由於穩定幣風險擔憂，AaveDAO 考慮 DAI 抵押品限制

由於 Aave Chan 創始人 Marc Zeller 對 Dai (DAI) 作為抵押品帶來的風險表示擔憂，AaveDAO 正在討論一項將 Dai 的貸款價值 (LTV) 比率降低 75% 的提案。風險管理顧問 Chaos Labs 提出了一項替代提案，建議減少 12%，目標是保持 Dai 作為抵押品的可用性，同時減輕與其由演算法穩定幣 eUSD 支援相關的感知風險。

AaveDAO Debating Limits on Dai Collateral Amidst Concerns over Stablecoin Risk

由於對穩定幣風險的擔憂，AaveDAO 對 Dai 抵押品的限制進行了爭論

The Aave decentralized autonomous organization (AaveDAO) is embroiled in an ongoing debate over limits on using Dai (DAI) as collateral on the Aave lending platform. The discussion gained momentum after risk management consultants Chaos Labs proposed a 12% reduction in Dai loan-to-value (LTV) ratios on April 5th.

Aave 去中心化自治組織 (AaveDAO) 捲入了一場關於在 Aave 借貸平台上使用 Dai (DAI) 作為抵押品的限制的持續爭論。在風險管理顧問 Chaos Labs 於 4 月 5 日提議將 Dai 貸款價值 (LTV) 比率降低 12% 後，討論得到了推動。

The Dai Conundrum

戴氏難題

Dai is an algorithmic stablecoin, backed by a diverse portfolio of crypto collateral, including USDC, Ethereum (ETH), and others. MakerDAO governs the issuance of Dai, and has recently come under fire for its aggressive minting practices. On April 2nd, MakerDAO minted 600 million DAI and deposited it in a vault with decentralized lending protocol Morpho, raising concerns about the potential for oversupply.

Dai 是一種演算法穩定幣，由多種加密抵押品組合支持，包括 USDC、以太坊 (ETH) 等。 MakerDAO 負責管理 Dai 的發行，最近因其激進的鑄幣行為而受到批評。 4 月 2 日，MakerDAO 鑄造了 6 億枚 DAI，並將其存入去中心化借貸協議 Morpho 的金庫中，引發了人們對潛在供應過剩的擔憂。

EUSD Uncertainty

歐元兌美元的不確定性

The crux of the debate lies in the nature of eUSD, a stablecoin that serves as collateral for the newly minted Dai in the Morpho vault. According to Ethena protocol, the issuer of eUSD, it is backed by a combination of Lido Staked Ether (stETH) and a corresponding futures short position.

爭論的關鍵在於 eUSD 的性質，它是一種穩定幣，充當 Morpho 金庫中新鑄造的 Dai 的抵押品。根據 eUSD 的發行者 Ethena 協議，它由 Lido Staked Ether (stETH) 和相應的期貨空頭部位的組合提供支援。

Delta-Neutral Claims and Criticisms

達美中立的主張與批評

Ethena claims that eUSD is "delta neutral," meaning its value should remain stable regardless of ETH price fluctuations. Critics, however, argue that eUSD could become under-collateralized in bear markets, when ETH futures prices fall below spot prices. Additionally, concerns have been raised about the potential for technical issues within Lido's staking network to impact stETH's value relative to ETH.

Ethena 聲稱 eUSD 是“Delta 中性”，這意味著無論 ETH 價格如何波動，其價值都應保持穩定。然而，批評者認為，當 ETH 期貨價格低於現貨價格時，eUSD 在熊市中可能會變得抵押不足。此外，人們也擔心 Lido 質押網絡中的技術問題可能會影響 stETH 相對於 ETH 的價值。

AaveDAO's Risk Concerns

AaveDAO 的風險擔憂

Aave Chan initiative founder Marc Zeller, a vocal critic of MakerDAO's Dai issuance practices, initially proposed setting the Aave LTV for Dai to zero, effectively banning its use as collateral. Chaos Labs' subsequent proposal for a 12% reduction in LTV represents a compromise, acknowledging the risks associated with eUSD while still allowing Dai to be used as collateral.

Aave Chan 倡議創始人 Marc Zeller 是 MakerDAO 的 Dai 發行實踐的直言不諱的批評者，他最初提議將 Dai 的 Aave LTV 設置為零，從而有效禁止將其用作抵押品。 Chaos Labs 隨後提出的將 LTV 降低 12% 的提議代表了一種妥協，承認與 eUSD 相關的風險，同時仍允許將 Dai 作為抵押品。

Ongoing Discussion

持續討論

The proposal from Chaos Labs is still under discussion within AaveDAO, and no formal snapshot vote has yet been scheduled. The debate is likely to continue in the coming days, as AaveDAO members weigh the potential risks and benefits of using Dai as collateral.

Chaos Labs 的提案仍在 AaveDAO 內部討論，尚未安排正式的快照投票。隨著 AaveDAO 成員權衡使用 Dai 作為抵押品的潛在風險和利益，這場爭論可能會在未來幾天繼續下去。

Crypto Bear Market Fears

加密貨幣熊市恐懼

The discussion on Dai LTV limits is occurring amidst broader concerns about the crypto market's vulnerability to bear markets. Should a prolonged downturn occur, the value of crypto assets, including stETH and eUSD, could decline significantly, potentially leading to collateral shortfalls and the need for margin calls.

關於 Dai LTV 限制的討論是在人們對加密貨幣市場易受熊市影響的更廣泛擔憂中進行的。如果經濟長期低迷，包括 stETH 和 eUSD 在內的加密資產的價值可能會大幅下跌，從而可能導致抵押品短缺和追加保證金的需要。

MakerDAO's Response

MakerDAO 的回應

MakerDAO has defended its actions, claiming that the newly minted Dai is being properly backed by stable collateral. However, the proposal to reduce Dai LTV on Aave suggests that concerns about its stability persist within the broader crypto community.

MakerDAO 為其行為進行了辯護，聲稱新創建的 Dai 得到了穩定抵押品的適當支持。然而，減少 Aave 上 Dai LTV 的提議表明，更廣泛的加密社群中仍然存在對其穩定性的擔憂。

Conclusion

結論

The ongoing debate within AaveDAO highlights the challenges and risks associated with using decentralized stablecoins as collateral in lending platforms. As the crypto market continues to evolve, it is essential for protocols like MakerDAO and Aave to carefully assess the risks associated with their respective stablecoins and take appropriate measures to mitigate potential vulnerabilities.

AaveDAO 內部正在進行的爭論凸顯了在藉貸平台中使用去中心化穩定幣作為抵押品所面臨的挑戰和風險。隨著加密貨幣市場的不斷發展，像 MakerDAO 和 Aave 這樣的協議必須仔細評估與各自穩定幣相關的風險，並採取適當的措施來減輕潛在的漏洞。