MakerDAO 计划向 Ethena 稳定币生态系统投资 6 亿美元

MakerDAO 正在考虑通过 Morpho Labs 的 DeFi 借贷协议向 USDe 和 sUSDe 投资 6 亿美元的 DAI。此举符合 MakerDAO 的增长战略，并扩大了其在加密货币借贷领域的影响力。拟议的分配旨在增加 USDe 和 sUSDe 的开发商 Ethena 的锁定总价值。

MakerDAO's Proposed Multi-Million Dollar Investment in Ethena's Stablecoin Ecosystem

MakerDAO 拟对 Ethena 稳定币生态系统投资数百万美元

Background

背景

MakerDAO, a leading decentralized autonomous organization (DAO) overseeing the stablecoin DAI, is reportedly contemplating a substantial investment of $600 million in Ethena Labs' stablecoins, USDe and staked USDe (sUSDe). This move aligns with MakerDAO's growth strategies and expands its presence in the cryptocurrency lending sector.

据报道，负责监管稳定币 DAI 的领先去中心化自治组织 (DAO) MakerDAO 正在考虑对 Ethena Labs 的稳定币 USDe 和质押 USDe (sUSDe) 进行 6 亿美元的巨额投资。此举符合 MakerDAO 的增长战略，并扩大其在加密货币借贷领域的影响力。

Proposed Allocation and Rationale

拟议分配和理由

The proposal under consideration involves allocating a significant portion of MakerDAO's DAI stablecoin into two assets: USDe and its staked version, sUSDe. Ethena Labs, a renowned stablecoin developer, is the issuer of both assets. According to Seraphim Czecker, Ethena's Head of Growth, the allocation, if approved by the MakerDAO community, is expected to significantly increase the total value locked in Ethena's ecosystem, meeting the company's internal growth forecasts.

正在考虑的提案涉及将 MakerDAO 的 DAI 稳定币的很大一部分分配给两种资产：USDe 及其质押版本 sUSDe。著名的稳定币开发商 Ethena Labs 是这两种资产的发行人。 Ethena 增长主管 Seraphim Czecker 表示，如果获得 MakerDAO 社区的批准，此次分配预计将显着增加 Ethena 生态系统锁定的总价值，满足公司的内部增长预测。

Early Data Analysis

早期数据分析

Preliminary data from the Morpho Spark DAI vault indicates robust demand for USDe and sUSDe. User preference is skewed towards USDe pools, particularly in higher loan-to-value (LLTV) ratio pools. This preference is attributed to the attractive returns and the ability to earn ENA tokens through USDe, suggesting a strategic allocation towards USDe.

Morpho Spark DAI 金库的初步数据表明对 USDe 和 sUSDe 的需求强劲。用户偏好偏向于 USDe 池，特别是在贷款价值 (LLTV) 比率较高的池中。这种偏好归因于有吸引力的回报以及通过 USDe 赚取 ENA 代币的能力，这表明对 USDe 的战略配置。

To mitigate liquidity risk, the proposal recommends allocating additional funds to USDe, as it can be redeemed instantly, unlike sUSDe, which has a one-week unstaking period. This move is also expected to positively impact Ethena's income and insurance funds, enhancing the overall risk profile of the investments.

为了降低流动性风险，该提案建议向 USDe 分配额外资金，因为它可以立即赎回，而 sUSDe 则有一周的质押期。预计此举还将对 Ethena 的收入和保险基金产生积极影响，从而提高投资的整体风险状况。

Risk Evaluation and Vault Strategy

风险评估和避难策略

MakerDAO's proposal incorporates a comprehensive assessment of various risk factors associated with the vault, including Morpho's rate models, custody and exchange transparency, and counterparty risks. A significant portion of the collateral is reportedly pledged to Binance and, by extension, held at Ceffu, raising concerns about counterparty risk due to common ownership.

MakerDAO 的提案综合了与金库相关的各种风险因素的综合评估，包括 Morpho 的利率模型、托管和交易透明度以及交易对手风险。据报道，很大一部分抵押品已质押给币安，并进一步存放在 Ceffu，这引发了人们对共同所有权带来的交易对手风险的担忧。

Furthermore, liquid staking tokens (LST) exposure poses a systemic risk to Ethena, but this risk is mitigated by the fact that LSTs constitute a relatively small portion of its collateral pool.

此外，流动性质押代币（LST）的暴露给 Ethena 带来了系统性风险，但由于 LST 只占其抵押品池的相对较小部分，这一风险得到了缓解。

Allocation and Parameter Recommendations

分配和参数建议

In line with the risk assessment, the proposal recommends setting the Dynamic Debt Mechanism (DDM) line parameter at 1 billion DAI and capping the initial total allocation at 600 million DAI. This conservative approach allows for future scalability with respect to risk exposure.

根据风险评估，提案建议将动态债务机制（DDM）额度参数设置为 10 亿 DAI，并将初始总分配上限设定为 6 亿 DAI。这种保守的方法考虑到了未来风险敞口的可扩展性。

The proposal suggests concentrating on the 86% and 91.5% LLTV pools due to their favorable risk-reward profiles. However, a modest increase in allocations to the 77% and 94.5% LLTV pools is also recommended for data validation and interest rate model calibration.

该提案建议重点关注 86% 和 91.5% LLTV 池，因为它们具有良好的风险回报特征。然而，还建议适度增加对 77% 和 94.5% LLTV 池的分配，以进行数据验证和利率模型校准。

Conclusion

结论

MakerDAO's proposed investment in Ethena's stablecoin ecosystem is a significant development in the cryptocurrency lending sector. If approved by the community, this allocation could substantially increase the total value locked in Ethena's ecosystem and potentially drive growth for both parties. However, it is important to note that the proposal is subject to further evaluation and approval by MakerDAO's governance mechanisms before becoming effective.

MakerDAO 对 Ethena 稳定币生态系统的拟议投资是加密货币借贷领域的重大发展。如果得到社区的批准，这种分配可能会大大增加 Ethena 生态系统中锁定的总价值，并有可能推动双方的增长。但需要注意的是，该提案还需经过 MakerDAO 治理机制的进一步评估和批准才能生效。