Aave V4 要把华尔街证券融资搬上链：可组合性层从风险点变成主干

marsbitPublished on 2026-07-03Last updated on 2026-07-03

Abstract

Aave创始人近日提出将V4版本定位为华尔街证券融资的链上替代方案，瞄准规模巨大的传统回购、证券借贷及保证金融资市场，计划推出证券抵押贷款、回购和证券借贷三类产品。其现有的机构级RWA借贷市场Horizon已积累约5亿美元存款，目标在2026年突破10亿美元。这标志着Aave正从提供“RWA抵押”产品，转向构建“链上证券融资基础设施”。 V4的核心创新在于其“可组合性层”。它通过“中心化流动性Hub+多Spoke”架构和共享流动性池的设计，将各类资产统一接入链上的杠杆与清算系统，极大提升了资本效率。然而，这种共享池模式也意味着风险不再隔离：任一抵押品类别在压力期出现问题，都可能动用整个市场的共享稳定币池来应对，从而将风险从单一资产扩散至整个市场。 文章指出，风险已非理论。例如，2026年4月曾因跨链桥攻击导致虚假抵押品存入并形成坏账。未来，大规模坏账或强制清算更可能由抵押代币的链上价格与其底层资产净值在压力期发生错位而触发，而非底层资产本身违约。这对参与各方提出新要求：提供抵押的机构需关注净值与市价的缺口风险；资金出借方需意识到其暴露于共享池中的所有资产风险；协议则需在风险隔离与资本效率间做出权衡。 当前，链上RWA借贷规模与传统目标市场相比仍极小，其杠杆化机制尚未经历真正的市场压力考验。随着RWA发展，风险正从传统的信用层，向代币化后的流动性层和可组合性层转移。

6 月 19 日,Aave 创始人 Kulechov 把即将推进的 Aave V4 定位为华尔街证券融资的链上替代,瞄准美国日均约 12.6 万亿美元的回购、4.6 万亿美元可借证券的证券借贷,以及保证金融资市场,提出三类产品:证券抵押贷款、回购(原子结算)、证券借贷。其机构级 RWA 借贷市场 Horizon 自 2025 年 8 月上线已积累约 4.4 至 5.5 亿美元存款,2026 年目标突破 10 亿。这把"RWA 作抵押"从一个产品,升级为"链上证券融资基础设施"的叙事。

沿用三层框架,这件事的性质在第三层——可组合性。V4 不改变任何底层资产的信用,也不直接制造流动性错配;它做的是把前两层的任何问题,统一接上链上的杠杆与清算。换句话说,它把我们一直强调的可组合性层,从一个风险点,做成了系统的主干。

Aave 有资格做这件事。2025 年底,它占活跃借贷市场份额约 61.5%、超过整个借贷板块半数的 TVL。它的工程也比典型 DeFi 审慎——Horizon 用 Chainlink 的 NAV 预言机按净值定价、由 LlamaRisk 与 Chaos Labs 做风险参数、aToken 不可转让、合约非托管。这些都应肯定,不应一概否定。

但有一个设计选择值得拆开看。V4 的"中心化流动性 Hub + 多 Spoke"架构,与 Horizon 的共享流动性池,是同一取向——资本效率优先。共享池让新资产一上线就接入深度、利率更稳,这是优点;代价是风险不再隔离:某一类抵押品在压力期出问题,动用的是与所有其他抵押品同一个稳定币池。共享池在提升效率的同时,把可组合性层的风险面从单一资产扩大到整个市场。这是万亿 TAM 叙事里被忽略的另一面。

这一风险不是假设。2026 年 4 月,一次第三方跨链桥被攻击,导致约 11.65 万枚无背书的 rsETH 被作为抵押品存入 Aave,形成坏账——这正是"抵押品完整性出问题→坏账"的模板,且与底层资产是否违约无关。

量级上,Horizon 现约 5 亿美元、目标 10 亿,相对它瞄准的 12.6 万亿回购市场只是起步(见下图);也正因如此,这套把各类 RWA 统一杠杆化的机制,尚未在任何一次真正的信贷或流动性压力中被检验过。叠加我们上期对 CLO 类代币推算的压力期 5%–10% 净值漂移,循环加杠杆的头寸可能在 NAV 重定之前就被击穿。我们倾向于认为:RWA 抵押品上第一笔规模化的坏账或强制清算,将由抵押代币的价格/净值在压力期错位触发,而非底层资产违约——表现为某个机构级 RWA 借贷市场出现清算或损失分摊,而底层信用并未违约。

对各方,含义不同:向此类市场供押的机构,应按压力期"净值 vs 链上价"缺口、而非仅按信用设折扣;向其供应稳定币的出借方,要明白自己承接的是一个共享池、暴露于其中每一类抵押品,而不只是自己看好的那一类;风险服务方与协议,隔离池与共享池的取舍就是风险隔离与资本效率的取舍。在我们的三层框架里,本文与同期稳定币(被借的标的)、上期 CLO(被抵押的标的)指向同一主线——市场仍主要盯着信用层,而代币化反复把新风险造在后两层。把抵押代币的流动性与可组合性风险独立定价,正是 Coinfound 的位置。

配图:链上 RWA 借贷相对它瞄准的传统证券融资市场仍极小(来源:Aave / Kulechov, 2026-06)

免责声明:本文仅供信息参考,不构成任何投资建议;数据可能存在延迟或误差,请以官方披露为准。

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Related Questions

QAave V4 的核心目标是什么，它瞄准了传统金融中的哪些具体市场？

AAave V4 的核心目标是成为华尔街证券融资的链上替代方案，它主要瞄准了美国传统金融市场中的回购市场（日均约12.6万亿美元）、可借证券的证券借贷市场（约4.6万亿美元）以及保证金融资市场。

QAave V4 的“中心化流动性 Hub + 多 Spoke”架构及其共享流动性池设计，带来了哪些积极影响与潜在风险？

A积极影响：共享流动性池设计提升了资本效率，新资产上线即可接入深度流动性，利率更稳定。 潜在风险：风险不再隔离，如果某一类抵押品在压力期出问题，会波及共享池中的所有抵押品，将单一资产的风险扩大到整个市场，增加了系统性风险。

Q根据文章，Aave V4 的“三层框架”中第三层（可组合性层）的作用发生了什么关键转变？

A在Aave V4的设计中，可组合性层从一个可能的风险点，转变成了整个系统的主干。它的作用是将来自底层资产（第一层信用）和代币化结构（第二层）的任何风险，统一接上链上的杠杆与清算机制，从而构建了整个链上证券融资基础设施的核心运作逻辑。

Q文章指出，RWA抵押品未来可能出现规模化的坏账或强制清算，最可能的触发原因是什么？这与传统观念有何不同？

A最可能的触发原因是抵押代币的价格与其底层资产净值（NAV）在压力期发生错位（即“净值 vs 链上价”缺口），而非底层信用资产违约。这与传统观念主要关注底层资产信用风险不同，强调了代币化后产生的流动性与价格错配风险。

Q对于向Aave V4这类市场提供稳定币的出借方，文章提出了什么关键的风险警示？

A文章警示出借方，他们提供的资金进入的是一个共享流动性池，这意味着他们将暴露于池中所有类型的抵押品风险之下，而不仅仅是自己看好或选择的某一类特定资产。他们需要评估整个共享池的整体风险。

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