MakerDAO 考慮向 Morpho Labs Vault 撥款 6 億美元，引發 DeFi 爭論

MakerDAO 正在考慮透過 Morpho Labs 金庫向 sUSDe 和 USDe 分配高達 6 億美元的 DAI。隨著 Ethena TVL 的成長符合內部預期，撥款可能高達 10 億美元。分配調整的建議是基於 Morpho Spark DAI 的早期性能數據，幾乎在發布後立即就看到了強勁的需求。

MakerDAO Mulls Colossal $600 Million Allocation to Morpho Labs Vault

MakerDAO 考慮向 Morpho Labs Vault 撥款 6 億美元

In a seismic development that could reshape the decentralized finance (DeFi) landscape, MakerDAO, the governing body behind the esteemed DAI stablecoin, is exploring the allocation of a mammoth $600 million DAI to Morpho Labs vault. This bold move, initially suggested by Ethena Labs' Head of Growth, Seraphim, could potentially expand to an astonishing $1 billion, a testament to Ethena's robust growth trajectory.

在一場可能重塑去中心化金融 (DeFi) 格局的重大發展中，備受尊敬的 DAI 穩定幣背後的管理機構 MakerDAO 正在探索向 Morpho Labs 金庫分配價值 6 億美元的 DAI。這一大膽舉措最初由 Ethena Labs 的成長主管 Seraphim 提出，有可能擴大到驚人的 10 億美元，證明了 Ethena 的強勁成長軌跡。

Early Success of Morpho Spark DAI Fuels Allocation Recommendation

Morpho Spark DAI 燃料分配建議的早期成功

The genesis of this allocation proposal stems from the remarkable performance of Morpho Labs' Spark DAI vault, highlighted by BA Labs team member monet-supply in a recent MakerDAO forum post. The vault's meteoric rise in popularity, garnering substantial demand upon its inception, has prompted the recommendation for allocation adjustments.

這項分配提案的起源源自於 Morpho Labs 的 Spark DAI 金庫的卓越效能，BA Labs 團隊成員 monet-supply 在最近的 MakerDAO 論壇貼文中強調了這一點。該金庫的受歡迎程度迅速上升，自成立以來就吸引了大量需求，促使建議進行配置調整。

User Preferences Drive Allocation Considerations

使用者首選項 驅動器分配注意事項

Based on insightful observations of pool utilization patterns, monet-supply identified several salient user preferences that guided the allocation decision. The data revealed a resounding preference for USDe over sUSDe pools, underscoring the importance of yield-bearing assets. Moreover, users exhibited a clear appetite for higher leverage, particularly in pools with LLTV (loan-to-value ratio) exceeding 86%. These preferences suggest a keen interest in maximizing returns.

基於對礦池利用模式的深入觀察，貨幣供應確定了指導分配決策的幾個顯著的使用者偏好。數據顯示，人們對 USDe 的偏好超過了 sUSDe 池，凸顯了收益資產的重要性。此外，用戶對更高的槓桿率表現出明顯的興趣，特別是在 LLTV（貸款價值比）超過 86% 的資金池中。這些偏好顯示對最大化回報的濃厚興趣。

USDe's Allure: Points and Token Incentives

USDe 的魅力：積分和代幣激勵

The user preference for USDe over sUSDe can be attributed to its attractive rewards structure. As of the time of monet-supply's post, USDe offered 7x points, while sUSDe provided only 5x points coupled with an approximately 30% yield. This disparity in rewards, combined with the opportunity to accrue ENA tokens, the native asset of Ethena Labs, has apparently resonated with users.

用戶對 USDe 相對於 sUSDe 的偏好可歸因於其有吸引力的獎勵結構。截至 monet-supply 發佈時，USDe 提供了 7 倍積分，而 sUSDe 僅提供 5 倍積分，收益率約為 30%。這種獎勵差異，加上獲得 Ethena Labs 原生資產 ENA 代幣的機會，顯然引起了用戶的共鳴。

Opposition to the Allocation: Concerns Raised

反對分配：引發擔憂

Despite the apparent enthusiasm for the allocation, Marc Zeller, founder of Aave Chain Initiative (ACI), has voiced strong objections. In a recent post on X, Zeller decried the proposed $1 billion allocation as a reckless gamble, akin to minting 20% of the stablecoin's supply out of thin air. He characterized Morpho Labs as an untested protocol with inadequate risk mitigation measures. Furthermore, Zeller expressed his intention to propose a reduction in the LTV on Aave, a rival lending platform, as a countermeasure.

儘管人們對此次分配表現出明顯的熱情，但 Aave Chain Initiative (ACI) 創辦人 Marc Zeller 表示強烈反對。在最近 X 上的一篇文章中，Zeller 譴責擬議的 10 億美元分配是一場魯莽的賭博，類似於憑空鑄造了穩定幣供應量的 20%。他將 Morpho Labs 描述為未經測試的協議，風險緩解措施不足。此外，Zeller 表示打算提議降低競爭對手借貸平台 Aave 的 LTV，作為對策。

Conclusion

結論

The proposed allocation of up to $1 billion DAI by MakerDAO to Morpho Labs vault represents a pivotal moment for the DeFi ecosystem. While the potential for increased liquidity and yield-generating opportunities is undeniable, the concerns raised about risk mitigation and tokenomics warrant careful consideration. As the MakerDAO community engages in lively debate, the ultimate decision will undoubtedly shape the future of decentralized finance.

MakerDAO 提議向 Morpho Labs 金庫分配高達 10 億美元的 DAI，這代表著 DeFi 生態系統的關鍵時刻。雖然增加流動性和產生收益的機會的潛力是不可否認的，但對風險緩解和代幣經濟學的擔憂值得仔細考慮。隨著 MakerDAO 社群的熱烈討論，最終的決定無疑將塑造去中心化金融的未來。