SUSD继续将A16Z的RWA推入宇宙

本文分析了SUSD继续与PEG脱钩的原因

sUSD continues to decouple, why has it not been repaired yet?

Susd继续将其解散，为什么还没有修理？

Since the SIP-420 proposal was passed at the beginning of the year, sUSD has been depegging and has recently entered a serious depegging range below $0.9. The key change in this proposal is the introduction of the "delegation pool". The design of the delegation pool is to encourage users to mint sUSD through this mechanism. The benefits are

自从年初通过SIP-420提案以来，SUSD一直在挑剔，最近进入了低于$ 0.9的严重Depegging系列。该提案的关键变化是引入“委托池”。委托池的设计是鼓励用户通过这种机制造成薄荷。好处是

* 200% collateral ratio (originally designed to be 500%+)

* 200％抵押比例（最初设计为500％+）

* Debt can be transferred linearly to the protocol

*债务可以线性转移到协议

* After all transfers are completed, users do not need to repay

*所有转移完成后，用户不需要还款

* The protocol resolves debt through profit and appreciation of $SNX

*该协议通过盈利和$ SNX的赞赏来解决债务

The advantages are obvious. It improves the minting efficiency of SNX while eliminating the liquidation risk of borrowers. If the market has strong confidence in SNX, it will enter a positive cycle.

优点是显而易见的。它提高了SNX的造币效率，同时消除了借款人的清算风险。如果市场对SNX充满信心，它将进入一个积极的周期。

But problems immediately emerged:

但是问题立即出现：

* The market still has severe PTSD for SNX - sUSD, an intrinsic collateral

*市场仍然具有SNX的严重PTSD -SUSD，一个内在的抵押品

* Lack of confidence and the increased efficiency of SNX minting have resulted in additional sUSD flowing into the market, and Curve Pool has seriously deviated

*缺乏信心和SNX铸造效率的提高导致了更多的SUSD流入市场，并且曲线池严重偏离

* Due to the design of the "delegation pool", users no longer actively manage their debts and cannot repay debts by purchasing low-priced sUSD in the market to arbitrage

*由于“委托池”的设计，用户不再积极管理债务，无法通过购买市场上的低价SUSD来偿还债务以套利

The issue that everyone is most concerned about is whether it can be anchored back. This issue is very dependent on the project party, because the demand or incentives for sUSD must be increased. @synthetix_io is also very clear about this, but whether the market will pay for this kind of algorithmic stablecoin with endogenous collateral is unknown. The sequelae of LUNA are still too great, but from a purely design perspective, the design of synthetix is still advanced, and if it was born in that stable and grassroots period, it might be favored.

每个人最关心的问题是可以固定的问题。这个问题非常依赖于项目政党，因为必须增加对SUSD的需求或激励措施。 @synthetix_io也很清楚这一点，但是市场是否会为具有内源性抵押品的这种算法stablecoin付费。 Luna的后遗症仍然太大了，但是从纯粹的设计角度来看，Synthetix的设计仍然是先进的，如果它是在那个稳定的基层时期出生的，那么它可能会受到青睐。

(This does not constitute a buy or sell recommendation, it only states the reasons why things happened for study and research)

（这并不构成买卖建议，它仅说明了为研究和研究发生的原因）

DeFi sector rises as IRS broker bill is repealed and regulatory attitude shifts

国税局经纪法案被废除和监管态度转变时，防御部门上升

The US president has signed a bill repealing the IRS DeFi crypto broker rules, which went into effect on April 11. The bill, which was passed by Congress in March, cancels provisions of the 2024 tax code that would have required crypto miners, mixers, and liquidators to report taxes on behalf of their users.

美国总统已签署了一项法案，废除了IRS Defi Crypto经纪人规则，该法规于4月11日生效。该法案是由国会于3月份通过的法案，取消了2024年税法的规定，该规定要求加密货币的矿工，混合器和清算人以代表其用户报告税收。

The move comes as the Biden administration is working to finalize a comprehensive crypto policy. It also follows a period of heightened scrutiny of the DeFi sector, with regulators warning of potential scams and abuses.

