Aave Labs推出了Horizo​​n RWA产品，但面临社区的反对

在社区中一直很受欢迎的Aave最近引起了社区前所未有的疑问。

Aave, which has always been popular in the community, has recently aroused unprecedented doubts from the community.

在社区中一直很受欢迎的Aave最近引起了社区前所未有的疑问。

Aave Labs recently launched a new initiative called Horizon, which plans to develop products that enable institutional adoption of decentralized finance through real-world assets (RWA), namely an RWA product that allows institutions to use tokenized money market funds (MMFs) as collateral to borrow USDC and GHO on a large scale. Aave Labs hopes to further bridge the gap between traditional finance and DeFi through this product.

Aave Labs最近发起了一项名为Horizo​​n的新计划，该计划计划开发能够通过现实世界中的资产（RWA）机构采用分散式融资的产品，即一种RWA产品，允许机构使用代币化的货币市场基金（MMF）作为大型企业和GHO的大规模借款。 Aave Labs希望通过该产品进一步弥合传统金融与Defi之间的差距。

However, within a few days of the proposal being released, the community expressed strong opposition to the Horizon plan, especially questioning the potential issuance of new tokens and Horizon’s profit distribution mechanism.

但是，在发布提案后的几天内，社区表示强烈反对地平线计划，尤其是质疑新令牌和Horizo​​n的利润分配机制的潜在发行。

"Temperature Assessment" awaits community approval, Horizon’s profit distribution and new token distribution become the focus of controversy

“温度评估”等待社区的批准，地平线的利润分布和新的代币分布成为争议的重点

According to the Temp Check proposal, Aave Labs said that the demand for tokenized real-world assets (RWA) is rising due to tokenization's ability to increase liquidity, reduce costs, and enable programmable transactions around the clock - making traditional assets more accessible on-chain. Tokenized U.S. Treasuries grew 408% year-on-year to $4 billion, and institutional adoption accelerated in the process, with on-chain RWAs expected to reach $16 trillion in the next 10 years. To meet this growth demand, Horizon, a project initiated by Aave Labs, proposed to launch an RWA product that would run as a permissioned instance of the Aave protocol. Horizon will allow institutions to use tokenized money market funds (MMFs) as collateral to borrow USDC and GHO at scale, unlocking stablecoin liquidity and expanding institutional access to DeFi.

根据临时检查建议，AAVE LABS表示，由于令牌化增加了流动性，降低成本并启用全天候的可编程交易，对令牌化现实世界资产（RWA）的需求正在上升，这使得传统资产更易于访问。令牌化的美国国债同比增长408％，达到40亿美元，并且在此过程中加速了机构的收养，预计未来10年的链RWAS预计将达到16万亿美元。为了满足这一增长需求，Horizo​​n是由AAVE Labs发起的项目，提议推出将作为AAVE协议的权限实例运行的RWA产品。 Horizo​​n将允许机构使用令牌化的货币市场基金（MMF）作为抵押品，以大规模借入USDC和GHO，解锁Stablecoin流动性并扩大机构访问DEFI。

After approval by Aave DAO, Horizon's RWA product will be launched as a licensed instance of Aave V3, and will be migrated to a custom Aave V4 deployment as soon as possible. To support long-term alignment with Aave DAO, Horizon will implement a structured profit-sharing mechanism, allocating 50% of revenue to Aave DAO in the first year, and driving ecosystem growth through strategic incentives.

经过AAVE DAO的批准后，Horizo​​n的RWA产品将作为AAVE V3的许可实例启动，并将尽快迁移到自定义AAVE V4部署。为了支持与AAVE DAO的长期一致性，Horizo​​n将实施结构化的利润分担机制，第一年将50％的收入分配给AAVE DAO，并通过战略激励措施推动生态系统的增长。

According to Aave Labs, Horizon will have several key design components, including a permissioned RWA token supply and withdrawal mechanism, permissionless USDC and GHO supply functions, stablecoin lending for qualified users, exclusive GHO facilitators, support for on-demand GHO minting, a permissioned liquidation process, integration with ERC-20 tokens in the RWA whitelist, and asset-level permission control managed by the RWA issuer.

