Aave 巨鲸「午夜抽水」每晚薅走借款人 600 万美元，到底什么人在干这事？

marsbitPublished on 2026-07-29Last updated on 2026-07-29

Abstract

自5月起，Aave的USDC池每晚UTC时间23:30左右都会出现流动性剧烈波动：一个地址会抽走约1.9亿美元USDC，导致资金池利用率飙升，随后在一小时内将资金存回。链上追踪显示，该行为模式高度规律，资金经由多个协调钱包流转。 此举对Aave利率机制产生直接影响。由于Aave采用双利率模型，当利用率超过92%的目标值时，借款利率会急剧上升。在抽水期间，可借流动性一度从约2.1亿美元骤降至数万美元，导致所有浮动利率借款人的成本临时性激增。 据估算，这一每日操作使得USDC池内总计约18.9亿美元的借款人，每年额外支付约600万美元利息。分析认为，此行为最可能的解释是某个投资机构为满足每日持仓证明的合规要求，而进行的“快照”操作——即暂时从DeFi池中撤出资金以证明资产所有权，随后立即归还。 这一案例凸显了DeFi的透明性如何暴露了传统金融流程在链上世界引发的“外部性”，使普通用户承担了额外的成本。随着时间推移，该操作的执行窗口在7月已逐渐缩短，表明执行方可能在优化流程，但其对借贷市场的周期性干扰依然存在。

作者:Cooper Duschang

编译:深潮 TechFlow

深潮导读:有人每晚从 Aave 的 USDC 池子里抽走 1.9 亿美元流动性,半小时后又还回来——这套操作让全体借款人每年多付 600 万美元利息。深潮追踪链上资金流,发现这大概率是某基金每天向投资人证明「我确实持有这些钱」的强制流程。DeFi 的透明性暴露了传统金融合规流程对链上用户的隐形税。

核心发现

自 5 月起,Aave 的 USDC 池子利用率每天午夜 UTC 时段都会飙升。原因是有人在 23:30 左右抽走 1.9 亿美元 USDC,一小时内再存回来。这影响了池子里所有出借人和借款人的利率。

追踪这个钱包的资金流向,我们发现这个行为最符合的解释是:某个机构需要每天把资金从 DeFi 池子里抽出来,拍个快照证明资产所有权,然后再存回去。

这个「抽水-回存」的时间窗口在 7 月越来越紧凑,都集中在午夜 UTC 前后。相比不抽流动性的情况,这套操作让所有 USDC 借款人每年多付 600 万美元。

Aave 的利用率机制如何运作?

Aave 的双利率模型根据目标利用率来激励借贷。利用率低于目标时利率缓慢上升,超过目标时利率陡增。利用率计算公式是(总借款 / 总存款)。比如借出的资产越多,利用率就越接近 100%。

图:Aave 双利率模型——利用率超过目标值(如 92%)后借款利率曲线陡升。来源:Coin Metrics / Talos

Aave 以太坊主实例上的 USDC 市场目标利用率是 92%。超过目标后利率曲线变得很陡——从 92% 到 100% 利用率,借款利率从 4% 飙到 14%。这抑制借款需求,或者说鼓励更多人存 USDC 来满足需求。

Aave USDC 市场的利用率通常在 90% 上下波动。但从 5 月开始,如果看分钟级数据,利用率出现了反复的尖峰。

图:Aave USDC 市场利用率分钟级数据,自 5 月起出现规律的午夜尖峰。来源:Coin Metrics / Talos

为什么会出现这些尖峰?

排除治理调整或预言机操纵,影响利用率的只有两个变量:USDC 存款量和借款量。

除了一次短暂的借款下降,自 6 月 27 日起总借款平均保持在 18.9 亿美元。如果借款没有持续飙升——那会推高利用率——那就是 USDC 存款量在暴跌。

从 11:30 UTC 到最晚 00:30 UTC 之间,超过 1.5 亿美元 USDC 存款被抽走又存回。可借流动性从大约 2.1 亿美元暴跌到最低只剩 3.3 万美元。

图:每日 11:30–00:30 UTC 间超 1.5 亿美元 USDC 被抽走又存回,可借流动性从约 2.1 亿美元暴跌至最低 3.3 万美元。来源:Coin Metrics / Talos

谁在制造这些尖峰?

