Aave 推出 Horizon 计划，借贷协议如何将 RWA 作为收益来源？

marsbitPubblicato 2025-03-13Pubblicato ultima volta 2025-03-14

编者按：Horizon 计划推出 RWA 产品作为 Aave 协议的许可实例，使机构能够使用 MMF 作为抵押品借入 USDC 和 GHO，释放稳定币流动性并扩大机构对 DeFi 的访问。Horizon 将通过结构化利润分享机制与 Aave DAO 保持一致，同时提供合规性和风险管理框架，弥合 DeFi 与机构需求之间的差距。该产品预计将推动 GHO 采用、增强 Aave 生态系统的机构覆盖范围，并为 Aave DAO 创造新的收入来源。

Aave

TL;DR

随着代币化增强流动性、降低成本并实现 24/7 可编程交易，对代币化现实世界资产（RWA）的需求正在上升——这使得传统资产更容易在链上访问。代币化的美国国债同比增长 408%，达到 40 亿美元，机构采用加速，预计未来十年内链上 RWA 规模将达到 16 万亿美元。

为满足这一不断增长的需求，Horizon——Aave Labs 的一项倡议——提议推出 RWA 产品作为 Aave 协议的许可实例。Horizon 将使机构能够使用代币化的货币市场基金（MMF）作为抵押品，大规模借入 USDC 和 GHO，释放稳定币流动性并扩大机构对 DeFi 的访问。

在 Aave DAO 批准后，Horizon 的 RWA 产品将作为 Aave V3 的许可实例推出，并在 Aave V4 可用后过渡到定制的 Aave V4 部署。为支持与 Aave DAO 的长期一致性，Horizon 将实施结构化的利润分享机制，第一年向 Aave DAO 分配 50% 的收入，同时通过战略激励推动生态系统增长。

此 Temp Check 邀请社区对 Horizon 的 RWA 产品作为 Aave 许可实例推出提供反馈。

为什么推出 Horizon

RWA 中的机构采用差距

代币化正在从根本上重塑金融基础设施。我们相信所有资产最终都会上链，利用 DeFi 作为更具弹性的金融系统。

传统和加密原生资产管理公司已经注意到这一点，发行代币化的 MMF 以满足对低风险、生息链上资产不断增长的需求。这些 MMF 是传统金融与 DeFi 之间的关键桥梁，增强了机构对链上市场的信心。

然而，DeFi 的开放架构缺乏机构采用所需的合规性、治理和风险管理框架。如果没有定制解决方案，参与仍然有限，大规模集成 RWA 仍然是一个挑战。

Aave

Horizon：机构资本与 DeFi 的结合

Horizon 通过使机构能够访问无许可的稳定币流动性同时满足发行人要求来弥合这一差距。代币化资产发行人将能够在代币级别强制执行转移限制并保持资产级别控制，同时保留 DeFi 的可组合性。经 RWA 发行人许可的合格用户将能够借入 USDC 和 GHO。在 Aave DAO 批准后，单独的 GHO Facilitator 将支持使用 RWA 抵押品铸造 GHO，提供为机构优化的可预测借款利率。这增强了 DeFi 中 RWA 的安全性、可扩展性和机构采用。

基于 Aave Arc 机构框架的见解，Horizon 为机构参与提供了结构化方法，扩大了无许可稳定币流动性的访问。

Aave

关键设计组件

许可的 RWA 代币供应和提取机制
无许可的 USDC 和 GHO 供应功能
合格用户的稳定币借贷
专用的 GHO Facilitator，按需铸造新 GHO
许可的清算工作流程
与 RWA 白名单 ERC-20 代币的集成
RWA 发行人的资产级别权限管理

规划细节

对 Aave 社区的战略利益

Aave 协议的无许可设计是其核心优势。然而，集成许可的 RWA 带来了超越智能合约开发的挑战，需要链下法律结构、监管协调和主动监督——这些功能在 Aave DAO 基础设施中并不容易获得。

为在保持 Aave 中立性和可组合性的同时扩展 DeFi 中的 RWA 采用，Horizon 的 RWA 产品将作为 Aave V3 的许可实例推出，保持与 Aave DAO 的一致性。

利润分享机制

Horizon 的部分利润将分配给 Aave DAO，如下表所示。

Aave

代币分配一致性

如果 Horizon 推出代币，15% 将分配给 Aave DAO，分配方式如下：

10% 给 Aave DAO 国库
3% 保留用于 Aave 生态系统激励
2% 空投给 Staked Aave（stkAAVE）持有者

GHO 采用与收入

Horizon 将使机构能够以 RWA 为抵押借入 GHO 作为主要流动性选项，同时支持 USDC，预计将：

推动 GHO 采用
增强 GHO 的流动性和稳定性
加强 GHO 作为结算资产的作用
通过 GHO 借贷产生收入

运营支持

Aave DAO 及其服务提供商将监督 Horizon 的 RWA 产品的运营功能。同时，Horizon 保留配置实例和指导产品战略方向的独立性，包括适应不断变化的市场条件、满足机构需求以及扩展到新网络。

Aave V3：Aave DAO 将运营控制实例，而 Horizon 保留启用 / 禁用资产、配置风险参数和价格预言机、针对特定网络部署以及管理供应 / 借款上限的权限。
Aave V4：随着 Aave V4 的不可变和模块化设计，Horizon 将在发布时确定实例的最佳配置。

Aave DAO 的考虑事项

根据现有的 Aave DAO 框架批准 Horizon 的 RWA 产品作为许可实例。

Horizon 的 RWA 产品将扩展 Aave 生态系统的机构覆盖范围，同时保持其无许可的完整性。作为许可实例，它为 Aave DAO 创造了新的收入来源，加速了 GHO 的采用，并加强了 Aave DAO 作为服务提供商的角色——为生态系统带来长期价值。

下一步计划

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