MakerDAO 的 Spark 协议接近 DAI 债务上限，引发去中心化稳定币市场竞争

MakerDAO 的 Spark 协议是一个去中心化的货币市场，在不到两周的时间内就面临着 DAI 债务上限的增加，而利用率高达 99%。 MakerDAO 的 DSR 率提高后，活动激增，推动了 Spark 的 TVL 增长以及与 crvUSD 和 GHO 等去中心化稳定币的竞争。

MakerDAO's Spark Protocol Approaches DAI Debt Limit, Sparking Competition in the Decentralized Stablecoin Market

MakerDAO 的 Spark 协议接近 DAI 债务上限，引发去中心化稳定币市场竞争

MakerDAO, a decentralized autonomous organization (DAO) governing the development of the DAI stablecoin, recently faced a rapid surge in demand for DAI loans on its Spark Protocol money market, leading to a nearing of its DAI debt ceiling.

MakerDAO 是一个管理 DAI 稳定币开发的去中心化自治组织 (DAO)，最近其 Spark 协议货币市场上的 DAI 贷款需求迅速激增，导致其 DAI 债务上限接近。

Launched in June 2023, Spark Protocol experienced a swift uptake in borrowing activity, with users swiftly utilizing $180 million DAI within eight days, according to data from Blockanalitica. The protocol's utilization currently stands at an impressive 99%.

根据 Blockanalitica 的数据，Spark Protocol 于 2023 年 6 月推出，借贷活动迅速增长，用户在八天内迅速使用了 1.8 亿美元的 DAI。目前该协议的利用率高达 99%，令人印象深刻。

This surge in activity coincides with escalating competition in the decentralized stablecoin market. MakerDAO is actively seeking to safeguard DAI's market share against emerging DeFi-native stablecoins issued by Curve Finance and Aave.

这种活动的激增与去中心化稳定币市场的竞争不断升级同时发生。 MakerDAO 正在积极寻求保护 DAI 的市场份额，对抗 Curve Finance 和 Aave 发行的新兴 DeFi 原生稳定币。

In an attempt to bolster Spark Protocol's adoption, MakerDAO increased its DAI Savings Rate (DSR) from 3.3% to 8% in early August. This move proved highly effective, catalyzing a parabolic rise in Spark's total value locked (TVL), which surged by 674% from $58 million to $449 million within six days. Data from Dune Analytics indicates that the DSR's TVL has also experienced significant growth, currently exceeding $1.39 billion.

为了促进 Spark 协议的采用，MakerDAO 在 8 月初将其 DAI 储蓄率 (DSR) 从 3.3% 提高到 8%。事实证明，这一举措非常有效，促进了 Spark 锁定总价值 (TVL) 的抛物线式增长，在六天内从 5800 万美元飙升至 4.49 亿美元，增长了 674%。 Dune Analytics 的数据表明，DSR 的 TVL 也经历了显着增长，目前超过 13.9 亿美元。

Spark Protocol's genesis lies in the June 2023 fork of Aave v3, the prominent DeFi lending protocol, by MakerDAO team members.

Spark 协议的起源在于 MakerDAO 团队成员于 2023 年 6 月对著名的 DeFi 借贷协议 Aave v3 进行了分叉。

crvUSD's Resurgence and GHO's Momentum

crvUSD 的复兴和 GHO 的势头

Amidst this heightened competition, Curve Finance's stablecoin, crvUSD, has also witnessed a resurgence in activity. On August 16, crvUSD's supply reached an all-time high, with users borrowing over $107 million crvUSD against collateral assets deposited on Curve.

在这场激烈的竞争中，Curve Finance 的稳定币 crvUSD 也见证了活动的复苏。 8 月 16 日，crvUSD 的供应量达到历史最高水平，用户以存入 Curve 的抵押资产借入超过 1.07 亿美元的 crvUSD。

This upswing follows a brief decline in crvUSD utilization, sparked by a temporary loss of confidence in the Curve protocol after an exploit targeting Vyper, the smart contract programming language used by Curve, resulted in hackers draining approximately $25 million from Curve's liquidity pools. The majority of the stolen assets were eventually recovered.

此次上涨是在 crvUSD 使用率短暂下降之后发生的，原因是针对 Curve 使用的智能合约编程语言 Vyper 的攻击导致黑客从 Curve 的流动性池中抽走了约 2500 万美元，从而引发了对 Curve 协议的暂时失去信心。大部分被盗资产最终被追回。

Meanwhile, Aave has entered the decentralized stablecoin fray with the launch of GHO one month ago. Despite its relatively recent deployment, Aave users have rapidly minted 22.4 million GHO tokens, eclipsing the initial growth rates of both crvUSD and Spark.

与此同时，随着一个月前 GHO 的推出，Aave 也加入了去中心化稳定币的竞争。尽管部署相对较新，但 Aave 用户已迅速铸造了 2240 万个 GHO 代币，超过了 crvUSD 和 Spark 的初始增长率。

However, GHO has encountered challenges in maintaining its peg to the U.S. dollar, with its price exhibiting a persistent downward trend since its launch. According to Token Logic, GHO's average price over the past 24 hours has hovered around $0.967.

然而，GHO在维持与美元挂钩方面遇到了挑战，自推出以来其价格呈现持续下跌趋势。据 Token Logic 统计，过去 24 小时 GHO 的均价徘徊在 0.967 美元左右。

Implications for the Stablecoin Landscape

对稳定币格局的影响

The rapid growth of Spark Protocol and the resurgence of crvUSD underscore the intensifying competition within the decentralized stablecoin market. MakerDAO, Curve Finance, and Aave are all vying for market dominance, each offering unique advantages and incentives to users.

Spark Protocol 的快速增长和 crvUSD 的复苏凸显了去中心化稳定币市场竞争的加剧。 MakerDAO、Curve Finance 和 Aave 都在争夺市场主导地位，各自为用户提供独特的优势和激励措施。

As these protocols continue to evolve and innovate, the stablecoin landscape is poised to undergo significant transformation. The competitive dynamics and technological advancements shaping this space will undoubtedly have far-reaching implications for the broader cryptocurrency ecosystem and its users.

随着这些协议的不断发展和创新，稳定币格局将发生重大转变。塑造这一领域的竞争动态和技术进步无疑将对更广泛的加密货币生态系统及其用户产生深远的影响。