以太坊的假名性让我们能公开追踪地址和交易,但不暴露用户或意图。我们找到了每晚转移 1.9 亿美元的地址:0x56957E411Ea83a0B4A0689C1fB0D1e5eA0d20149。

图:涉事地址 0x5695...0149 的资金流转路径,每晚将流动性抽离 Aave 快照后归还。来源:Coin Metrics / Talos

这个账户在 2025 年 12 月 5 日获得资金。查看余额变动和资金流,我们追踪到这个目标地址在 12 月和 1 月对 Aave 的 PYUSD 池子做过类似操作。目标地址收到 USDC,存入 Aave 池子,在 23:30 UTC 左右提款,几分钟后发给 0x31173Ed183e5a9450C3671018ec4d770c8A8bF18。USDC 随后在 00:00 UTC 后不久被退回,再存入 Aave 池子。

这个「协调钱包」31173e...bf18 从目标地址和另一个通过存 USDC 持有 sUSDS 赚收益的地址收款。这些资金的组合每晚被发送到第三个上层钱包 0xf1edbf98dda764ec51de3776371f0f7d6f6156a8。

这很可能是某个投资者被要求每天证明其持仓,从 DeFi 池子里抽出流动性来拍快照的流程。

从 6 月到 7 月,平均抽水和回存的时间窗口在收紧。抽水时间从 23:20 移到 23:34,回存时间从 00:34 缩短到 00:09。6 月份抽水和回存之间平均间隔 259 个区块,7 月缩短到 177 个区块。

图:6 月至 7 月抽水与回存时间窗口收紧,间隔从平均 259 个区块缩短至 177 个区块。来源:Coin Metrics / Talos

这对借款人有什么影响?

因流动性被抽走导致的利用率飙升对存款人有利,但对借款人不利。当利用率飙升时,浮动借款利率也飙升,导致按区块计算的临时性更高还款额。

Aave 上的收益或利息是按区块流式支付的。以太坊平均出块时间 12 秒,每分钟大约产生 5 个区块。我们分解了浮动借款年化利率,模拟了 100 万美元借款头寸如何受到每分钟借款利率变化的影响。

图:100 万美元借款头寸在流动性被抽走时的每分钟借款利率变化,18 天内每晚多付约 9 美元。来源:Coin Metrics / Talos

在 18 天里,当流动性被抽走时,100 万美元借款头寸的借款人每天平均比模拟流动性未被临时改变的情况多付 9 美元。这每年会损失约 3280 美元。对于 USDC 池子里总计 18.9 亿美元的借款,这让所有借款人每晚多付 1.7 万美元,每年 600 万美元。借款人因为与自己贷款无关的活动而多付钱。

为什么这很重要?

我们认为这些一致的利用率飙升最符合某基金证明其持仓的解释。围绕 DeFi 投资建立法规和改进工作流程可以帮助减少这些对借贷池的负面影响。区块链的透明性有助于追踪资金在区块链协议中的流动,而不必发送到指定地址来证明资金存在且在批准方控制之下。

如今,出借人和借款人不仅要监控自己头寸的健康状况,还要监控整个池子里的头寸。追踪资金并破译其意图可以帮助评估新风险,预测流动性和利率变化。

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Related Questions

Q根据文章，Aave USDC池中每晚的‘抽水-回存’操作如何影响借款人的利率？

A该操作会大量抽走池中流动性，导致资金利用率在短时间内急剧飙升。由于Aave的双利率模型，当利用率超过92%的目标值后，借款利率会从约4%陡增至14%。因此，所有借款人在这段短暂的高利用率期间需支付更高的浮动利息，尽管总借款额并未增加。

Q文章中指出每晚进行‘抽水’操作的地址是什么？该行为的主要目的是什么？

A进行该操作的地址是0x56957E411Ea83a0B4A0689C1fB0D1e5eA0d20149。文章推测，其最可能的目的是一家基金为满足合规要求，每天需将资金从DeFi池中短暂撤出以拍摄持仓快照，证明其资产的所有权和控制权，随后再存回池中。

Q这种每日操作给Aave USDC池的所有借款人造成了多大的额外利息成本？

A根据文章的模拟计算，所有借款人因此每晚需多支付约1.7万美元的利息，按年计算则总计多支付约600万美元的额外利息成本。

QAave平台的双利率模型是如何根据资金利用率来调节利率的？

AAave的双利率模型设定了一个目标利用率（在USDC池中为92%）。当池子的资金利用率低于该目标时，借款利率缓慢上升以鼓励借贷；一旦利用率超过该目标值，借款利率曲线会变得非常陡峭，利率会急速上升，以此抑制借款需求并激励用户存入更多资金。

Q文章认为区块链的透明性在此事件中揭示了什么传统金融问题？

A区块链的透明性揭示了传统金融中的合规流程（如每日持仓证明）可能对链上DeFi生态中的其他无辜用户造成负面影响，即形成了一种‘隐形税’。在这个案例中，一家机构的内部合规操作导致了所有借款人利率成本的增加。

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