MakerDAO 公佈重大分配以提升 DeFi 穩定性和用戶獎勵

去中心化金融 (DeFi) 領導者 MakerDAO 公佈了一項戰略計劃，將向 Morpho Labs 推動的 USDe 和 sUSDe 協議分發 6 億個 DAI 穩定幣。此舉旨在加強風險管理和激勵用戶，尋求重振DeFi生態系統。 MakerDAO 雄心勃勃的配置，加上對高效貸款流動性價值 (LLTV) 池的關注，確保了流動性風險緩解和有利的風險回報率。

MakerDAO Unveils Strategic Allocation to Augment DeFi Risk Management and User Incentives

MakerDAO 公佈策略配置以增強 DeFi 風險管理和用戶激勵

Decentralized Finance (DeFi) pioneer MakerDAO has embarked on a comprehensive strategy to reshape its portfolio allocations, aiming to enhance risk management and incentivize user participation within the dynamic DeFi ecosystem. The company's audacious plan entails distributing 600 million of its DAI stablecoins across the USDe and staked USDe (sUSDe) protocols, a move facilitated by the DeFi lending platform Morpho Labs.

去中心化金融 (DeFi) 先驅 MakerDAO 已開始實施一項全面策略來重塑其投資組合配置，旨在加強風險管理並激勵用戶參與動態的 DeFi 生態系統。該公司的大膽計畫需要在 USDe 和質押 USDe (sUSDe) 協議上分配 6 億枚 DAI 穩定幣，這項舉措由 DeFi 借貸平台 Morpho Labs 推動。

This strategic injection of capital is intended to refine MakerDAO's risk management framework while simultaneously amplifying user incentives, a tactical maneuver designed to invigorate the DeFi market. The plan is ambitious in scale, designating a maximum allocation of 600 million DAI. This allocation builds upon the company's successful launch of the Spark DAI Vault in 2023, a lending platform that garnered substantial demand from its inception.

此策略注資旨在完善 MakerDAO 的風險管理框架，同時放大用戶激勵，這是一種旨在活躍 DeFi 市場的戰術策略。該計劃規模雄心勃勃，指定最高分配量為 6 億 DAI。此次分配建立在該公司於 2023 年成功推出 Spark DAI Vault 的基礎上，該借貸平台從成立之初就吸引了大量需求。

The decision to concentrate this reallocation stems from MakerDAO's keen interest in maintaining liquidity risk within acceptable limits. The company's strategic shift in funds promises not only stability but also empowers Ethena, the synthetic dollar protocol built on the Ethereum blockchain. Ethena will leverage this allocation to bolster its revenue share for its insurance fund, potentially improving the overall risk profile of MakerDAO's Ethena exposure.

集中重新分配的決定源自於 MakerDAO 對將流動性風險維持在可接受限度內的強烈興趣。該公司在資金方面的策略轉變不僅保證了穩定性，而且還增強了 Ethena（建立在以太坊區塊鏈上的合成美元協議）的能力。 Ethena 將利用此分配來提高其保險基金的收入份額，從而有可能改善 MakerDAO 的 Ethena 風險敞口的整體風險狀況。

MakerDAO has also proposed specific allocation priorities within the Morpho Labs pools. The company recommends concentrating on the 86% and 91.5% Loan-To-Liquidity-Value (LLTV) pools, which are identified as "higher efficiency" areas in terms of borrow rates and user demand. The 77% and 94.5% LLTV pools will still receive allocations, albeit in slightly reduced proportions.

MakerDAO 也提出了 Morpho Labs 池內的具體分配優先順序。該公司建議專注於貸款流動性價值（LLTV）比例為 86% 和 91.5% 的池，這些池在藉款利率和用戶需求方面被認為是「效率更高」的領域。 77% 和 94.5% 的 LLTV 池仍將獲得分配，儘管比例略有減少。

This strategy, coupled with the firm cap of 600 million DAI on total allocations, serves to protect against potential insolvency while guaranteeing a favorable risk-to-reward ratio for users. As a safety measure, MakerDAO has set the Dividend Debt Mechanism (DDM) line parameter at 1 billion DAI, providing flexibility for future increases should prevailing constraints shift.

這項策略加上 6 億 DAI 總分配的嚴格上限，可以防止潛在的破產，同時確保用戶獲得有利的風險回報比。作為安全措施，MakerDAO 將股息債務機制 (DDM) 線參數設定為 10 億 DAI，以便在當前限制發生變化時為未來的成長提供靈活性。

Meanwhile, two additional pools, the 77% and 94.5%, may benefit from a modest increase in their allocations to 10 million DAI each to ensure efficient management of positions and calibration of interest rate models.

同時，另外兩個資金池，即 77% 和 94.5%，可能會受益於各自的分配適度增加至 1,000 萬 DAI，以確保有效管理部位和校準利率模型。

MakerDAO's recent introduction of a new Ethena points program for Season 2 adds another layer of complexity to the allocation strategy. The program imposes a $500 million cap on eligible collateral for incentives. A decrease in allocations below $600 million will be considered if DAI demand wanes, ensuring a healthy supply/demand balance and appropriate collateral returns.

MakerDAO 最近在第二季推出了新的 Ethena 積分計劃，這為分配策略增加了另一層複雜性。該計劃對符合激勵條件的抵押品設定了 5 億美元的上限。如果 DAI 需求減弱，將考慮將撥款減少到 6 億美元以下，以確保健康的供需平衡和適當的抵押品回報。

In tandem with these strategic allocations, MakerDAO's native token, MKR, has been experiencing notable performance. On a recent Sunday, MKR reached an impressive near-three-year peak of $4,074, just 40% shy of its all-time high of $6,292, set in May 2023. Despite a recent 2% retreat, the token currently trades around the $3,717 mark, consolidating well above its immediate support level of $3,640.

與這些策略分配相結合，MakerDAO 的原生代幣 MKR 一直表現出色。最近的一個週日，MKR 達到了近三年來的最高點4,074 美元，距離2023 年5 月創下的歷史高點6,292 美元僅差40%。儘管最近下跌了2%，但該代幣目前的交易價格約為3,717 美元馬克，在其直接支撐位 3,640 美元上方盤整。

Long-term MKR gains remain impressive, with a 25% profit over the past fortnight and an 80% gain over the last month. Market interest remains strong, with trading volume surging to a staggering $274,659,607 in a single day, a 40% increase. Overall, MKR's market capitalization has grown by an outstanding near-100% in the last month, underscoring the robust interest in both MakerDAO's protocol and its native token.

長期 MKR 收益仍然令人印象深刻，過去兩週利潤增長 25%，上個月利潤增長 80%。市場興趣依然強勁，單日交易量飆升至驚人的 274,659,607 美元，增幅達 40%。總體而言，上個月 MKR 的市值增長了近 100%，凸顯了人們對 MakerDAO 協議及其原生代幣的濃厚興趣。

MakerDAO's latest moves are a testament to the company's commitment to shaping the future of DeFi. The strategic allocation of 600 million DAI, coupled with the refinement of its risk management framework and the enhanced

MakerDAO 的最新舉措證明了該公司致力於塑造 DeFi 的未來。 6億DAI的策略配置，加上風險管理架構的細化與強化