Aave 考虑通过“费用转换”来改善其加密货币的管理；统一 USDe 和 USDT 价格的新治理提案

在本文中，我们将了解有关 Aave 项目的最新相关新闻，这是一个拥有 370 亿 TVL 的去中心化借贷加密协议。

The Aave project is one of the most relevant in the crypto space, especially in the decentralized lending sector, where it has managed to obtain a leading position.

Aave 项目是加密货币领域最相关的项目之一，尤其是在去中心化借贷领域，它已成功获得领先地位。

In this article, we will analyze the latest news about the protocol and its native crypto AAVE, highlighting the main updates and price scenarios.

在本文中，我们将分析有关该协议及其原生加密货币 AAVE 的最新消息，重点介绍主要更新和价格场景。

The founder of Aave proposes a “fee switch” to improve the management of their crypto

Aave 的创始人提出了“费用开关”，以改善其加密货币的管理

A few days ago, Stani Kulechov, founder of the well-known crypto project Aave, expressed his intention to activate a “fee switch” initiative for the protocol.

日前，知名加密项目 Aave 创始人 Stani Kulechov 表示有意启动该协议的“费用转换”举措。

We are talking about a mechanism that aims to improve the revenue efficiency of the platform by investing part of the collected fees.

我们谈论的是一种机制，旨在通过将收取的费用的一部分进行投资来提高平台的收入效率。

Generally, these proposals end up rewarding the holders of the platform’s native token, in this case AAVE, given the way the capital is distributed.

一般来说，考虑到资本的分配方式，这些提案最终会奖励平台原生代币（在本例中为 AAVE）的持有者。

It is estimated that, if the fee switch is truly integrated, part of the revenue will be offered as a “dividend” to the holders/stakers of the crypto or will be used for buyback in the market.

据估计，如果费用转换真正实现，部分收入将作为“股息”提供给加密货币的持有者/质押者，或者用于市场回购。

The Aave protocol is in a solid financial position, and it can afford to allocate a portion of the new revenue to more aggressive investment strategies.

Aave 协议的财务状况稳健，它有能力将部分新收入分配给更积极的投资策略。

Its treasury holds almost 100 million dollars in non-native assets, including stablecoin, Ethereum and other cryptocurrencies. Considering also the AAVE crypto itself, the treasury well exceeds 328 million dollars, according to what is reported by TokenLogic.

其金库持有近 1 亿美元的非原生资产，包括稳定币、以太坊和其他加密货币。根据 TokenLogic 的报道，考虑到 AAVE 加密货币本身，其资金远远超过 3.28 亿美元。

Regarding the proposal to change the fees, Marc Zeller, founder of Aave Chan, who was one of the first contributors to the plan, intervened.

对于改变费用的提议，Aave Chan 的创始人、该计划的首批贡献者之一的 Marc Zeller 进行了干预。

The expert highlighted how Aave’s net revenues significantly exceed operating expenses, making the move not only feasible but also speculatively strategic.

这位专家强调了 Aave 的净收入如何大幅超过运营支出，这使得此举不仅可行，而且具有投机性战略意义。

These are his words in a post on X

这是他在 X 上的帖子中的话

“When the protocol’s treasury is presented in this way and the net revenues of the DAO are more than double the Opex (incentives included), the Fee Switch is not an if; it is a when”.

“当协议的金库以这种方式呈现并且 DAO 的净收入是运营支出（包括激励措施）的两倍以上时，费用转换就不是一个假设；这是一个“何时”。

Composition of the Aave Treasury. Source: TokenLogic

Aave 财政部的组成。来源：TokenLogic

The new governance proposal to unite the price feed of USDe and USDT

统一 USDe 和 USDT 价格的新治理提案

Another very important situation for Aave concerns the new governance proposal put forward by Chaos Labs and LlamaRisk on January 3rd.

对于 Aave 来说另一个非常重要的情况涉及 Chaos Labs 和 LlamaRisk 于 1 月 3 日提出的新治理提案。

The two members of the Aave DAO have suggested aligning the price of USDe (stablecoin of the Ethena protocol) with that of USDT in their own price feeds.

