由于稳定币风险担忧，AaveDAO 考虑 DAI 抵押品限制

由于 Aave Chan 创始人 Marc Zeller 对 Dai (DAI) 作为抵押品带来的风险表示担忧，AaveDAO 正在讨论一项将 Dai 的贷款价值 (LTV) 比率降低 75% 的提案。风险管理顾问 Chaos Labs 提出了一项替代提案，建议减少 12%，目标是保持 Dai 作为抵押品的可用性，同时减轻与其由算法稳定币 eUSD 支持相关的感知风险。

AaveDAO Debating Limits on Dai Collateral Amidst Concerns over Stablecoin Risk

由于对稳定币风险的担忧，AaveDAO 对 Dai 抵押品的限制进行了争论

The Aave decentralized autonomous organization (AaveDAO) is embroiled in an ongoing debate over limits on using Dai (DAI) as collateral on the Aave lending platform. The discussion gained momentum after risk management consultants Chaos Labs proposed a 12% reduction in Dai loan-to-value (LTV) ratios on April 5th.

Aave 去中心化自治组织 (AaveDAO) 卷入了一场关于在 Aave 借贷平台上使用 Dai (DAI) 作为抵押品的限制的持续争论。在风险管理顾问 Chaos Labs 于 4 月 5 日提议将 Dai 贷款价值 (LTV) 比率降低 12% 后，讨论得到了推动。

The Dai Conundrum

戴氏难题

Dai is an algorithmic stablecoin, backed by a diverse portfolio of crypto collateral, including USDC, Ethereum (ETH), and others. MakerDAO governs the issuance of Dai, and has recently come under fire for its aggressive minting practices. On April 2nd, MakerDAO minted 600 million DAI and deposited it in a vault with decentralized lending protocol Morpho, raising concerns about the potential for oversupply.

Dai 是一种算法稳定币，由多种加密抵押品组合支持，包括 USDC、以太坊 (ETH) 等。 MakerDAO 负责管理 Dai 的发行，最近因其激进的铸币行为而受到批评。 4 月 2 日，MakerDAO 铸造了 6 亿枚 DAI，并将其存入去中心化借贷协议 Morpho 的金库中，引发了人们对潜在供应过剩的担忧。

EUSD Uncertainty

欧元兑美元的不确定性

The crux of the debate lies in the nature of eUSD, a stablecoin that serves as collateral for the newly minted Dai in the Morpho vault. According to Ethena protocol, the issuer of eUSD, it is backed by a combination of Lido Staked Ether (stETH) and a corresponding futures short position.

争论的关键在于 eUSD 的性质，它是一种稳定币，充当 Morpho 金库中新铸造的 Dai 的抵押品。根据 eUSD 的发行者 Ethena 协议，它由 Lido Staked Ether (stETH) 和相应的期货空头头寸的组合提供支持。

Delta-Neutral Claims and Criticisms

达美中立的主张和批评

Ethena claims that eUSD is "delta neutral," meaning its value should remain stable regardless of ETH price fluctuations. Critics, however, argue that eUSD could become under-collateralized in bear markets, when ETH futures prices fall below spot prices. Additionally, concerns have been raised about the potential for technical issues within Lido's staking network to impact stETH's value relative to ETH.

Ethena 声称 eUSD 是“Delta 中性”，这意味着无论 ETH 价格如何波动，其价值都应保持稳定。然而，批评者认为，当 ETH 期货价格低于现货价格时，eUSD 在熊市中可能会变得抵押不足。此外，人们还担心 Lido 质押网络中的技术问题可能会影响 stETH 相对于 ETH 的价值。

AaveDAO's Risk Concerns

AaveDAO 的风险担忧

Aave Chan initiative founder Marc Zeller, a vocal critic of MakerDAO's Dai issuance practices, initially proposed setting the Aave LTV for Dai to zero, effectively banning its use as collateral. Chaos Labs' subsequent proposal for a 12% reduction in LTV represents a compromise, acknowledging the risks associated with eUSD while still allowing Dai to be used as collateral.

Aave Chan 倡议创始人 Marc Zeller 是 MakerDAO 的 Dai 发行实践的直言不讳的批评者，他最初提议将 Dai 的 Aave LTV 设置为零，从而有效禁止将其用作抵押品。 Chaos Labs 随后提出的将 LTV 降低 12% 的提议代表了一种妥协，承认与 eUSD 相关的风险，同时仍然允许将 Dai 作为抵押品。

Ongoing Discussion

持续讨论

The proposal from Chaos Labs is still under discussion within AaveDAO, and no formal snapshot vote has yet been scheduled. The debate is likely to continue in the coming days, as AaveDAO members weigh the potential risks and benefits of using Dai as collateral.

Chaos Labs 的提案仍在 AaveDAO 内部讨论，尚未安排正式的快照投票。随着 AaveDAO 成员权衡使用 Dai 作为抵押品的潜在风险和收益，这场争论可能会在未来几天继续下去。

Crypto Bear Market Fears

加密货币熊市恐惧

The discussion on Dai LTV limits is occurring amidst broader concerns about the crypto market's vulnerability to bear markets. Should a prolonged downturn occur, the value of crypto assets, including stETH and eUSD, could decline significantly, potentially leading to collateral shortfalls and the need for margin calls.

关于 Dai LTV 限制的讨论是在人们对加密货币市场易受熊市影响的更广泛担忧中进行的。如果经济长期低迷，包括 stETH 和 eUSD 在内的加密资产的价值可能会大幅下跌，从而可能导致抵押品短缺和追加保证金的需要。

MakerDAO's Response

MakerDAO 的回应

MakerDAO has defended its actions, claiming that the newly minted Dai is being properly backed by stable collateral. However, the proposal to reduce Dai LTV on Aave suggests that concerns about its stability persist within the broader crypto community.

MakerDAO 为其行为进行了辩护，声称新创建的 Dai 得到了稳定抵押品的适当支持。然而，减少 Aave 上 Dai LTV 的提议表明，更广泛的加密社区中仍然存在对其稳定性的担忧。

Conclusion

结论

The ongoing debate within AaveDAO highlights the challenges and risks associated with using decentralized stablecoins as collateral in lending platforms. As the crypto market continues to evolve, it is essential for protocols like MakerDAO and Aave to carefully assess the risks associated with their respective stablecoins and take appropriate measures to mitigate potential vulnerabilities.

AaveDAO 内部正在进行的争论凸显了在借贷平台中使用去中心化稳定币作为抵押品所面临的挑战和风险。随着加密货币市场的不断发展，像 MakerDAO 和 Aave 这样的协议必须仔细评估与各自稳定币相关的风险，并采取适当的措施来减轻潜在的漏洞。