MakerDAO 計劃向 Ethena 穩定幣生態系統投資 6 億美元

MakerDAO 正在考慮透過 Morpho Labs 的 DeFi 借貸協議向 USDe 和 sUSDe 投資 6 億美元的 DAI。此舉符合 MakerDAO 的成長策略，並擴大了其在加密貨幣借貸領域的影響力。擬議的分配旨在增加 USDe 和 sUSDe 的開發商 Ethena 的鎖定總價值。

MakerDAO's Proposed Multi-Million Dollar Investment in Ethena's Stablecoin Ecosystem

MakerDAO 擬對 Ethena 穩定幣生態系統投資數百萬美元

Background

背景

MakerDAO, a leading decentralized autonomous organization (DAO) overseeing the stablecoin DAI, is reportedly contemplating a substantial investment of $600 million in Ethena Labs' stablecoins, USDe and staked USDe (sUSDe). This move aligns with MakerDAO's growth strategies and expands its presence in the cryptocurrency lending sector.

據報道，負責監管穩定幣 DAI 的領先去中心化自治組織 (DAO) MakerDAO 正在考慮對 Ethena Labs 的穩定幣 USDe 和質押 USDe (sUSDe) 進行 6 億美元的巨額投資。此舉符合 MakerDAO 的成長策略，並擴大其在加密貨幣借貸領域的影響力。

Proposed Allocation and Rationale

擬議分配和理由

The proposal under consideration involves allocating a significant portion of MakerDAO's DAI stablecoin into two assets: USDe and its staked version, sUSDe. Ethena Labs, a renowned stablecoin developer, is the issuer of both assets. According to Seraphim Czecker, Ethena's Head of Growth, the allocation, if approved by the MakerDAO community, is expected to significantly increase the total value locked in Ethena's ecosystem, meeting the company's internal growth forecasts.

正在考慮的提案涉及將 MakerDAO 的 DAI 穩定幣的很大一部分分配給兩種資產：USDe 及其質押版本 sUSDe。著名的穩定幣開發商 Ethena Labs 是這兩種資產的發行人。 Ethena 成長主管 Seraphim Czecker 表示，如果獲得 MakerDAO 社群的批准，此次分配預計將顯著增加 Ethena 生態系統鎖定的總價值，滿足公司的內部成長預測。

Early Data Analysis

早期數據分析

Preliminary data from the Morpho Spark DAI vault indicates robust demand for USDe and sUSDe. User preference is skewed towards USDe pools, particularly in higher loan-to-value (LLTV) ratio pools. This preference is attributed to the attractive returns and the ability to earn ENA tokens through USDe, suggesting a strategic allocation towards USDe.

Morpho Spark DAI 金庫的初步數據顯示對 USDe 和 sUSDe 的需求強勁。用戶偏好偏向 USDe 池，特別是在貸款價值 (LLTV) 比率較高的池中。這種偏好歸因於有吸引力的回報以及透過 USDe 賺取 ENA 代幣的能力，這表明對 USDe 的戰略配置。

To mitigate liquidity risk, the proposal recommends allocating additional funds to USDe, as it can be redeemed instantly, unlike sUSDe, which has a one-week unstaking period. This move is also expected to positively impact Ethena's income and insurance funds, enhancing the overall risk profile of the investments.

為了降低流動性風險，該提案建議向 USDe 分配額外資金，因為它可以立即贖回，而 sUSDe 則有一周的質押期。預計此舉也將對 Ethena 的收入和保險基金產生積極影響，從而提高投資的整體風險狀況。

Risk Evaluation and Vault Strategy

風險評估與避難策略

MakerDAO's proposal incorporates a comprehensive assessment of various risk factors associated with the vault, including Morpho's rate models, custody and exchange transparency, and counterparty risks. A significant portion of the collateral is reportedly pledged to Binance and, by extension, held at Ceffu, raising concerns about counterparty risk due to common ownership.

MakerDAO 的提案綜合了與金庫相關的各種風險因素的全面評估，包括 Morpho 的利率模型、託管和交易透明度以及交易對手風險。據報道，很大一部分抵押品已質押給幣安，並進一步存放在 Ceffu，這引發了人們對共同所有權帶來的交易對手風險的擔憂。

Furthermore, liquid staking tokens (LST) exposure poses a systemic risk to Ethena, but this risk is mitigated by the fact that LSTs constitute a relatively small portion of its collateral pool.

此外，流動性質押代幣（LST）的暴露給 Ethena 帶來了系統性風險，但由於 LST 只佔其抵押品池的相對較小部分，這一風險得到了緩解。

Allocation and Parameter Recommendations

分配和參數建議

In line with the risk assessment, the proposal recommends setting the Dynamic Debt Mechanism (DDM) line parameter at 1 billion DAI and capping the initial total allocation at 600 million DAI. This conservative approach allows for future scalability with respect to risk exposure.

根據風險評估，提案建議將動態債務機制（DDM）額度參數設定為 10 億 DAI，並將初始總分配上限設定為 6 億 DAI。這種保守的方法考慮到了未來風險敞口的可擴展性。

The proposal suggests concentrating on the 86% and 91.5% LLTV pools due to their favorable risk-reward profiles. However, a modest increase in allocations to the 77% and 94.5% LLTV pools is also recommended for data validation and interest rate model calibration.

該提案建議重點關注 86% 和 91.5% LLTV 池，因為它們具有良好的風險回報特徵。然而，也建議適度增加對 77% 和 94.5% LLTV 池的分配，以進行資料驗證和利率模型校準。

Conclusion

結論

MakerDAO's proposed investment in Ethena's stablecoin ecosystem is a significant development in the cryptocurrency lending sector. If approved by the community, this allocation could substantially increase the total value locked in Ethena's ecosystem and potentially drive growth for both parties. However, it is important to note that the proposal is subject to further evaluation and approval by MakerDAO's governance mechanisms before becoming effective.

MakerDAO 對 Ethena 穩定幣生態系統的擬議投資是加密貨幣借貸領域的重大發展。如果得到社區的批准，這種分配可能會大大增加 Ethena 生態系統中鎖定的總價值，並有可能推動雙方的成長。但要注意的是，該提案還需經過 MakerDAO 治理機制的進一步評估和批准才能生效。