Aave DAO 的两名成员建议在他们自己的价格源中将 USDe（Ethena 协议的稳定币）的价格与 USDT 的价格保持一致。

This means that the oracle in charge, namely Chainlink, should encode the price of USDe as if it were the stablecoin of Tether, limiting the risks of market fluctuations.

这意味着负责的预言机Chainlink应该像Tether的稳定币一样对USDe的价格进行编码，限制市场波动的风险。

We remember in fact that the first currency has a direct exposure to derivatives and digital assets like Ethereum and Bitcoin while it is not backed by fiat reserves.

事实上，我们记得第一种货币直接接触以太坊和比特币等衍生品和数字资产，但没有法定储备的支持。

In this case, the risk of depeg is much higher compared to coins like USDT or USDC, which have collateral that can cover deposits at 100%.

在这种情况下，与 USDT 或 USDC 等具有可 100% 保证保证金的抵押品的代币相比，脱钩的风险要高得多。

The objective of the proposal is precisely to ensure that users do not suffer from possible temporary depegs of USDe, boasting price stability.

该提案的目的正是为了确保用户不会因 USDe 可能的临时脱钩而遭受损失，从而保证价格稳定。

In this way, those who use the crypto protocol reduce the risk of being liquidated in case of high volatility.

这样，使用加密协议的人就可以降低在高波动性情况下被清算的风险。

The proposal reads as follows:

该提案内容如下：

“By linking the value of USDe directly to USDt, we align the sUSDe oracle with USDt prices, ensuring a smooth integration and avoiding disruptions caused by temporary price fluctuations in USDe.”

“通过将 USDe 的价值直接与 USDt 挂钩，我们将 sUSDe 预言机与 USDt 价格保持一致，确保顺利整合并避免 USDe 临时价格波动造成的干扰。”

In any case, the Aave community does not seem to have taken the news well, offering a very negative feedback to the governance proposal.

无论如何，Aave 社区似乎并没有很好地接受这个消息，对治理提案提供了非常负面的反馈。

According to what is written in the DAO forum, many users have complained about the risks associated with this initiative, which seems to be of giant caliber for Aave.

根据 DAO 论坛上的内容，许多用户抱怨这一举措的相关风险，这对 Aave 来说似乎是一个巨大的举措。

In essence, reference is made to the underlying risk factors of USDe by Ethena, which do not appear to have been taken into consideration by Chaos Labs and LlamaRisk.

本质上，Ethena 参考了 USDe 的潜在风险因素，而 Chaos Labs 和 LlamaRisk 似乎没有考虑到这些因素。

A user in particular, Hazbobo said that coding USDe with USDT seems a bit risky since the former is not even considered a stablecoin.

特别是用户 Hazbobo 表示，用 USDT 编码 USDe 似乎有点冒险，因为前者甚至不被视为稳定币。

Furthermore, the proposal does not evaluate the best case scenario and the worst case scenario, making the whole discussion somewhat reasonably unreliable.

此外，该提案没有评估最好的情况和最坏的情况，使得整个讨论有些不可靠。

AAVE crypto price analysis: where are we headed?

AAVE 加密货币价格分析：我们要去哪里？

The crypto Aave comes from a super positive phase, with a performance of 78% in the month of December that has made it one of the most appealing DeFi coins of the moment.

加密货币 Aave 正处于一个超级积极的阶段，12 月份的表现高达 78％，这使其成为当下最具吸引力的 DeFi 代币之一。

The token of the lending protocol seems to have taken off right after the USA presidential elections, reaching even the level of 390 dollars.

美国总统大选后，借贷协议的代币似乎一飞冲天，甚至达到了 390 美元的水平。

From here the bulls had to clash with the downward pressure of the bears, which pushed AAVE below 300 dollars in the middle of the chart retracement.

从这里开始，多头不得不与空头的下行压力发生冲突，这使得 AAVE 在图表回调的中间跌破 300 美元。

Now the #31st cryptocurrency in the market is priced at 337 dollars, waiting to discover what the direction will be in the first quarter of

现在市场上排名第 31 的加密货币价格为 337 美元，等待发现第一季度的走向。