Aave 考虑在其定价源中硬编码 Ethena 的 USDe 价格以匹配 Tether 的 USDt

该提案由 Chaos Labs 和 LlamaRisk 共同撰写，于 1 月 3 日提交，旨在保护 Aave 用户免受二级市场波动的影响。

A new proposal on Aave suggests locking Ethena’s USDe price to Tether’s USDt in Aave’s pricing feeds. The proposal, co-authored by Chaos Labs and LlamaRisk, was submitted on Jan. 3 and aims to protect Aave users from exposure to secondary market fluctuations. Notably, LlamaRisk is part of Ethena’s risk committee.

Aave 的一项新提案建议在 Aave 的定价源中将 Ethena 的 USDe 价格锁定为 Tether 的 USDt。该提案由 Chaos Labs 和 LlamaRisk 共同撰写，于 1 月 3 日提交，旨在保护 Aave 用户免受二级市场波动的影响。值得注意的是，LlamaRisk 是 Ethena 风险委员会的成员。

Aave (AAVE) is the largest decentralized finance (DeFi) lending protocol, with $37 billion in total value locked, enabling users to borrow and lend cryptocurrencies without intermediaries. Users can deposit assets into Aave’s liquidity pools and earn interest or borrow using crypto as collateral.

Aave (AAVE) 是最大的去中心化金融 (DeFi) 借贷协议，锁定总价值 370 亿美元，使用户能够在没有中介的情况下借入和借出加密货币。用户可以将资产存入 Aave 的流动性池并赚取利息或使用加密货币作为抵押品进行借贷。

USDe (USDE), created by Ethena, is a synthetic dollar stablecoin backed by onchain assets and derivatives, unlike USDT, which relies on fiat reserves. USDE now ranks as the third-largest stablecoin, with a $5.85 billion market cap, trailing USDt (USDT) and USD Coin (USDC), according to CoinGecko.

USDe（USDE）由 Ethena 创建，是一种由链上资产和衍生品支持的合成美元稳定币，与依赖法定储备的 USDT 不同。根据 CoinGecko 的数据，USDE 目前是第三大稳定币，市值为 58.5 亿美元，落后于 USDt (USDT) 和 USD Coin (USDC)。

Aave currently uses Chainlink’s USDe/US dollar price feed to value staked USDe (sUSDe), a staked version of USDE.

Aave 目前使用 Chainlink 的 USDe/美元喂价来对质押 USDe (sUSDe) 进行价值质押，这是 USDE 的质押版本。

According to the proposal, a 5% drop in USDE’s price could put over $300 million worth of USDE-backed loans on Aave at risk of liquidation. This could trigger collateral sell-offs to repay outstanding debt.

根据该提案，USDE 价格下跌 5% 可能会使 Aave 上价值超过 3 亿美元的 USDE 支持的贷款面临清算风险。这可能会引发抵押品抛售以偿还未偿债务。

“To mitigate the risk associated with a USDe depeg event, we propose hardcoding USDe’s price to USDT,” the authors stated.

“为了减轻与 USDe 脱钩事件相关的风险，我们建议将 USDe 的价格硬编码为 USDT，”作者表示。

Community members have expressed skepticism over the approach, questioning whether it addresses fundamental risks.

社区成员对这种方法表示怀疑，质疑它是否能解决根本风险。

A snippet of community feedback on Aave’s proposal to hardcode USDE’s price to USDT. Source: Aave Governance Forum.

关于 Aave 将 USDE 价格硬编码为 USDT 的提议的社区反馈片段。资料来源：Aave 治理论坛。

“Hardcoding the USDe price to USDT price sounds a bit risky given USDe isn’t really intended to be a stablecoin,” user Hazbobo pointed out. “What’re the edge case risks involved? What’s the worst case scenario?”

用户 Hazbobo 指出：“将 USDe 价格硬编码为 USDT 价格听起来有点冒险，因为 USDe 并不是真正打算成为稳定币的。” “涉及哪些极端情况风险？最坏的情况是什么？”

Another community member, ElliotNess, criticized the proposal for failing to address underlying risk factors.

另一位社区成员 ElliotNess 批评该提案未能解决潜在的风险因素。

“This is a disappointingly low-quality ARFC from two service providers without digging into any potential conflicts… Frankly, this can be said of every non-hardcoded asset listed on the Aave protocol,” they noted.

“这是来自两家服务提供商的令人失望的低质量 ARFC，没有深入研究任何潜在的冲突……坦率地说，Aave 协议上列出的每一项非硬编码资产都可以这样说，”他们指出。

ElliotNess questioned the rationale behind pegging USDE to USDT, suggesting that if Aave plans to hardcode USDe’s price, it might as well peg it directly to $1.00 to avoid secondary market price deviations entirely.

ElliotNess 质疑将 USDE 与 USDT 挂钩的理由，并表示如果 Aave 计划对 USDe 的价格进行硬编码，那么不妨将其直接与 1.00 美元挂钩，以完全避免二级市场价格偏差。

The proposal is in its early discussion stage, with no formal vote scheduled yet.

该提案正处于早期讨论阶段，尚未安排正式投票。

At the time of publication, AAVE was trading at $340, up 7% in the past 24 hours and 230% over the past year.

截至发稿时，AAVE 交易价格为 340 美元，过去 24 小时内上涨 7%，较去年上涨 230%。

Aave’s growth in 2024 was driven by expansion into new markets, including BNB Chain, Scroll, ZKsync Era, and Ether.fi. The protocol is also eyeing further integrations in 2025, with potential additions like Sonic, Mantle, Ethereum layer 2 Linea, Bitcoin layer 2 BOB, Spider Chain and Aptos, pending community approval.

Aave 在 2024 年的增长是由新市场扩张推动的，包括 BNB Chain、Scroll、ZKsync Era 和 Ether.fi。该协议还着眼于 2025 年进行进一步整合，可能添加 Sonic、Mantle、以太坊第 2 层 Linea、比特币第 2 层 BOB、Spider Chain 和 Aptos 等功能，有待社区批准。

Ethena’s 2025 roadmap

Ethena 的 2025 年路线图

Ethena (ENA) surged 17% following the release of its 2025 roadmap, detailing plans to integrate with Telegram and launch a new dollar savings product.

Ethena (ENA) 在发布 2025 年路线图后飙升 17%，该路线图详细介绍了与 Telegram 整合并推出新的美元储蓄产品的计划。

The Jan. 3 roadmap introduced iUSDe, a wrapped version of sUSDe, which currently offers a 10% yield. Ethena announced plans to integrate sUSDe into Telegram, leveraging its 900 million users. The integration will introduce a payment and savings app based on sUSDe, aiming to deliver a “neobank experience” within the messaging platform.

1 月 3 日的路线图引入了 iUSDe，这是 sUSDe 的封装版本，目前提供 10% 的收益率。 Ethena 宣布计划将 sUSDe 整合到 Telegram 中，利用其 9 亿用户。此次集成将推出基于 sUSDe 的支付和储蓄应用程序，旨在在消息平台内提供“新银行体验”。