此举是因为拜登政府正在努力敲定全面的加密政策。这也遵循了对Defi部门的审查，并警告了潜在的骗局和虐待行为。

The crypto sector has seen mixed fortunes in recent months, with prices remaining largely rangebound and Bitcoin struggling to break through the $50,000 barrier. However, DeFi continues to grow rapidly, with total value locked in protocols hitting a record high of $2.41 trillion in April.

最近几个月，加密货币部门的命运越来越多，价格仍然很大，比特币努力打破了50,000美元的障碍。但是，Defi继续迅速增长，协议中的总价值锁定在4月的创纪录的2.41万亿美元。

Those figures are sure to attract the attention of retail investors, especially as the thinking on DeFi has become more pessimistic in recent weeks.

这些数字肯定会吸引零售投资者的注意，尤其是随着最近几周对Defi的想法变得更加悲观。

Here are some recent developments in the DeFi sector:

以下是Defi行业的最新发展：

* sUSD continues to depeg, but why hasn’t it been repaired yet?

* SUSD继续进行Depeg，但是为什么还没有修理呢？

* veCAKE governance attack, cakepie protocol faces liquidation

* vecake治理攻击，Cakepie协议面临着清算

* Following the veCAKE governance attack above, Curve founder @newmichwill gave a quantitative calculation method:

*在上述Vecake治理攻击之后，Curve创始人@NewMichWill给出了定量计算方法：

* Measures the number of CAKEs that are locked as veCAKEs via Cakepie (these CAKEs are permanently locked).

*测量通过Cakepie将其锁定为Vecakes的蛋糕数量（这些蛋糕是永久锁定的）。

* Compare a hypothetical scenario: If the same veCAKE is used to vote for the "Quality Pool" and all proceeds are used to buy back and destroy CAKE, how much CAKE will be destroyed?

*比较一个假设的情况：如果使用相同的维卡来投票为“优质池”投票，并且所有收益都用于回购和销毁蛋糕，则将销毁多少蛋糕？

* Through this comparison, it can be determined whether Cakepie's behavior is more efficient than directly destroying CAKE.

*通过这种比较，可以确定Cakepie的行为是否比直接破坏蛋糕更有效。

According to Michael's experience, on Curve, the veToken model is about 3 times more efficient in reducing the circulation of CRV tokens than directly destroying tokens.

根据迈克尔的经验，在曲线上，兽医模型在减少CRV令牌的循环效率上是直接破坏令牌的效率。

* BUIDL continues to grow, up 24% in 7 days

* Buidl继续增长，7天内增长了24％

* Last time we paid attention to the 2 billion mark, we are now close to breaking through 2.5 billion.

*上次我们关注20亿个大关时，我们现在即将突破25亿。

* The most recent increase of $500 million did not come from Ethena

*最近的5亿美元增长并非来自埃塞纳（Ethena）

* May have attracted new investor groups

*可能吸引了新的投资者团体

* From the traces on the chain, it may come from Spark, a lending protocol under Sky (MakerDAO).

*从链条上的痕迹中，它可能来自Spark，Spark是Sky（Makerdao）下的贷款协议。

The RWA business has continued to grow, but has not been well integrated into the DeFi Lego, and is currently in a state of being "out of touch with the market and irrelevant to retail investors."

RWA业务一直在增长，但还没有很好地整合到Defi Lego中，目前处于“与市场脱节，与散户投资者无关的状态”。

IRS DeFi Broker Bill Officially Repealed

IRS Defi经纪法案正式废除

On April 11, US President Trump signed a bill announcing the official repeal of the IRS DeFi crypto broker rules. The bill, which was passed by Congress in March, cancels provisions

4月11日，美国总统特朗普签署了一项法案，宣布官方废除IRS Defi Crypto经纪人规则。该法案于3月份通过国会通过