Aave 针对 MakerDAO 的 DAI 扩容提出风险对策

在 MakerDAO 采取行动后，Aave 发起了一项提案，以减轻与 DAI 稳定币相关的风险。该提案建议通过将贷款与价值比率设置为 0% 来调整 DAI 的风险参数，以应对 DAI 发行政策的潜在风险，同时最大限度地减少对用户的影响。此举是对 MakerDAO 最近的激进行动的回应，包括大幅扩大 DAI 的信贷额度，引发了人们对 DAI 抵押品的担忧。

Aave Unveils Proposal to Counter MakerDAO's DAI Expansion Risk

Aave 公布应对 MakerDAO 的 DAI 扩张风险的提案

In response to MakerDAO's recent aggressive actions, Aave has launched a proposal to adjust the risk parameters of the DAI stablecoin. The proposal, put forward by the Aave Chan Initiative (ACI) team, seeks to set DAI's loan-to-value (LTV) ratio at 0% across all Aave implementations.

针对 MakerDAO 最近的激进行为，Aave 发起了调整 DAI 稳定币风险参数的提案。该提案由 Aave Chan Initiative (ACI) 团队提出，旨在将所有 Aave 实施中的 DAI 贷款价值 (LTV) 比率设置为 0%。

This move is a direct response to MakerDAO's recent actions, which have resulted in a significant increase in the "D3M" credit line for DAI, going from 0 to a predicted 600 million DAI in less than a month. With the possibility of this line of credit being extended to 1 billion DAI in the near term, the unpredictability of future governance decisions by MakerDAO raises concerns about the inherently risky nature of DAI as collateral.

此举是对 MakerDAO 最近行动的直接回应，这些行动导致 DAI 的“D3M”信用额度大幅增加，在不到一个月的时间里从 0 增加到预计的 6 亿 DAI。由于该信贷额度有可能在短期内扩展到 10 亿 DAI，MakerDAO 未来治理决策的不可预测性引发了人们对 DAI 作为抵押品固有风险的担忧。

Aave's Experience with Reckless Emissions

Aave 在鲁莽排放方面的经验

Aave has previously experienced the consequences of reckless emissions policies on a much smaller scale. The case of Angle's AgEUR (now EURA) is illustrative. AgEUR was created just a week before its hack, highlighting the risks associated with rapid emissions. Similarly, the creation of jEUR on Midas led to the long-term decoupling of the asset.

Aave 此前曾在小范围内经历过鲁莽排放政策的后果。 Angle 的 AgEUR（现为 EURA）的例子很能说明问题。 AgEUR 是在黑客入侵前一周创建的，强调了与快速排放相关的风险。同样，在 Midas 上创建 jEUR 导致了资产的长期脱钩。

Given that only a fraction of DAI deposits are currently used as collateral on Aave, and users have sufficient liquidity to switch to alternative collateral options such as USDC or USDT, this proposal seeks to mitigate potential risks without significantly impacting the user base.

鉴于目前 Aave 上只有一小部分 DAI 存款被用作抵押品，并且用户有足够的流动性可以转向 USDC 或 USDT 等替代抵押品选项，该提案旨在在不显着影响用户群的情况下减轻潜在风险。

MakerDAO's Endgame Transformation

MakerDAO 的最终转型

As Aave addresses concerns surrounding DAI's risk profile, MakerDAO is preparing to launch its "Endgame" transformation. This transformation aims to focus the platform towards scalability, resilience, and sustainable user growth. It involves rebranding the operation with the help of a third-party marketing firm and scaling the DAI decentralized stablecoin to potentially surpass $100 billion in market capitalization.

随着 Aave 解决有关 DAI 风险状况的担忧，MakerDAO 正准备启动其“Endgame”转型。这一转变旨在使平台专注于可扩展性、弹性和可持续的用户增长。它涉及在第三方营销公司的帮助下重塑运营品牌，并将 DAI 去中心化稳定币的市值扩大到可能超过 1000 亿美元。

Despite these developments, Eigenlayer recently overtook Aave to become the second-largest DeFi protocol with $11.5 billion in total value locked (TVL), trailing only Ethereum liquid staking protocol Lido. However, Aave maintains a significant user base with more than 5,700 daily active users compared to Lido's less than 430, according to data from Token Terminal.

尽管取得了这些进展，Eigenlayer 最近还是超越了 Aave，成为第二大 DeFi 协议，锁定总价值 (TVL) 为 115 亿美元，仅次于以太坊流动质押协议 Lido。然而，根据 Token Terminal 的数据，Aave 保持着庞大的用户群，每日活跃用户超过 5,700 名，而 Lido 的每日活跃用户不足 430 名。

Conclusion

结论

Aave's proposal represents a proactive step to mitigate the potential risks associated with MakerDAO's DAI expansion policy. By setting DAI's LTV ratio at 0%, Aave aims to minimize the impact on users while safeguarding the platform against potential fallout from reckless emissions policies. As the DeFi ecosystem evolves, Aave and MakerDAO will continue to play key roles in shaping the future of decentralized finance.

Aave 的提案代表了一项积极主动的举措，旨在减轻与 MakerDAO 的 DAI 扩张政策相关的潜在风险。通过将 DAI 的 LTV 比率设置为 0%，Aave 旨在最大限度地减少对用户的影响，同时保护平台免受鲁莽排放政策的潜在影响。随着 DeFi 生态系统的发展，Aave 和 MakerDAO 将继续在塑造去中心化金融的未来方面发挥关键作用。