​n將允許機構使用令牌化的貨幣市場基金（MMF）作為抵押品，以大規模借入USDC和GHO，解鎖Stablecoin流動性並擴大機構訪問DEFI。

After approval by Aave DAO, Horizon's RWA product will be launched as a licensed instance of Aave V3, and will be migrated to a custom Aave V4 deployment as soon as possible. To support long-term alignment with Aave DAO, Horizon will implement a structured profit-sharing mechanism, allocating 50% of revenue to Aave DAO in the first year, and driving ecosystem growth through strategic incentives.

經過AAVE DAO的批准後，Horizo​​n的RWA產品將作為AAVE V3的許可實例啟動，並將盡快遷移到自定義AAVE V4部署。為了支持與AAVE DAO的長期一致性，Horizo​​n將實施結構化的利潤分擔機制，第一年將50％的收入分配給AAVE DAO，並通過戰略激勵措施推動生態系統的增長。

According to Aave Labs, Horizon will have several key design components, including a permissioned RWA token supply and withdrawal mechanism, permissionless USDC and GHO supply functions, stablecoin lending for qualified users, exclusive GHO facilitators, support for on-demand GHO minting, a permissioned liquidation process, integration with ERC-20 tokens in the RWA whitelist, and asset-level permission control managed by the RWA issuer.

According to Aave Labs, Horizo​​n will have several key design components, including a permissioned RWA token supply and withdrawal mechanism, permissionless USDC and GHO supply functions, stablecoin lending for qualified users, exclusive GHO facilitators, support for on-demand GHO minting, a permissioned liquidation process, integration with ERC-20 tokens in the RWA whitelist, and asset-level permission由RWA發行人管理的控制。

Aave Labs said that Horizon will implement a structured profit-sharing mechanism. Specifically, 50% of the profits will be distributed to Aave DAO in the first year, 30% in the second year, 15% in the third year, and 10% in the fourth year and beyond.

Aave Labs說，Horizo​​n將實施結構化的利潤分享機制。具體而言，第一年將分配50％的利潤將其分配給AAVE DAO，第二年為30％，第三年為15％，在第四年及以後的10％。

In addition, if Horizon issues tokens, 15% will be allocated to Aave DAO as follows: In terms of operational support , Aave DAO and its service providers will oversee the operational functions of the Horizon RWA product. At the same time, Horizon will retain independence and be responsible for configuring the instance and guiding the strategic direction of the product, including adapting to market changes, meeting institutional needs, and expanding to new networks.

此外，如果Horizo​​n發行令牌，則將分配給AAVE DAO 15％如下：在運營支持方面，AAVE DAO及其服務提供商將監督Horizo​​n RWA產品的運營功能。同時，Horizo​​n將保留獨立性，並負責配置實例並指導產品的戰略方向，包括適應市場變化，滿足機構需求以及擴展到新網絡。

Strong community reaction: Profit distribution ratio is only 10% after 4 years, and the use case of new tokens is unclear

強烈的社區反應：4年後的利潤分佈比僅為10％，而新令牌的用例不清楚

However, the launch of the Horizon plan did not receive general support from the community, but instead triggered fierce opposition. EzR3aL, an independent representative of Aave DAO, said, "I think this decline rate (the distribution ratio of profit sharing) is too aggressive and does not even follow the guidelines here. Because we can all agree that the first and second years may be the market launch stage, so the income will not be too high, unless Aave Labs has promised to provide liquidity support in advance, and such a commitment, if any, should be shared with the DAO to estimate potential income. Otherwise, I think the real significant income may not appear until the third year and beyond, and the profit sharing ratio has already been reduced to 10% by then, which confuses me.

但是，地平線計劃的啟動並沒有得到社區的一般支持，而是引發了激烈的反對。 Aave Dao的獨立代表Ezr3al說：“我認為這種下降速度（利潤分配的分佈比）過於侵略性，甚至不遵循這裡的準則。因為我們都可以同意，第一年和第二年可能是市場的啟動階段，因此收入可能不會太高，因此除非AAVE實驗室不應該為dave提供否則，除非有任何可能的責任，否則我應該與任何願意提供流動性支持，並且有任何可能的諾言。直到第三年及以後，實際的顯著收入可能才會出現，到那時，利潤分配比率已經降低到10％，這使我感到困惑。

EzR3aL said, Next is the token allocation alignment, which is the part that I am most confused about. Is it (the new token) for independent governance? Is decentralized governance really necessary for a permissioned market that is only accessible to qualified institutions? Is it for investors in Aave/Avara to be compensated? Because VCs usually expect this arrangement if profits cannot be shared in other ways. Is it a way for Aave Labs/Avara to generate profits? Because it may include a profit sharing mechanism as one of the features?

Ezr3al說，接下來是令牌分配對齊，這是我最困惑的部分。是獨立治理的（新令牌）嗎？對於僅適用於合格機構才能使用的權限市場，分散的治理真的需要嗎？對於Aave/Avara的投資者來說，要獲得補償嗎？因為VC通常會期望這種安排，如果無法以其他方式共享利潤。這是Aave Labs/Avara生成利潤的一種方式嗎？因為它可能包括利潤共享機製作為功能之一？

In addition, he asked, how will the minting process of GHO work? Will the core instance of Aave

此外，他問，GHO的鑄造過程將如何工作？將是AAVE的核心實例