Aave 呼吁调整 MakerDAO 的 DAI 稳定币的风险参数以缓解担忧

Aave 风险框架委员会 (ARFC) 提议调整 MakerDAO 稳定币 DAI 的风险参数，以减轻与 MakerDAO 发行政策相关的潜在风险，包括对治理决策和 DAI 信用额度延长的担忧。该提案包括将 DAI 的贷款价值比率调整为 0%，并从 Merit 计划中删除 sDAI 激励措施。该委员会的目标是在不显着影响 Aave 用户群的情况下解决风险。

Aave Proposes Risk Parameters Adjustment for MakerDAO's DAI Stablecoin

Aave 建议调整 MakerDAO 的 DAI 稳定币的风险参数

Proposal Highlights

提案要点

The Aave Risk Framework Committee (ARFC) has released a proposal to revise risk parameters specific to the MakerDAO stablecoin, DAI. This initiative is designed to minimize potential risks associated with DAI's issuance policy, particularly in light of MakerDAO's recent governance decisions and the proposed expansion of DAI's credit line to 1 billion.

Aave 风险框架委员会 (ARFC) 发布了一项修订 MakerDAO 稳定币 DAI 特定风险参数的提案。这一举措旨在最大限度地减少与 DAI 发行政策相关的潜在风险，特别是考虑到 MakerDAO 最近的治理决策以及拟将 DAI 信贷额度扩大到 10 亿美元的情况。

To mitigate these risks, the proposal suggests reducing DAI's loan-to-value (LTV) ratio to 0% across all Aave deployments. Additionally, sDAI incentives will be eliminated from the Merit program starting with Round 2.

为了减轻这些风险，该提案建议将所有 Aave 部署中的 DAI 贷款价值 (LTV) 比率降低至 0%。此外，从第二轮开始，sDAI 激励措施将从 Merit 计划中取消。

Background and Rationale

背景和理由

Aave's concerns stem from MakerDAO's aggressive actions, including its D3M program, which has resulted in a rapid increase in DAI's credit line. Aave believes that these actions introduce liquidity injection risks into a protocol that lacks a rigorous risk management and safety module feature.

Aave 的担忧源于 MakerDAO 的激进行动，包括其 D3M 计划，该计划导致 DAI 信用额度迅速增加。 Aave 认为，这些行为将流动性注入风险引入到缺乏严格风险管理和安全模块功能的协议中。

Aave's previous experiences with reckless minting policies, such as the Angle's AgEUR hack within a week of its listing on EULER, underscore the potential dangers of using DAI as collateral on Aave. The proposal aims to prevent similar stablecoin depegging scenarios to protect Aave's stability and integrity.

Aave 之前在鲁莽铸币政策方面的经历，例如 Angle 在 EULER 上市后一周内发生的 AgEUR 黑客事件，凸显了使用 DAI 作为 Aave 抵押品的潜在危险。该提案旨在防止类似的稳定币脱钩场景，以保护 Aave 的稳定性和完整性。

Impact and Alternatives

影响和替代方案

The proposed changes are expected to have minimal impact on Aave's user base, as only a small portion of DAI deposits are currently utilized as collateral on the platform. Users still have alternative collateral options like USDC or USDT for liquidity and flexibility.

预计拟议的变更对 Aave 的用户群影响极小，因为目前只有一小部分 DAI 存款被用作平台上的抵押品。用户仍然可以选择 USDC 或 USDT 等替代抵押品，以获得流动性和灵活性。

MakerDAO's USDe Investment Proposal

MakerDAO 的 USDe 投资提案

Separately, MakerDAO is considering a proposal to invest $600 million in USDe and its staked version, sUSDe. The proposal, presented by MonetSupply from Block Analitica, outlines several reasons for this investment, including user preferences and the financial and strategic benefits of using USDe and sUSDe collateral on Morpho.

另外，MakerDAO 正在考虑一项向 USDe 及其质押版本 sUSDe 投资 6 亿美元的提议。该提案由 Block Analitica 的 MonetSupply 提出，概述了此项投资的几个原因，包括用户偏好以及在 Morpho 上使用 USDe 和 sUSDe 抵押品的财务和战略利益。

The initial recommendation suggests setting MakerDAO's USDe exposure limit at $600 million, with potential for expansion as Morpho's platform grows. The investment would be capped at $800 million to ensure financial stability and protect against losses.

最初的建议建议将 MakerDAO 的 USDe 风险限额设置为 6 亿美元，并有可能随着 Morpho 平台的发展而扩大。该投资上限为 8 亿美元，以确保财务稳定并防止损失。

Conclusion

结论

The Aave Risk Framework Committee's proposal to adjust DAI's risk parameters is a prudent measure to address potential risks associated with MakerDAO's recent actions. By reducing the LTV ratio and eliminating sDAI incentives, Aave aims to safeguard its stability and prevent future depegging incidents.

Aave 风险框架委员会提出调整 DAI 风险参数的提议是一项审慎措施，旨在解决与 MakerDAO 近期行为相关的潜在风险。通过降低 LTV 比率并取消 sDAI 激励措施，Aave 旨在维护其稳定性并防止未来发生脱钩事件。

Meanwhile, MakerDAO's proposal to invest in USDe and sUSDe demonstrates the protocol's ongoing efforts to diversify its investments and explore opportunities within the DeFi ecosystem. The potential financial and strategic benefits outlined in the proposal suggest that this investment could be mutually beneficial for both MakerDAO and the DeFi industry as a whole.

与此同时，MakerDAO 提议投资 USDe 和 sUSDe 表明该协议正在努力实现投资多元化并探索 DeFi 生态系统中的机会。提案中概述的潜在财务和战略利益表明，这项投资对于 MakerDAO 和整个 DeFi 行业来说可能是互惠互利的。