Aave 針對 MakerDAO 的 DAI 擴容提出風險對策

在 MakerDAO 採取行動後，Aave 發起了一項提案，以減輕與 DAI 穩定幣相關的風險。該提案建議透過將貸款與價值比率設定為 0% 來調整 DAI 的風險參數，以應對 DAI 發行政策的潛在風險，同時最大限度地減少對用戶的影響。此舉是對 MakerDAO 最近的激進行動的回應，包括大幅擴大 DAI 的信貸額度，引發了人們對 DAI 抵押品的擔憂。

Aave Unveils Proposal to Counter MakerDAO's DAI Expansion Risk

Aave 公佈應對 MakerDAO 的 DAI 擴張風險的提案

In response to MakerDAO's recent aggressive actions, Aave has launched a proposal to adjust the risk parameters of the DAI stablecoin. The proposal, put forward by the Aave Chan Initiative (ACI) team, seeks to set DAI's loan-to-value (LTV) ratio at 0% across all Aave implementations.

針對 MakerDAO 最近的激進行為，Aave 發起了一項調整 DAI 穩定幣風險參數的提案。該提案由 Aave Chan Initiative (ACI) 團隊提出，旨在將所有 Aave 實施中的 DAI 貸款價值 (LTV) 比率設定為 0%。

This move is a direct response to MakerDAO's recent actions, which have resulted in a significant increase in the "D3M" credit line for DAI, going from 0 to a predicted 600 million DAI in less than a month. With the possibility of this line of credit being extended to 1 billion DAI in the near term, the unpredictability of future governance decisions by MakerDAO raises concerns about the inherently risky nature of DAI as collateral.

此舉是對 MakerDAO 最近行動的直接回應，這些行動導致 DAI 的「D3M」信用額度大幅增加，在不到一個月的時間內從 0 增加到預計的 6 億 DAI。由於該信貸額度有可能在短期內擴展到 10 億 DAI，MakerDAO 未來治理決策的不可預測性引發了人們對 DAI 作為抵押品固有風險的擔憂。

Aave's Experience with Reckless Emissions

Aave 在魯莽排放方面的經驗

Aave has previously experienced the consequences of reckless emissions policies on a much smaller scale. The case of Angle's AgEUR (now EURA) is illustrative. AgEUR was created just a week before its hack, highlighting the risks associated with rapid emissions. Similarly, the creation of jEUR on Midas led to the long-term decoupling of the asset.

Aave 先前曾在小範圍內經歷魯莽排放政策的後果。 Angle 的 AgEUR（現為 EURA）的例子很能說明問題。 AgEUR 是在駭客入侵前一周創建的，強調了與快速排放相關的風險。同樣，在 Midas 上創建 jEUR 導致了資產的長期脫鉤。

Given that only a fraction of DAI deposits are currently used as collateral on Aave, and users have sufficient liquidity to switch to alternative collateral options such as USDC or USDT, this proposal seeks to mitigate potential risks without significantly impacting the user base.

鑑於目前Aave 上只有一小部分DAI 存款被用作抵押品，並且用戶有足夠的流動性可以轉向USDC 或USDT 等替代抵押品選項，該提案旨在在不顯著影響用戶群的情況下減輕潛在風險。

MakerDAO's Endgame Transformation

MakerDAO 的最終轉型

As Aave addresses concerns surrounding DAI's risk profile, MakerDAO is preparing to launch its "Endgame" transformation. This transformation aims to focus the platform towards scalability, resilience, and sustainable user growth. It involves rebranding the operation with the help of a third-party marketing firm and scaling the DAI decentralized stablecoin to potentially surpass $100 billion in market capitalization.

隨著 Aave 解決 DAI 風險狀況的擔憂，MakerDAO 正準備啟動其「Endgame」轉型。這項轉變旨在使平台專注於可擴展性、彈性和可持續的用戶成長。它涉及在第三方行銷公司的幫助下重塑營運品牌，並將 DAI 去中心化穩定幣的市值擴大到可能超過 1000 億美元。

Despite these developments, Eigenlayer recently overtook Aave to become the second-largest DeFi protocol with $11.5 billion in total value locked (TVL), trailing only Ethereum liquid staking protocol Lido. However, Aave maintains a significant user base with more than 5,700 daily active users compared to Lido's less than 430, according to data from Token Terminal.

儘管取得了這些進展，Eigenlayer 最近還是超越了 Aave，成為第二大 DeFi 協議，鎖定總價值 (TVL) 為 115 億美元，僅次於以太坊流動質押協議 Lido。然而，根據 Token Terminal 的數據，Aave 保持著龐大的用戶群，每日活躍用戶超過 5,700 名，而 Lido 的每日活躍用戶不足 430 名。

Conclusion

結論

Aave's proposal represents a proactive step to mitigate the potential risks associated with MakerDAO's DAI expansion policy. By setting DAI's LTV ratio at 0%, Aave aims to minimize the impact on users while safeguarding the platform against potential fallout from reckless emissions policies. As the DeFi ecosystem evolves, Aave and MakerDAO will continue to play key roles in shaping the future of decentralized finance.

Aave 的提案代表了一項積極主動的舉措，旨在減輕與 MakerDAO 的 DAI 擴張政策相關的潛在風險。透過將 DAI 的 LTV 比率設定為 0%，Aave 旨在最大限度地減少對用戶的影響，同時保護平台免受魯莽排放政策的潛在影響。隨著 DeFi 生態系統的發展，Aave 和 MakerDAO 將繼續在塑造去中心化金融的未來方面發揮關鍵作用。