MakerDAO 考虑向 Morpho Labs Vault 拨款 6 亿美元，引发 DeFi 争论

MakerDAO 正在考虑通过 Morpho Labs 金库向 sUSDe 和 USDe 分配高达 6 亿美元的 DAI。随着 Ethena TVL 的增长符合内部预期，拨款可能高达 10 亿美元。分配调整的建议基于 Morpho Spark DAI 的早期性能数据，该数据几乎在发布后立即就看到了强劲的需求。

MakerDAO Mulls Colossal $600 Million Allocation to Morpho Labs Vault

MakerDAO 考虑向 Morpho Labs Vault 拨款 6 亿美元

In a seismic development that could reshape the decentralized finance (DeFi) landscape, MakerDAO, the governing body behind the esteemed DAI stablecoin, is exploring the allocation of a mammoth $600 million DAI to Morpho Labs vault. This bold move, initially suggested by Ethena Labs' Head of Growth, Seraphim, could potentially expand to an astonishing $1 billion, a testament to Ethena's robust growth trajectory.

在一场可能重塑去中心化金融 (DeFi) 格局的重大发展中，备受尊敬的 DAI 稳定币背后的管理机构 MakerDAO 正在探索向 Morpho Labs 金库分配价值 6 亿美元的 DAI。这一大胆举措最初由 Ethena Labs 的增长主管 Seraphim 提出，有可能扩大到惊人的 10 亿美元，证明了 Ethena 的强劲增长轨迹。

Early Success of Morpho Spark DAI Fuels Allocation Recommendation

Morpho Spark DAI 燃料分配建议的早期成功

The genesis of this allocation proposal stems from the remarkable performance of Morpho Labs' Spark DAI vault, highlighted by BA Labs team member monet-supply in a recent MakerDAO forum post. The vault's meteoric rise in popularity, garnering substantial demand upon its inception, has prompted the recommendation for allocation adjustments.

这一分配提案的起源源于 Morpho Labs 的 Spark DAI 金库的卓越性能，BA Labs 团队成员 monet-supply 在最近的 MakerDAO 论坛帖子中强调了这一点。该金库的受欢迎程度迅速上升，自成立以来就吸引了大量需求，促使建议进行配置调整。

User Preferences Drive Allocation Considerations

用户首选项 驱动器分配注意事项

Based on insightful observations of pool utilization patterns, monet-supply identified several salient user preferences that guided the allocation decision. The data revealed a resounding preference for USDe over sUSDe pools, underscoring the importance of yield-bearing assets. Moreover, users exhibited a clear appetite for higher leverage, particularly in pools with LLTV (loan-to-value ratio) exceeding 86%. These preferences suggest a keen interest in maximizing returns.

基于对矿池利用模式的深入观察，货币供应确定了指导分配决策的几个显着的用户偏好。数据显示，人们对 USDe 的偏好超过了 sUSDe 池，凸显了收益资产的重要性。此外，用户对更高的杠杆率表现出明显的兴趣，特别是在 LLTV（贷款价值比）超过 86% 的资金池中。这些偏好表明对最大化回报的浓厚兴趣。

USDe's Allure: Points and Token Incentives

USDe 的魅力：积分和代币激励

The user preference for USDe over sUSDe can be attributed to its attractive rewards structure. As of the time of monet-supply's post, USDe offered 7x points, while sUSDe provided only 5x points coupled with an approximately 30% yield. This disparity in rewards, combined with the opportunity to accrue ENA tokens, the native asset of Ethena Labs, has apparently resonated with users.

用户对 USDe 相对于 sUSDe 的偏好可归因于其有吸引力的奖励结构。截至 monet-supply 发帖时，USDe 提供了 7 倍积分，而 sUSDe 仅提供 5 倍积分，收益率约为 30%。这种奖励差异，加上获得 Ethena Labs 原生资产 ENA 代币的机会，显然引起了用户的共鸣。

Opposition to the Allocation: Concerns Raised

反对分配：引发担忧

Despite the apparent enthusiasm for the allocation, Marc Zeller, founder of Aave Chain Initiative (ACI), has voiced strong objections. In a recent post on X, Zeller decried the proposed $1 billion allocation as a reckless gamble, akin to minting 20% of the stablecoin's supply out of thin air. He characterized Morpho Labs as an untested protocol with inadequate risk mitigation measures. Furthermore, Zeller expressed his intention to propose a reduction in the LTV on Aave, a rival lending platform, as a countermeasure.

尽管人们对此次分配表现出明显的热情，但 Aave Chain Initiative (ACI) 创始人 Marc Zeller 表示强烈反对。在最近 X 上的一篇文章中，Zeller 谴责拟议的 10 亿美元分配是一场鲁莽的赌博，类似于凭空铸造了稳定币供应量的 20%。他将 Morpho Labs 描述为未经测试的协议，风险缓解措施不足。此外，Zeller 表示打算提议降低竞争对手借贷平台 Aave 的 LTV，作为对策。

Conclusion

结论

The proposed allocation of up to $1 billion DAI by MakerDAO to Morpho Labs vault represents a pivotal moment for the DeFi ecosystem. While the potential for increased liquidity and yield-generating opportunities is undeniable, the concerns raised about risk mitigation and tokenomics warrant careful consideration. As the MakerDAO community engages in lively debate, the ultimate decision will undoubtedly shape the future of decentralized finance.

MakerDAO 提议向 Morpho Labs 金库分配高达 10 亿美元的 DAI，这代表着 DeFi 生态系统的关键时刻。虽然增加流动性和产生收益的机会的潜力是不可否认的，但对风险缓解和代币经济学的担忧值得仔细考虑。随着 MakerDAO 社区的热烈讨论，最终的决定无疑将塑造去中心化金融的未来。