According to Aave Labs, Horizo​​n will have several key design components, including a permissioned RWA token supply and withdrawal mechanism, permissionless USDC and GHO supply functions, stablecoin lending for qualified users, exclusive GHO facilitators, support for on-demand GHO minting, a permissioned liquidation process, integration with ERC-20 tokens in the RWA whitelist, and asset-level permission由RWA发行人管理的控制。

Aave Labs said that Horizon will implement a structured profit-sharing mechanism. Specifically, 50% of the profits will be distributed to Aave DAO in the first year, 30% in the second year, 15% in the third year, and 10% in the fourth year and beyond.

Aave Labs说，Horizo​​n将实施结构化的利润分享机制。具体而言，第一年将分配50％的利润将其分配给AAVE DAO，第二年为30％，第三年为15％，在第四年及以后的10％。

In addition, if Horizon issues tokens, 15% will be allocated to Aave DAO as follows: In terms of operational support , Aave DAO and its service providers will oversee the operational functions of the Horizon RWA product. At the same time, Horizon will retain independence and be responsible for configuring the instance and guiding the strategic direction of the product, including adapting to market changes, meeting institutional needs, and expanding to new networks.

此外，如果Horizo​​n发行令牌，则将分配给AAVE DAO 15％如下：在运营支持方面，AAVE DAO及其服务提供商将监督Horizo​​n RWA产品的运营功能。同时，Horizo​​n将保留独立性，并负责配置实例并指导产品的战略方向，包括适应市场变化，满足机构需求以及扩展到新网络。

Strong community reaction: Profit distribution ratio is only 10% after 4 years, and the use case of new tokens is unclear

强烈的社区反应：4年后的利润分布比仅为10％，而新令牌的用例不清楚

However, the launch of the Horizon plan did not receive general support from the community, but instead triggered fierce opposition. EzR3aL, an independent representative of Aave DAO, said, "I think this decline rate (the distribution ratio of profit sharing) is too aggressive and does not even follow the guidelines here. Because we can all agree that the first and second years may be the market launch stage, so the income will not be too high, unless Aave Labs has promised to provide liquidity support in advance, and such a commitment, if any, should be shared with the DAO to estimate potential income. Otherwise, I think the real significant income may not appear until the third year and beyond, and the profit sharing ratio has already been reduced to 10% by then, which confuses me.

但是，地平线计划的启动并没有得到社区的一般支持，而是引发了激烈的反对。 Aave Dao的独立代表Ezr3al说：“我认为这种下降速度（利润分配的分布比）过于侵略性，甚至不遵循这里的准则。因为我们都可以同意，第一年和第二年可能是市场的启动阶段，因此收入可能不会太高，因此除非AAVE实验室不应该为dave提供否则，除非有任何可能的责任，否则我应该与任何愿意提供流动性支持，并且有任何可能的诺言。直到第三年及以后，实际的显着收入可能才会出现，到那时，利润分配比率已经降低到10％，这使我感到困惑。

EzR3aL said, Next is the token allocation alignment, which is the part that I am most confused about. Is it (the new token) for independent governance? Is decentralized governance really necessary for a permissioned market that is only accessible to qualified institutions? Is it for investors in Aave/Avara to be compensated? Because VCs usually expect this arrangement if profits cannot be shared in other ways. Is it a way for Aave Labs/Avara to generate profits? Because it may include a profit sharing mechanism as one of the features?

Ezr3al说，接下来是令牌分配对齐，这是我最困惑的部分。是独立治理的（新令牌）吗？对于仅适用于合格机构才能使用的权限市场，分散的治理真的需要吗？对于Aave/Avara的投资者来说，要获得补偿吗？因为VC通常会期望这种安排，如果无法以其他方式共享利润。这是Aave Labs/Avara生成利润的一种方式吗？因为它可能包括利润共享机制作为功能之一？

In addition, he asked, how will the minting process of GHO work? Will the core instance of Aave

此外，他问，GHO的铸造过程将如何工作？将是AAVE的核心实例