MakerDAO 公布重大分配以提升 DeFi 稳定性和用户奖励

去中心化金融 (DeFi) 领导者 MakerDAO 公布了一项战略计划，将向 Morpho Labs 推动的 USDe 和 sUSDe 协议分发 6 亿个 DAI 稳定币。此举旨在加强风险管理和激励用户，寻求重振DeFi生态系统。 MakerDAO 雄心勃勃的配置，加上对高效贷款流动性价值 (LLTV) 池的关注，确保了流动性风险缓解和有利的风险回报率。

MakerDAO Unveils Strategic Allocation to Augment DeFi Risk Management and User Incentives

MakerDAO 公布战略配置以增强 DeFi 风险管理和用户激励

Decentralized Finance (DeFi) pioneer MakerDAO has embarked on a comprehensive strategy to reshape its portfolio allocations, aiming to enhance risk management and incentivize user participation within the dynamic DeFi ecosystem. The company's audacious plan entails distributing 600 million of its DAI stablecoins across the USDe and staked USDe (sUSDe) protocols, a move facilitated by the DeFi lending platform Morpho Labs.

去中心化金融 (DeFi) 先驱 MakerDAO 已开始实施一项全面战略来重塑其投资组合配置，旨在加强风险管理并激励用户参与动态的 DeFi 生态系统。该公司的大胆计划需要在 USDe 和质押 USDe (sUSDe) 协议上分配 6 亿枚 DAI 稳定币，这一举措由 DeFi 借贷平台 Morpho Labs 推动。

This strategic injection of capital is intended to refine MakerDAO's risk management framework while simultaneously amplifying user incentives, a tactical maneuver designed to invigorate the DeFi market. The plan is ambitious in scale, designating a maximum allocation of 600 million DAI. This allocation builds upon the company's successful launch of the Spark DAI Vault in 2023, a lending platform that garnered substantial demand from its inception.

此次战略注资旨在完善 MakerDAO 的风险管理框架，同时放大用户激励，这是一种旨在活跃 DeFi 市场的战术策略。该计划规模雄心勃勃，指定最高分配量为 6 亿 DAI。此次分配建立在该公司于 2023 年成功推出 Spark DAI Vault 的基础上，该借贷平台从成立之初就吸引了大量需求。

The decision to concentrate this reallocation stems from MakerDAO's keen interest in maintaining liquidity risk within acceptable limits. The company's strategic shift in funds promises not only stability but also empowers Ethena, the synthetic dollar protocol built on the Ethereum blockchain. Ethena will leverage this allocation to bolster its revenue share for its insurance fund, potentially improving the overall risk profile of MakerDAO's Ethena exposure.

集中重新分配的决定源于 MakerDAO 对将流动性风险维持在可接受限度内的强烈兴趣。该公司在资金方面的战略转变不仅保证了稳定性，而且还增强了 Ethena（建立在以太坊区块链上的合成美元协议）的能力。 Ethena 将利用这一分配来提高其保险基金的收入份额，从而有可能改善 MakerDAO 的 Ethena 风险敞口的整体风险状况。

MakerDAO has also proposed specific allocation priorities within the Morpho Labs pools. The company recommends concentrating on the 86% and 91.5% Loan-To-Liquidity-Value (LLTV) pools, which are identified as "higher efficiency" areas in terms of borrow rates and user demand. The 77% and 94.5% LLTV pools will still receive allocations, albeit in slightly reduced proportions.

MakerDAO 还提出了 Morpho Labs 池内的具体分配优先级。该公司建议重点关注贷款流动性价值（LLTV）比例为 86% 和 91.5% 的池，这些池在借款利率和用户需求方面被认为是“效率更高”的领域。 77% 和 94.5% 的 LLTV 池仍将获得分配，尽管比例略有减少。

This strategy, coupled with the firm cap of 600 million DAI on total allocations, serves to protect against potential insolvency while guaranteeing a favorable risk-to-reward ratio for users. As a safety measure, MakerDAO has set the Dividend Debt Mechanism (DDM) line parameter at 1 billion DAI, providing flexibility for future increases should prevailing constraints shift.

这一策略加上 6 亿 DAI 总分配的严格上限，可以防止潜在的破产，同时保证用户获得有利的风险回报比。作为一项安全措施，MakerDAO 将股息债务机制 (DDM) 线参数设置为 10 亿 DAI，以便在当前限制发生变化时为未来的增长提供灵活性。

Meanwhile, two additional pools, the 77% and 94.5%, may benefit from a modest increase in their allocations to 10 million DAI each to ensure efficient management of positions and calibration of interest rate models.

与此同时，另外两个资金池，即 77% 和 94.5%，可能会受益于各自的分配适度增加至 1000 万 DAI，以确保有效管理头寸和校准利率模型。

MakerDAO's recent introduction of a new Ethena points program for Season 2 adds another layer of complexity to the allocation strategy. The program imposes a $500 million cap on eligible collateral for incentives. A decrease in allocations below $600 million will be considered if DAI demand wanes, ensuring a healthy supply/demand balance and appropriate collateral returns.

MakerDAO 最近在第二季推出了新的 Ethena 积分计划，这为分配策略增加了另一层复杂性。该计划对符合激励条件的抵押品设定了 5 亿美元的上限。如果 DAI 需求减弱，将考虑将拨款减少到 6 亿美元以下，以确保健康的供需平衡和适当的抵押品回报。

In tandem with these strategic allocations, MakerDAO's native token, MKR, has been experiencing notable performance. On a recent Sunday, MKR reached an impressive near-three-year peak of $4,074, just 40% shy of its all-time high of $6,292, set in May 2023. Despite a recent 2% retreat, the token currently trades around the $3,717 mark, consolidating well above its immediate support level of $3,640.

与这些战略分配相结合，MakerDAO 的原生代币 MKR 一直表现出色。最近的一个周日，MKR 达到了近三年来的最高点 4,074 美元，距离 2023 年 5 月创下的历史高点 6,292 美元仅差 40%。尽管最近下跌了 2%，但该代币目前的交易价格约为 3,717 美元马克，在其直接支撑位 3,640 美元上方盘整。

Long-term MKR gains remain impressive, with a 25% profit over the past fortnight and an 80% gain over the last month. Market interest remains strong, with trading volume surging to a staggering $274,659,607 in a single day, a 40% increase. Overall, MKR's market capitalization has grown by an outstanding near-100% in the last month, underscoring the robust interest in both MakerDAO's protocol and its native token.

长期 MKR 收益仍然令人印象深刻，过去两周利润增长 25%，上个月利润增长 80%。市场兴趣依然强劲，单日交易量飙升至惊人的 274,659,607 美元，增幅达 40%。总体而言，上个月 MKR 的市值增长了近 100%，凸显了人们对 MakerDAO 协议及其原生代币的浓厚兴趣。

MakerDAO's latest moves are a testament to the company's commitment to shaping the future of DeFi. The strategic allocation of 600 million DAI, coupled with the refinement of its risk management framework and the enhanced

MakerDAO 的最新举措证明了该公司致力于塑造 DeFi 的未来。 6亿DAI的战略配置，加上风险管理框架的细化和强化