DeFi 巨頭的衝突：Aave 和 MakerDAO 爭奪 Web3 的主導地位

在Web3的崛起過程中，AAVE和MakerDAO在市場風險管理方面出現了衝突。據稱，AAVE 的前合作夥伴 Gauntlet 一直在為這兩個平台提供服務，導致 AAVE 決定終止其合約。衝突的焦點在於利率設定和抵押實踐的差異，Aave 依賴利用率，而 MakerDAO 使用抵押比率和 DAI 穩定幣。

Aave and MakerDAO: A Clash of DeFi Titans Amid Web3's Rise

Aave 和 MakerDAO：Web3 崛起期間 DeFi 巨頭的衝突

As the burgeoning Web3 landscape continues to evolve, a bitter rivalry has erupted between two titans of decentralized finance (DeFi): Aave and MakerDAO. The catalyst for this escalating conflict centers around Gauntlet, a market risk manager for Aave, which has allegedly been operating on both sides of the fence, providing services to Aave's direct competitor, MakerDAO.

隨著新興的 Web3 格局的不斷發展，去中心化金融 (DeFi) 的兩大巨頭 Aave 和 MakerDAO 之間爆發了激烈的競爭。這場不斷升級的衝突的催化劑圍繞著 Aave 的市場風險經理 Gauntlet，據稱該公司一直在柵欄兩側運營，為 Aave 的直接競爭對手 MakerDAO 提供服務。

Divergent Lending Models Fuel Tension

不同的貸款模式加劇緊張局勢

At the heart of the feud lies a fundamental difference in lending models. Aave's interest rates fluctuate based on the utilization rate of its crypto assets, while MakerDAO's rates are set by its MKR investors. Additionally, MakerDAO utilizes DAI as its primary collateral, whereas Aave accepts a wider array of crypto assets for borrowing. Aave also employs liquidators to settle debt positions in cases of under-collateralization, while MakerDAO relies on a collateral ratio, automatically liquidating funds if the ratio falls below a predetermined threshold.

分歧的核心在於貸款模式的根本差異。 Aave 的利率會根據其加密資產的使用率而波動，而 MakerDAO 的利率則由其 MKR 投資者設定。此外，MakerDAO 使用 DAI 作為其主要抵押品，而 Aave 接受更廣泛的加密資產進行借貸。 Aave 還聘請清算人在抵押不足的情況下結算債務頭寸，而 MakerDAO 則依賴抵押比率，如果比率低於預定閾值，則會自動清算資金。

Escalating Tensions: Airdrop Exclusion and LTV Dispute

緊張局勢升級：空投排除和 LTV 爭議

In March 2023, Aave's community airdrop was closed to users of Morpho Aave, a protocol built on top of Aave that some DAO members perceived as a threat to the flagship protocol. In response, Marc Zeller, the creator of the Aave Chain Initiative, proposed a 0% loan-to-value (LTV) ratio for MakerDAO's DAI stablecoin. This move, if implemented, would effectively split the market by preventing users from using DAI as collateral.

2023 年 3 月，Aave 的社群空投對 Morpho Aave 的用戶關閉，Morpho Aave 是建立在 Aave 之上的協議，一些 DAO 成員認為該協議對旗艦協議構成威脅。作為回應，Aave Chain Initiative 的創始人 Marc Zeller 提議為 MakerDAO 的 DAI 穩定幣提供 0% 的貸款價值 (LTV) 比率。此舉如果實施，將阻止使用者使用 DAI 作為抵押品，從而有效分割市場。

Gauntlet's Ambiguous Role and Protocol Embassy Proposal

Gauntlet 的模糊角色和禮賓使館提案

Zeller has also expressed reservations about Gauntlet's continued involvement with MakerDAO, suggesting that it is unnecessary for Aave. He advocates for a "protocol embassy" that would allow the DAO to explore collaborations with other protocols. On the MakerDAO side, a proposal has been initiated to partition Maker's balance sheet into USDe and sUSDe tokens, provided by Ethena, a stablecoin issuer.

Zeller 也對 Gauntlet 繼續參與 MakerDAO 表示保留，認為 Aave 沒有必要。他主張建立一個“協議大使館”，允許 DAO 探索與其他協議的合作。在 MakerDAO 方面，已發起一項提案，將 Maker 的資產負債表劃分為 USDe 和 sUSDe 代幣，由穩定幣發行人 Ethena 提供。

Emerging Alliances and Governance Concerns

新興聯盟和治理問題

Spark, a lending protocol that originated as a fork of Aave, has recently forged a relationship with Morpho, the target of Aave's non-alignment efforts. This alliance could potentially facilitate the allocation of DAI tokens. Zeller has also criticized MakerDAO's management practices and lack of monitoring, expressing his concerns on the social media platform X. Meanwhile, AAVE founder Stani Kulechov has endorsed the proposal to eliminate DAI from all Aave markets.

Spark 是一種借貸協議，起源於 Aave 的一個分支，最近與 Aave 不結盟努力的目標 Morpho 建立了關係。該聯盟可能會促進 DAI 代幣的分配。 Zeller 也批評了 MakerDAO 的管理實踐和缺乏監控，並在社群媒體平台 X 上表達了他的擔憂。同時，AAVE 創辦人 Stani Kulechov 已支持從所有 Aave 市場消除 DAI 的提議。

Industry Voices Sound Alarm

產業聲音聲音警報

The growing rift between Aave and MakerDAO has raised concerns among industry observers. Sam MacPherson, CEO of Phoenix Labs, a Spark contributor, has voiced his apprehensions about the Aave DAO's plan to set DAI's LTV ratio to 0%. Matt Fiebach, a research analyst at Blockworks, has expressed disappointment over the fragmentation of the DeFi landscape into siloed ecosystems.

Aave 和 MakerDAO 之間日益擴大的分歧引起了行業觀察人士的擔憂。 Spark 貢獻者、Phoenix Labs 執行長 Sam MacPherson 表達了他對 Aave DAO 計劃將 DAI 的 LTV 比率設定為 0% 的擔憂。 Blockworks 研究分析師 Matt Fiebach 對 DeFi 格局碎片化為孤立的生態系統表示失望。

Conclusion

結論

The ongoing feud between Aave and MakerDAO epitomizes the growing pains of the Web3 ecosystem as it grapples with competition, divergent ideologies, and governance challenges. As the industry matures, it remains to be seen whether these DeFi powerhouses will find common ground or continue to escalate their rivalry, potentially hindering the broader adoption and growth of the Web3 landscape.

Aave 和 MakerDAO 之間持續不斷的不和體現了 Web3 生態系統在應對競爭、意識形態分歧和治理挑戰時所面臨的成長煩惱。隨著產業的成熟，這些 DeFi 巨頭是否會找到共同點，還是繼續加劇競爭，這可能會阻礙 Web3 領域的更廣泛採用和成長，還有待觀察。