Aave 主张在 MakerDAO 的扩张计划中谨慎对待 DAI

去中心化借贷平台 Aave 建议调整 DAI 稳定币的风险参数，将贷款与价值比率降低至 0%，并取消 sDAI 激励措施，以减轻 MakerDAO 快速 DAI 扩张计划带来的潜在风险。此前，Aave Chan Initiative 团队对 MakerDAO 的“激进”D3M 计划表示担忧，该计划迅速扩大了 DAI 的信用额度。

Aave Proposes Cautious Approach to DAI Stablecoin Amid MakerDAO's Ambitious Expansion Plans

在 MakerDAO 雄心勃勃的扩张计划中，Aave 建议对 DAI 稳定币采取谨慎态度

In a move to mitigate potential risks stemming from MakerDAO's aggressive expansion plans, decentralized lending protocol Aave has introduced a comprehensive proposal to adjust the risk parameters of the DAI stablecoin. The proposal, submitted by the Aave Chan Initiative (ACI) team through the Aave Risk Framework Committee, aims to strike a balance between safeguarding the platform while minimizing user impact.

为了减轻 MakerDAO 积极扩张计划带来的潜在风险，去中心化借贷协议 Aave 提出了一项全面的提案来调整 DAI 稳定币的风险参数。该提案由 Aave Chan Initiative (ACI) 团队通过 Aave 风险框架委员会提交，旨在在保护平台和尽量减少用户影响之间取得平衡。

Key Proposal Parameters

关键提案参数

The ACI proposal encompasses several key measures to enhance risk management for DAI transactions on Aave:

ACI 提案包含多项关键措施，旨在加强 Aave 上 DAI 交易的风险管理：

• Loan-to-Value Ratio (LTV): Setting DAI's LTV to 0% on all Aave deployments, effectively eliminating the use of DAI as collateral for loans.
• Merit Program Incentives: Removing sDAI (staked DAI) incentives from the Merit program, commencing from Merit Round 2 onwards.

These measures are a direct response to MakerDAO's recent Direct Deposit Module (D3M) plan, which has rapidly expanded DAI's credit line from zero to an estimated 600 million DAI within a month, with projections reaching 1 billion DAI in the near future.

贷款价值比 (LTV)：在所有 Aave 部署中将 DAI 的 LTV 设置为 0%，有效消除使用 DAI 作为贷款抵押品。 优异计划激励：从优异计划中删除 sDAI（质押 DAI）激励，从Merit Round 2 开始。这些措施是对 MakerDAO 最近的直接存款模块 (D3M) 计划的直接回应，该计划在一个月内将 DAI 的信贷额度从零迅速扩大到约 6 亿 DAI，预计在不久的将来将达到 10 亿 DAI未来。

Concerns Regarding DAI Expansion

对 DAI 扩张的担忧

The ACI team expressed concerns over the pace and nature of DAI's expansion, highlighting several potential risks:

ACI 团队对 DAI 扩张的速度和性质表示担忧，并强调了几个潜在风险：

• Untested Protocol and Risk Mitigation: The D3M protocol, upon which DAI expansion is based, is relatively new and untested, lacking robust risk management features or safety modules.
• Depegging Risks: Historical incidents, such as the recent depegging of Angle's AgEUR (EURA) stablecoin, demonstrate the potential for collateralized stablecoins to lose their peg, posing risks to Aave users who use them as loan collateral.

Minimal User Impact

未经测试的协议和风险缓解：DAI 扩展所基于的 D3M 协议相对较新且未经测试，缺乏强大的风险管理功能或安全模块。脱钩风险：历史事件，例如最近 Angle 的 AgEUR (EURA) 稳定币脱钩，证明有抵押的稳定币有可能失去挂钩，从而给使用其作为贷款抵押品的 Aave 用户带来风险。对用户的影响最小

Despite the proposed changes, the ACI team emphasized that the impact on users is expected to be minimal. Only a small portion of DAI deposits currently serve as collateral on Aave, and users can easily switch to alternative collateral options such as USD Coin (USDC) or Tether (USDT).

尽管提出了这些更改，ACI 团队还是强调，预计对用户的影响很小。目前只有一小部分 DAI 存款作为 Aave 的抵押品，用户可以轻松切换到替代抵押品选项，例如 USD Coin (USDC) 或 Tether (USDT)。

Competitive Landscape

竞争格局

The Aave proposal comes amidst increasing competition in the decentralized finance (DeFi) landscape. Eigenlayer recently surpassed Aave as the second-largest DeFi protocol in terms of total value locked (TVL). However, Aave maintains a significantly higher number of daily active users compared to other top DeFi protocols.

Aave 提案是在去中心化金融（DeFi）领域竞争日益激烈的背景下提出的。就锁定总价值（TVL）而言，Eigenlayer 最近超越 Aave 成为第二大 DeFi 协议。然而，与其他顶级 DeFi 协议相比，Aave 的每日活跃用户数量明显更高。

MakerDAO's Endgame Upgrade

MakerDAO 的终局升级

Meanwhile, MakerDAO is preparing for its highly anticipated "Endgame" upgrade, which aims to scale DAI's decentralized stablecoin from its current market cap of $4.5 billion to "100 billion and beyond," rivaling Tether's USDT dominance. The five-phase plan includes engaging an external marketing firm to rebrand the operation and redenominating Maker (MKR) tokens into NewGovTokens.

与此同时，MakerDAO 正在准备其备受期待的“Endgame”升级，旨在将 DAI 的去中心化稳定币从目前的 45 亿美元市值扩大到“1000 亿美元及以上”，与 Tether 的 USDT 主导地位相抗衡。该计划分为五个阶段，包括聘请外部营销公司来重塑运营品牌，并将 Maker (MKR) 代币重新命名为 NewGovTokens。

Conclusion

结论

Aave's proposed adjustments to DAI risk parameters reflect the evolving risk landscape within DeFi. As MakerDAO pursues ambitious expansion plans, Aave is prioritizing user safety by implementing prudent risk mitigation measures. The proposal demonstrates Aave's commitment to maintaining a robust and sustainable platform for its users while navigating the increasingly competitive DeFi ecosystem.

Aave 对 DAI 风险参数的拟议调整反映了 DeFi 内部不断变化的风险格局。随着 MakerDAO 追求雄心勃勃的扩张计划，Aave 通过实施审慎的风险缓解措施来优先考虑用户安全。该提案表明了 Aave 致力于为用户维护一个强大且可持续的平台，同时应对竞争日益激烈的 DeFi 生态系统。